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Financial News: Norway Business Confidence Improves Strongly In Q2

Norway Business Confidence Improves Strongly In Q2

07/22/2021 - 04:47:00 (RTTNews)

(RTTNews) - Norway's business confidence rose sharply in the second quarter amid growth in production, new orders and stronger expectations, survey data from Statistics Norway showed Thursday.

The seasonally adjusted business confidence index, which reflects the morale in manufacturing, mining and quarrying, climbed to 11.3 from 8.6 in the first quarter.

"The general assessment for the third quarter of 2021 is clearly positive among the majority of industry leaders," the statistical office said.

In manufacturing, production and employment grew in the second quarter, driven by an increase in demand from both the home market and abroad.

Expectations strengthened regarding growth in production and employment as well as those on demand in the third quarter.

In the second quarter, the capacity utilization rose to 79.8 percent from 79.2 percent in the previous three months.

However, the index measuring resource shortage rose to 35.4 from 31.0, signaling that economic activity is yet to fully recover from the impact of coronavirus pandemic and related restrictions.

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