On a quarterly basis, Norges Bank surveys executives from over 300 enterprises and organisations about recent economic developments and the outlook ahead.
The Bank’s interviewers normally visit contacts on-site for face-to-face discussions. A total of almost 1500 individuals are interviewed by the Bank approximately once a year. Read more about what the Bank asks in the interview guide (pdf)
What is the purpose of the Regional Network?
The Regional Network provides information that reinforces the analyses on which Norges Bank’s monetary policy decisions are based. The information from contacts has proved to provide a reliable indication of Norwegian economic developments over time.
Regularly engaging with the economy and society often provides the Bank with information faster than publicly available statistics. Direct contact with executives also enables the Bank to obtain nuanced and granular information that is not covered by statistics or captured in a questionnaire. For that reason, both qualitative and quantitative information from network contacts are actively used in the Bank’s analyses and forecasting, and the reports are submitted to the Monetary Policy and Financial Stability Committee ahead of monetary policy decisions.
Regional Network contacts reflect the production side of the economy, both in terms of industry sector and geographical area.
Norway is divided into seven regions. Norges Bank has overall responsibility for the network and for Region East, while regional research institutes obtain information from the rest of the country.
It is important to emphasise that the information from the Regional Network is based on some degree of judgement, in terms of the companies that are contacted and the assessments of economic developments. The reports from network contacts do not represent Norges Bank’s view of economic developments, nor that of a particular company.