Norges Bank's Regional Network survey shows businesses expect aggregate output to grow by 0.3% in both the third and fourth quarters, indicating moderate growth through the second half of 2026. Expectations for the third quarter are little changed from the previous survey. All sectors except oil services anticipate higher activity, supported by improved household purchasing power, increased defense spending and data center construction, while weak construction activity remains a drag. Capacity and labor constraints eased further. The share of businesses operating at full capacity fell to 28%, below its historical average, while the proportion reporting recruitment difficulties declined to 17%. Businesses expect weak employment growth through the second half, investment to rise slightly in 2026 and accelerate in 2027, and annual wage growth of 4.5% in 2026 and 4% in 2027. Profitability was broadly unchanged from the third quarter of 2025.
2026-09-17Norges Bank
Norway's Norges Bank reports moderate 0.3% output growth expectations for third and fourth quarters
Norges Bank's Regional Network businesses expect output to grow by 0.3% in both the third and fourth quarters, supported by household purchasing power, defense spending and data center construction. Capacity and recruitment pressures eased, with 28% operating at full capacity and 17% reporting hiring difficulties. Businesses forecast annual wage growth of 4.5% in 2026 and 4% in 2027.