Norway: Focus on Norges Bank's regional network survey – Danske Bank

In Norway, Norges Bank's regional network survey (10.00 CEST) is the final piece in the puzzle before the rate setting meeting on 20 September and will be a key event, according to analysts at Danske Bank.

Key Quotes

“This is the NB's preferred gauge of economic activity, and firms' expectations for the next six months are particularly important. The aggregated output index has climbed steadily since bottoming out in 2015, hitting a level of 1.47 in May.”

“Developments have been somewhat mixed since the previous survey in May. We predict an output index of around 1.5, indicating quarterly growth of around 0.75% over the next two quarters. That would be marginally above Norges Bank's projections in June.”

“Also, Statistics Norway will for the first time publish monthly GDP figures, on an m/m basis and as the three-month moving average. We are not sure what form the figures will take, but monthly growth in mainland GDP around 0.2-0.3 % should probably be considered as neutral.”