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Industrial production slightly down in 1st quarter, but positive expectations for the 2nd quarter
Norwegian industrial managers report a moderate decline in production in manufacturing in the 1st quarter. New orders for the domestic market fell while it increased for the export market. The general expectations for the 2nd quarter of 2024 are moderate positive for producers of capital goods and consumer goods, while most of the producers of intermediate goods expect the development to be unchanged.
Economic Survey 1/2024
Interest rate hikes, stagnation of activity and slowing inflation characterised the Norwegian economy in 2023. It was also the year in which residential construction abruptly came to a virtual halt. The high labour market pressures eased somewhat through the year, and unemployment has now reached a level in line with the average for the 2010s.
The mainland economy decreased 0.2 percent in February
Administrative and support service activities and wholesale and retail trade contributed the most to the decrease in Mainland GDP The rolling three-month growth was 0.1 percent.
Manufacturing prices reached new heights
In March, the producer price index rose again after a continuous fall four consecutive months. Higher prices on crude oil and natural gas contributed most to the increase in the total PPI, together with higher manufacturing prices.
