Norwegian economic growth likely picked up further in Q3, shows Norges Bank’s business survey

The Norwegian central bank, Norges Bank, has published its third quarter regional network report. The survey shows that the economic growth has picked up further in the third quarter. However, growth is expected to stabilize going forward.

The main indicator, which is the current situation indicator, came in at 1.23, which shows a quarterly growth at 0.6 percent. The forward looking indicator also shows growth close to 0.6 percent quarter-on-quarter. This is consistent with actual GDP growth in the second quarter, which had come in at 0.7 percent and affirms the main scenario. Growth in Norway has rebounded strongly and is set to level out at 0.5 percent to 0.6 percent quarter-on-quarter. This is consistent with Norges Bank’s view.

The indicator for labor market pressure rose slightly in the third quarter, according to the survey, while the indicator for capacity utilization dropped slightly. This could be on the weak side to the central bank’s forecast for increased capacity utilization in the third quarter, noted Nordea Bank in a research report. Nevertheless, these indicators were high in the second quarter and both already indicated to higher level of capacity utilization than central bank’s forecast.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest