Continued growth, but wide differences
Overall, the enterprises in Norges Bank’s Regional Network expect activity to increase somewhat in the latter half of 2024. Activity growth expectations for Q3 have been revised down slightly from the previous survey. Variation across industries has widened. Capacity utilisation is slightly higher than in the previous survey, and slightly more enterprises report labour shortages. Contacts’ wage growth estimates for 2024 and 2025 are unchanged from the previous survey at 5.2 and 4.3 percent, respectively.
Overall, contacts expect continued growth in activity through the latter half of 2024. Construction and retail trade contacts expect a decline in activity, and prospects are weaker than before summer. Contacts in the other industries expect activity to increase, and oil services have revised up activity growth expectations for Q3.
Since the previous survey, the share of contacts reporting full capacity utilisation has increased somewhat and slightly more contacts report recruitment difficulties. Contacts are planning for an increase in employment in 2024 Q3 and Q4.
Contacts expect annual wage growth of 5.2 percent, as in the previous survey. The wage growth estimate for 2025 is also unchanged at 4.3 percent in this survey. Overall, profitability among contacts has improved a little since a year ago.
Contact:
Press telephone: +47 21 49 09 30
Email: presse@norges-bank.no