Regional Network: Minor changes in growth prospects
Norges Bank’s Regional Network contacts expect minor changes in output growth in the period to summer. Growth prospects have improved on the back of defence investment, energy supply development and higher expected household demand. However, the completion of projects initiated in response to the petroleum tax package and low activity in building construction are dampening growth. The share of contacts reporting full capacity utilisation has edged down slightly since the previous survey, and there are slightly fewer contacts facing recruitment difficulties. Contacts expect annual wage growth of 4.2 percent in 2026 and 3.9 percent in 2027.
While Regional Network Contacts overall expect growth to be slightly lower in 2026 Q1 than in 2025 as a whole, they expect growth to pick up again in Q2. This primarily reflects the expectation among retail trade contacts that growth will dampen substantially in Q1 but pick up in Q2. With the exception of oil services, all sectors expect activity levels to increase in the period to summer. This entails a slight improvement in construction prospects compared with the previous survey.
Since the previous survey, the share of contacts reporting full capacity utilisation has edged down slightly further, and the number of contacts reporting recruitment difficulties is slightly lower. Contacts expect employment growth to pick up slightly in the period to summer.
Contacts expect investment to be somewhat higher in 2026 than in 2025 and to increase further in 2027.
Contacts expect annual wage growth of 4.2 percent in 2026 and 3.9 percent in 2027. Overall, profitability among contacts has strengthened somewhat since 2025 Q1.
Contact:
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