Increased exports support growth, but construction activity continues to decline

Regional Network contacts expect activity to rise through winter, but developments across industries still vary widely. Contacts report that strong competitiveness is boosting the export of domestically produced goods and services. In addition, higher petroleum and defence industry demand is boosting growth. On the other hand, declining construction activity and weak growth in household demand are weighing on activity growth. Capacity utilisation is little changed from the previous survey, and there are approximately as many contacts reporting labour shortages. Contacts are planning for approximately the same investment levels in 2025, and have revised up their estimate for wage growth in 2025 from 4.3% in the previous survey to 4.5% in this survey.

Contacts expect activity growth to rise slightly through winter

Contacts expect activity to increase further in 2024 Q4 and 2025 Q1 (Chart 1). Activity growth expectations in 2024 Q4 are little changed since the previous survey (Chart 2). At the same time, contacts expect activity growth to pick up slightly in 2025 Q1. There are wide differences across industries. Oil service contacts expect high growth through winter, however, construction and retail trade contacts expect activity to decline. Manufacturing contacts expect a rise in exports to boost growth, while corporate demand in particular is improving prospects in services.

Chart 1 Total output growth

Expected growth current quarter and next quarter. Seasonally adjusted. Percent

Chart 2 Output growth. All sectors1

Expected growth current quarter and next quarter. Seasonally adjusted. Percent

Continued decline in construction

Prospects remain the weakest in construction, and contacts expect activity to continue to decline through winter. Contacts report that high financing and construction costs continue to dampen new residential and commercial construction, and a number of contacts report that very few new projects have been launched. Some contacts in residential property development report that new home sales have edged up, particularly in the western regions of Norway, but the majority of contacts nevertheless expect that housing starts will remain low through winter. Moreover, contacts report a decline in the construction of commercial buildings such as offices, hotels and shopping centres. In addition, a number of contacts highlight fewer local government construction contracts. On the other hand, large public construction projects boost growth among some contacts. Activity is also rising among some enterprises in technical fields, particularly those working on oil industry projects.

Rise in exports

The rise in output among manufacturing enterprises is largely driven by higher sales volumes in export markets. Many of the enterprises report that competitiveness is sound, and a number of enterprises report increased market shares. At the same time, some enterprises report increased uncertainty owing to prospects of higher trade barriers. As in previous surveys, manufacturers of defence material report the sharpest rise in growth. In addition, a number of enterprises report substantial growth owing to the energy transition. For example, contracts for ships and platforms for offshore wind projects contribute to growth in shipbuilding. On the other hand, contacts in fisheries report that lower quotas are resulting in reduced deep sea fishing volumes and that production problems in aquaculture are leading to lower volumes. Among manufacturing contacts, building materials manufacturers report the most pronounced decline in growth and expect the production of building materials to fall further towards spring.

Oil service contacts expect strong growth this winter and that export-oriented activity will increase most. Oil service contacts report that competitiveness has improved, alongside a growing willingness to invest in the global oil and gas industry. In the domestic market, the petroleum tax package has contributed to solid growth in recent years. Even though many oil service contacts now operate at a high level as a result, they expect activity to increase in the beginning of 2025. Some contacts report that the projects they are working on have been expanded, making them larger than previously assumed.

Higher business sector demand

In commercial services, contacts involved in cloud platforms, information security and artificial intelligence in particular reported strong growth. Contacts also reported that stricter climate reporting requirements are resulting in higher order levels for auditors and consultants. Demand for legal assistance is rising, and a number of contacts point to an increase in the number of disputes and bankruptcies. Contacts also report a rise in the number of purchased and sold businesses and commercial properties, which is generating higher order levels for lawyers, consultants and brokers. Furthermore, a number of enterprises report rising demand for communication and advertisement services. Both architects and recruitment agencies expect that the decline in construction will dampen activity ahead and enterprises expect the decline to also dampen growth in areas such as technical consulting, goods transport and waste management.

Weaker growth in household demand

Retail trade contacts expect turnover volume to fall through winter, while service contacts expect lower growth in household demand. The decline in sales is most pronounced for capital goods such as cars, furniture and building materials, while sales of consumer goods are increasing somewhat. Among service contacts such as hotels and restaurants, the number of private customers continues to rise. The rise in foreign guests accounts for the sharpest increase. At the same time, many contacts point out that per customer sales are lower than earlier in 2024. In both retail trade and services, many contacts report that households have become more cautious, with a number of contacts citing policy rate expectations. On the other hand, many contacts point out that lower inflation improves household purchasing power and envision higher demand towards spring.

Minor changes in investment in 2025

Contacts expect slightly lower investment in 2024 than in 2023 and that investment will remain at approximately the same level in 2025. In manufacturing, a number of enterprises are nearing the completion of large energy transition and automation projects. Even though these investments are already at a high level, contacts are planning for further growth in 2025. Among service contacts, investment is being dampened in 2024 by the low number of new CRE projects. In this survey, there are signals that certain deferred projects will commence in 2025, and service contacts overall expect a slight increase in investment in 2025. In oil services, capacity expansion investment has been substantial in recent years. Many of these projects are near completion and oil service contacts are planning for lower investment in 2025. Lower sales and weakened profitability in retail trade have led to lower investment in 2024, and enterprises are planning for further reductions in investment in 2025. Investment is being dampened in particular by prospects for lower investment in grocery trade, where substantial investment has already been made in recent years.

Unchanged capacity utilisation

Contacts are planning for an increase in employment in both 2024 Q4 and 2025 Q1. As in the previous surveys, contacts in oil services and services are planning for the strongest growth, but manufacturing contacts are also planning to increase workforces. Contacts cite higher expected order levels as the primary reason for the increase, and some contacts cite the need for new expertise. At the same time, automation has enabled a number of enterprises to reduce their workforces over time. Contacts in construction and retail trade are planning for reduced employment ahead. In construction, falling order levels are the primary reason for the lower demand for labour, but a number of enterprises report that they are attempting to retain their labour and instead reduce the use of contractors. With lower sales volumes and weaker profitability, more retail trade enterprises will reduce employment.

Since the previous survey, the share of contacts reporting full capacity utilisation has remained unchanged (Charts 3 and 4). The share of contacts reporting recruitment difficulties is also unchanged since the previous survey. There is a particular shortage of engineers and skilled workers, and strong competition for such expertise across sectors. As in the previous survey, contacts were asked by how much they could reduce their workforces while maintaining current output levels. On average, contacts responded that workforces could be reduced by between 4% and 5%, and a majority of contacts responded that this share level was normal (Chart 5). At the same time, there were more contacts reporting this workforce share as somewhat higher than normal than the number of contacts reporting the opposite. The share was particularly high among construction contacts. The results are in line with responses from the previous survey.

Chart 3 Capacity utilisation2 and labour supply constraints3

Percentage shares

Figur 4 Capacity utilisation4 5

Percentage shares

Figur 5 Relative to a normal situation, describe the share of the enterprise’s workforce that could be reduced while maintaining current output levels

Share of respondents. Percent

Annual wage growth projections revised up for 2025

Contacts expect annual wage growth to be 5.2% in 2024, as in the survey from 2024 Q3. However, annual wage growth projections for 2025 have been revised up from 4.3% to 4.5% in this survey (Chart 6). Wage growth projections for 2025 are highest for oil services and services at 4.7% and 4.6%, respectively. Retail trade, manufacturing and construction contacts expect an annual wage growth of 4.3%. For many of the enterprises with the highest wage growth expectations, activity and profitability are strong. Among many occupational categories, strong competition for labour is contributing to higher wage growth expectations in order to both attract and retain labour. At the same time, some contacts expect lower inflation to dampen wage growth in 2025.

Chart 6 Annual wage growth 20256

Expected annual wage growth. Percent

On the whole, enterprises report slightly weaker profitability compared with 2023 Q4 (Chart 7). Reduced economic activity and higher costs lead to a deterioration in profitability among construction contacts. Retail trade contacts report difficulties passing on higher costs to selling prices due to strong competition and promotional activity. High demand has contributed to a considerable improvement in margins among oil service contacts. In addition, profitability has improved among manufacturing enterprises, particularly export-oriented enterprises.

Chart 7 Overall profitability growth

Change in operating margin in the current quarter compared with the same period one year earlier. Percent

The economic situation is still most robust in western Norway

Contacts are asked, on a scale between -3 and +3, how they would rate the economic situation of their enterprise in terms of demand, profitability and prospects. A value of zero indicates a normal situation. The regional indicator is an average of the responses in the individual region. As in previous surveys, the regional indicator is highest in western regions, where high economic activity in the energy sector is having a strong impact on the economy. In this survey, only the Inland region reports a negative indicator. The weak developments in construction are pushing down regional indicators across the entire country, but most of all in the regions Central, Inland and East.

Regional indicators

Regional Network – enterprises and organisations interviewed over the past year

1881
3M
3T PRODUKTER
4SERVICE EIR RENHOLD
4SUBSEA
A. MARKUSSEN
A-2
AB ØKONOMI
ABYSS
ACADEMIC WORK
ACCENTURE
ACCOUNTOR
ACEL
ACNE
ACRYLICON, NORD-NORGE
ACTIVEPEOPLE
ADDSECURE
ADECCO
ADECCO, STAVANGER
ADMENTO
ADV. WIERSHOLM
ADVANSIA AFRY
ADVISO ADVOKATFIRMA
ADVOKATFIRMA KJÆR
ADVOKATFIRMA TOFTE HALD
ADVOKATFIRMAET BAHR
ADVOKATFIRMAET SCHJØDT
ADVOKATFIRMAET THALLAUG
ADVOKATFIRMAET THOMMESSEN
ADVOKATFIRMAET ØVERBØ GJØRTZ
AERO
AF
AFTENPOSTEN
AGAIA
AGNITIO
AGRA
AHLSELL
AIBEL, ASKER
AIBEL, SANDNES
AIDER, STAVANGER
AIR PRODUCTS
AIRLIFT
AKER SOLUTIONS
AKER SOLUTIONS, EGERSUND
AKER SOLUTIONS, MMO
AKER SOLUTIONS, STORD
AKER SOLUTIONS, VERDAL
AKERSHUSGARTNEREN
AKERSHUSGRUPPEN
AKOFS NORWAY OPERATIONS
AKSEL ENDRESEN TRANSPORT
AKSELL
AKSELL, KRISTIANSAND
AKSESS BEMANNING
AKTIESELSKAPET VINMONOPOLET
AKTIV BEMANNING
AKTIV EIENDOMSMEGLING
AKVA GROUP
AKVARIET I BERGEN
ALBJERK
ALCOA
ALCOA, LISTA
ALENTO
ALLER MEDIA
ALLIANCE HEALTHCARE APOTEKDRIFT
ALLNEX
ALLOC
ALPINCO
ALTA MØBLER
ALTERA INFRASTRUCTURE
ALTI FORVALTNING
ALTIBOX
ALUDYNE
ALVDAL SKURLAG
ALVDAL-TYNSET SPORT
AMEDIA
AMFI MOA
ANDERS O GREVSTAD
ANDERSEN MEKANISKE VERKSTED
ANDERSEN OG AKSNES RØRLEGGERBEDRIFT
ANGVIK EIENDOM
ANGVIK GRYTNES ENTREPRENØR
ANKO
ANLEGG ØST ENTREPRENØR
ANORA
ANTICIMEX
APOLLO REISER
APOTEK 1
APPETITE FOR PRODUCTION
APPEX
APPLICA
APROPOS INTERNETT
APTUM
AQILA
AQUASHIP / INTERSHIP
ARBOR
ARE TREINDUSTRIER, KAUPANGER
ARENA TRENINGSSENTER
ARENDAL BRYGGERI
ARGES
ARITECH
ARK BOKHANDEL
ARKI ARKITEKTAR
ARKITEMA
ARKWRIGHT CONSULTING
ARM
ARNA & ÅSANE RØRLEGGERSERVICE
ARNTZEN DE BESCHE ADVOKATFIRMA
ARTEC AQUA
ARTESIA SPA
ARVID GJERDE
AS BETONG
AS3
ASAP PERSONAL
ASCO, SANDNESSJØEN
ASK MEDIA
ASKO NORD
ASKO, MIDT-NORGE
ASPELIN RAMM EIENDOM
ASPLAN VIAK
AT PLAN & ARKITEKTUR
ATEA
ATEC BEMANNING
ATELIER EKREN
ATLANTERHAVSPARKEN
AUKSJONEN.NO
AURORA GROUP
AURSTAD
AUTOPLAN
AVANTOR
AVINOR, TRONDHEIM LUFTHAVN
AVINOR, BERGEN LUFTHAVN
AVINOR, STAVANGER LUFTHAVN
AVO CONSULTING
AWORD (TIDLIGERE TANNUM)
BACKE
BACKE, OPPLAND
BACKE, ROGALAND
BACKE, SANDEFJORD
BACKE, SØR
BACKE, TRONDHEIM
BAKEHUSET NORD-NORGE
BALLANGEN SJØFARM
BALLSTAD SLIP
BAMA
BAMEK
BANDAK
BANESERVICE
BARCO FREDRIKSTAD
BAREL
BARNAS HUS
BARTEC
BASTØ FOSEN
BATTERI ELEKTRO
BAUER MEDIA
BAVARIA, NORDVEST
BCD TRAVEL
BECKMANN
BEERENBERG CORP.
BEITOSTØLEN RESORT
BEKK CONSULTING
BELSVIK
BENESTAD SOLUTIONS
BERG BETONG
BERGE & CO
BERGE SAG
BERGEN ENGINES
BERGEN FIBER
BERGEN KINO
BERGEN PERSONAL
BERGENE HOLM
BERGET
BERG-HANSEN REISEBUREAU
BERG-HANSEN REISEBUREAU, VESTFOLD
BERTEL O. STEEN, ROGALAND
BERTELSEN & GARPESTAD
BEST EVENT
BEST GLOBAL LOGISTICS
BETONMAST, INNLANDET
BETONMAST, RØSAND
BEWI INSULATION
BEYONDER
B-G ENTREPRENØR
BIBLIOTEK SYSTEMER A/S
BICO BYGG
BIL I NORD NARVIK
BILALLIANSEN
BILFINGER ENGINEERING & MAINT, HØYANGER
BILFINGER ENGINEERING & MAINT, KARMØY
BILFINGER ENGINEERING & MAINT, ÅRDAL
BILFINGER INDUSTRIAL SERVICES
BILIA
BILSENTERET NAMSOS
BILTEMA
BIOMAR
BIOSIRK
BITASTAD
BLANK
BLIKSUND
BLOCK WATNE
BLOWTECH GT
BLU ELECTRO
BMO ELEKTRO
BMO ENTREPRENØR
BN ENTREPRENØR
BO ANDRÉN
BOA OFFSHORE
BOASSON
BOEN BRUK
BOHUS
BOLAKS GROUP
BOLIDEN, ODDA
BOLSETH GLASS
BOREAL
BORREGAARD
BOSS INDUSTRI OG MEKANISK VERKSTED
BOURBON OFFSHORE
BOUVET
BOUVET, ARENDAL
BOUVET, TRONDHEIM
BRAV
BRAVIDA, FØRDE
BRAVIDA, TRONDHEIM
BREMANGER QUARRY
BREVIK ENGINEERING
BRG
BRILLELAND/INTEROPTIK
BRITANNIA HOTEL
BRUMUNDDAL REGNSKAP
BRUNVOLL
BRYGGELOFTET & STUENE INVEST
BRØDRENE GUDBRANDSEN
BRØDRENE JAKOBSEN
BRØDRENE SPERRE
BRØDRENE ULVESETH
BRØDRENE AA
BRØNNØY KALK
BSA OFFSHORE
BSH HUSHOLDNINGSAPPARATER
BULLDOZER MASKINLAG ENTREPRENØR
BUNDEGRUPPEN
BUNNPRIS
BUNNPRIS, MØRE
BUSENGDAL
BUSSBYGG
BWISE
BYBERG
BYGG OG MASKIN
BYGG- OG TØMMERMESTER TOROLF STENERSEN
BYGGIMPULS
BYGGMAKKER
BYGGMAKKER HANDEL
BYGGMESTER SAGEN
BYGGMESTEREN VEST
BYGGPARTNERE
BYGGSERVICE NORD-ØSTERDAL
BYGGTORGET KRISTIANSUND
BYHAVEN KJØPESENTER
BYKLE VINDU
BYRAA BODØ
BÆRUM RØRLEGGERBEDRIFT
BØRGE OUSLAND
BØRSTAD TRANSPORT
CAPGEMINI
CARANORD
CARGILL AQUA NUTRITION
CARNEGIE
CARSHINE
CAVERION
CAVERION, BERGEN (NORD-VEST)
CAVERION, GJØVIK
CAVERION, SUNNMØRE
CC DAGLIGVARE
CC MART'N, GJØVIK
CEGAL
CELSA ARMERINGSSTÅL
CEMASYS NORDIC
CEMO
CENIKA
CERMAQ
CFLOW FISH HANDLING
CGG
CHILI HARSTAD
CHRISTIANIA RØRLEGGERBEDRIFT
CHRISTIE & OPSAHL
CITY LADE
CLAMPON
CLARION ERNST HOTELL KRISTIANSAND
CLARION HOTEL ENERGY
CLARKES
CLAS OHLSON
CLASSIC NORWAY
CLEAR CHANNEL
CMS KLUGE ADVOKATFIRMA
COGNIA
COGNITE
COLDWATER PRAWNS PRODUCTION
COLLICARE LOGISTICS
COLOR LINE, KRISTIANSAND
COMFORT HOTEL KRISTIANSAND
COMFORT HOTEL PORSGRUNN
COMROD COMMUNICATION
CONCEPT RESTAUTRANTS
CONCEPTOR
CON-FORM
CON-FORM, ORKANGER
CONNECT BUS
CONSOLVO
CONSTO
CONSTO, MIDT-NORGE
CONTIGA
COOP
COOP NORDVEST
COOP NORDVEST, FØRDE
COOP, HORDALAND
COOP, INNLANDET
COOP, MIDT-NORGE
COOP, NORD
COOP, NORDLAND
COOP, SØRVEST
COOP, ØKONOM
COROMATIC
CORONA INTERIØR
CORVUS ENERGY
COSL
COWI
CRAMO
CSUB
CUROTECH
DAHL OPTIMERA
DALEN HOTEL
DANSKE BANK
DE BERGENSKE
DEDICARE
DEEPOCEAN
DEFENDABLE
DEKKTEAM
DELITEK
DELOITTE
DELOITTE, GJØVIK
DELTA ELETRONICS
DEN NORSKE OPERA & BALLETT
DEPRO
DEVOTEAM
DIALECTA KOMMUNIKASJON
DIALOG EXE (DX)
DIGITAL ETIKETT
DNB BANK, NORD
DNB BANK, STAVANGER
DNB EIENDOM
DNB EIENDOM, HAMAR
DNB EIENDOM, TRONDHEIM
DNB EIENDOM, TØNSBERG
DNB NÆRINGSEIENDOM
DNB NÆRINGSMEGLING
DNB NÆRINGSMEGLING, TRONDHEIM
DNB TRONDHEIM
DNH DEN NORSKE HØYTTALERFABRIKK
DNV
DOBLOUG
DOLPHIN DRILLING
DOMSTEIN
DRAG INDUSTRIER
DRAMMEN LIFTUTLEIE
DROMEDAR KAFFEBAR
DUETT
DUN & BRADSTREET
DUPONT NUTRITION
DYNEA
DYRSKUN
DYRUD ELEKTRO
E A SMITH
E I NORD
E. FLASNES TRANSPORT
EGDE CONSULTING
EGENCIA
EGERSUND GROUP
EID ELEKTRO
EIDESVIK OFFSHORE
EIDSVAAG
EIENDOMSHUSET MALLING & CO
EIENDOMSMEGLER 1, INNLANDET
EIENDOMSMEGLER 1, KRISTIANSAND
EIENDOMSMEGLER 1, MIDT-NORGE
EIENDOMSMEGLER 1, NORD-NORGE
EIENDOMSMEGLER 1, SR-EIENDOM
EIENDOMSMEGLER 1, TELEMARK
EIENDOMSMEGLER VEST
EIENDOMSSPAR
EIGEDOMSMEKLING SOGN OG FJORDANE
EIK SERVERING
EIKA
EINAR ØGREY FARSUND
EKORNES
ELAS
ELECTRO TEAM
ELEFUN
ELEKTRO 4
ELEKTRO BODØ
ELEKTRO INSTALLASJON
ELEKTRO-KONTAKTEN
ELEMENT NOR
ELEMENT SØR
ELKEM, BJØLVEFOSSEN
ELKEM, RANA
ELKEM, SALTEN VERK
ELKEM, THAMSHAVN
ELKJØP
ELKJØP, FJORDANE
ELKJØP, FORUS
ELMO TEKNIKK
EL-TEAM
ELTEL NETWORKS
ELTERAGRUPPEN
EL-TJENESTE
ELVERUM SPORT BILSALG
ENGERS LEFSEBAKERI
ENIVEST
ENRX/IPT TIDL. EFD INDUCTION
ENTEC
ENTRA
ENTRA, MIDT- OG NORD-NORGE
ENTRACK
ENTRO
EPAX
EPINOVA
EPIROC
EPLEHUSET
ERAMET, KVINESDAL
ERAMET, SAUDA
EURO SKO
EUROPRIS
EUROSKILT
EUROSPAR, BROKELANDSHEIA
EUROSPAR, BRUMUNDDAL
EVENSEN & EVENSEN
EVENSTAD MUSIKK -DISTRIBUSJON
EVERZINC
EVIDIA
EXBO SØRLANDET
EXPLORO
EXTRA LEKER
EY
EY, BERGEN
EY, SUNNMØRE
F8 BYGG
FABELAKTIV
FABER BYGG
FAGTRYKK
FARA
FARRIS BAD
FAUN
FELLESKJØPET, ROGALAND AGDER
FENIX OUTDOOR
FERDA
FIGGJO
FINN OG ALBERT EGELAND
FINNEID SVEISEVERKSTED
FINNFJORD
FINNY SIREVAAG
FINNØY GEAR & PROPELLER
FIRDA BILLAG
FIRDA MEDIA
FIRESAFE
FIRING &THORSEN
FIRMENICH BJØRGE BIOMARIN
FIRST HOUSE
FISKARS BRANDS
FISKERSTRAND VERFT
FISKÅ MØLLE
FIVEN
FIXIT 24
FJELDSETH
FJELLSPORT.NO
FJORD1
FJORDKJØKKEN
FLAKK
FLISA TRYKKERI
FLISEKOMPANIET
FLOKK
FLYTOGET
FLØIBANEN
FOCUS CARE
FOKUS ELEKTRO
FOLK
FOOD FOLK
FOODMAN
FOODORA
FOODTECH INTERIØR OG STORKJØKKEN
FORCE TECHNOLOGY, KRISTIANSAND
FORD MOTOR
FORENOM
FORESTIA
FORMUE
FOSDALEN
FOSNAVAAG PELAGIC
FOSS FABRIKKER
FOURPHASE
FPE SONTUM
FRAMO
FRAMSIKT
FRANZEFOSS MINERALS
FRANZEFOSS PUKK
FREJA TRANSPORT AND LOGISTICS
FREMTIND FORSIKRING
FRENDE FORSIKRING
FRESH FITNESS
FRONTLINE POS
FRU HAUGANS HOTEL
FRYDENBØ BIL
FRYDENBØ INDUSTRI ØKSFJORD
FRØILAND BYGG SKADE
FSV
FUGLEFJELLET
FUGRO
FURNES JERNSTØPERI
FURSET
FUTURE PRODUCTION
FÆDRELANDSVENNEN
FØRDE SEMENTVARE
FØRRE TREVAREFABRIKK
G3 GAUSDAL TREINDUSTRIER
GAGAMA ELEKTRO
GALVANO INDUSTRI
GANN TRE
GANT RETAIL
GARDA SIKRING
GAST ENTREPRENØR
GAUPEN-HENGER
GAUPNETUNET HOTELL & HYTTER
GAUSDAL LANDHANDLERI
GC RIEBER VIVOMEGA
GE HEALTHCARE, SPANGEREID
GE VINGMED ULTRASOUND
GEILOGRUPPEN
GET INSPIRED
GEXCON
GIGANTE HAVBRUK
GILJE TRE
GJENSIDIG ASSURANSEFORENING
GJENSIDIGE FORSIKRING
GJERMUNDSHAUG ANLEGG
GJØCO
GK
GK, LILLEHAMMER
GKN AEROSPACE
GLAMOX
GLAVA
GLENCORE NIKKELVERK
GLOBALCONNECT
GLOMMA PAPP
GLØR
GLØR PARTNER
GLÅMDALEN
GMC
GNIST ARKITEKTER
GOKSTADAPOTEKENE
GOODTECH
GORINES
GRANDE ENTREPRENØR
GRAPE ARCHITECTS
GRAVDALGRUPPA
GREEN MOUNTAIN
GRIEG SEAFOOD, FINNMARK
GRILSTAD, BRUMUNDDAL
GRILSTAD, STRANDA
GROMSTAD AUTO
GROTNES STEEL
GRUE SPAREBANK
GRUNN-SERVICE
GRØNSBERG BYGG
G-TRAVEL
GUDBRANDSDAL ENERGI
GUDBRANDSDALENS ULDVAREFARBRIK
GUMPEN
GUNNAR HIPPE PLATE OG SVEISEVERKSTED
GUNNAR KLO
GUNVALD JOHANSEN HANDEL
GYLDENDAL
H & K SANDNES
H & M MALERSERVICE
H. MYDLAND
HAFS ELEKTRO & RØR
HAGEN
HALLGRUPPEN
HALLIBURTON
HALLINGPLAST
HALOGEN
HAMMERFEST INDUSTRISERVICE
HANDELSBANKEN
HANDELSBANKEN, TRONDHEIM
HANS H. IVERSEN
HANSA BORG BRYGGERIER
HANSEN OG JUSTNÆS
HAPLAST
HAPRO
HAREID GROUP, BYGG & INDUSTRI
HAREID GROUP, FORBRUKERELEKTRONIKK
HAREID GROUP, MARITIM INDUSTRI
HARRIS ADVOKATFIRMA
HARSTAD MASKIN
HARSTAD MEK. VERKSTED
HAUCON
HAUGESUND SPAREBANK
HAV EIENDOM
HAV GROUP
HAV LINE
HAVER ADVOKATFIRMA
HAVFRAM
HAVILA SHIPPING
HAVILA SUBSEA & RENEWABLES
HD HYUNDAI INFRACORE
HEAD ENERGY
HEATWORK
HEGSTAD & BLAKSTAD
HEIDELBERG MATERIALS SEMENT
HEIMDAL BOLIG
HEIMDAL EIENDOMSMEGLING
HEIMSTADEN
HELEN & HARD
HELGE KLYVE
HELGELAND MARINASYSTEMER
HELGELAND PLAST
HELGELANDSBASE
HELGESEN TEKNISKE BYGG
HELLENES INDUSTRIER
HELLVIK HUS
HELLY HANSEN
HELP FORSIKRING
HENDUG BYGG
HENNIG-OLSEN IS
HENT
HEPRO
HERLIGE STAVANGER RESTAURANTER
HERREGALLERIET
HESSELBERG
HEXAGON RAGASCO
HEYMAT
HG BYGG
HIGHSOFT
HITEC PRODUCTS
HK TROMSØ REKLAMEBYRÅ
HOB GODS
HOEL GÅRD PLUSS
HOFF
HOFSETH INTERNATIONAL
HOLBERG FORVALTNING
HOLDBART
HOLE ANLEGG
HOLMØY MARITIME
HOLTE CONSULTING
HORISONT ENERGI
HOTEL ALEXANDRA
HOTEL VICTORIA
HOTELL VIC
HOTELLDRIFT ÅLESUND
HOVDEN HYTTESERVICE
HOVE WEST
HOVLI AUTO
HRL
HSH ENTREPRENØR
HTH
HTS DYNAMICS
HUNDERFOSSEN FAMILIEPARK
HUNTER DOUGLAS
HUNTON FIBER
HUNTONIT
HURTIGRUTEN
HUSTAD MØBLER
HYDAL ALUMINIUM PROFILER
HYDRO
HYDRO EXTRUSION
HYDRO VIGELAND BRUG
HYDROLIFT
HÆHRE ENTREPRENØRER
HÅ ELEMENT
HAALAND NORD
HAALAND TYNNPLATE
I P HUSE
IBIZA BOATS
ICOPALTAK
IGLAND GARASJEN
IK
IKEA
IKEA, FORUS
IKEA, LEANGEN
IKEA, RINGSAKER
IKEA, ÅSANE
IKM
IKM ACONA
IMPEC
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