Norges Bank

06/13/2024 | Press release | Distributed by Public on 06/13/2024 02:07

Regional network: Improved outlook

Press release

Regional network: Improved outlook

The enterprises in Norges Bank's Regional Network expect overall activity to increase somewhat ahead. In most sectors, output growth expectations for 2024 Q2 have been revised up since the previous survey. At the same time, construction contacts expect a further fall in activity. The share of contacts reporting full capacity utilisation has increased and contacts are planning for some growth in employment.

There are still wide differences across sectors, although most have revised up their output expectations. Construction contacts expect a substantial fall in activity, while contacts in other sectors expect activity to increase ahead.

Both the share of contacts reporting full capacity utilisation and the share reporting labour shortages have increased since the previous survey. Contacts are planning to increase staffing somewhat in Q2 and expect growth to pick up a little in Q3. Contacts are planning for a slight increase in investment in 2024 and for rising growth in 2025.

In this survey, contacts have revised up their wage growth estimates for 2024 and 2025 to 5.2 percent and 4.3 percent, respectively.

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