Regional Network: Somewhat lower capacity utilisation
In Norges Bank's Regional Network, the share of contacts reporting full capacity utilisation fell somewhat compared with the preceding surveys in 2025. At the same time, fewer contacts are facing recruitment difficulties. Contacts expect output growth to remain elevated in the final months of 2025 but to decline slightly towards spring. Contacts have revised down their employment plans slightly but still expect growth through 2025 Q4 and 2026 Q1.
On the whole, Norges Bank’s Regional Network Contacts expect growth to remain elevated in 2025 Q4 and then fall slightly in 2026 Q1. On the one hand, they expect higher household purchasing power to strengthen demand for both goods and services. On the other hand, contacts expect low housing construction, weak demand from the local government sector, international trade tensions and completion of oil-related projects to dampen growth.
Contacts expect that investment will be somewhat higher in 2025 than in 2024 and that investment will increase further in 2026.
In this survey, 33 percent of contacts report full capacity utilisation, which is somewhat lower than in the preceding surveys in 2025. At the same time, the share reporting recruitment difficulties has fallen to 21%. Contacts are expecting weak employment growth through 2025 Q4 and 2026 Q1.
Contacts expect annual wage growth of 4.4% in 2025 and 4.1% in 2026. Overall, profitability among contacts is approximately unchanged from 2024 Q4.
Contact:
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Email: presse@norges-bank.no