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Financial News: Norway Industrial Growth Improves Unexpectedly

Norway Industrial Growth Improves Unexpectedly

05/02/2022 - 09:58:00 (RTTNews)

(RTTNews) - Norway's manufacturing sector growth improved unexpectedly in April, driven by sharp increases in production, employment and new orders, survey data from the logistics association NIMA showed on Monday.

The DNB/NIMA purchasing manager's index for the manufacturing sector rose to 60.6 in April from 59.7 in March. Economists had forecast the index to fall to 57.3. Any reading above 50 indicates expansion in the sector.

The pace of growth improved for a third month in a row.

Among sub-indexes, the measure for production marked an increase of 3.1 points from March to 59.3 in April. Similarly,indexes for new orders & employment climbed by 1.1 points and 2.2 points, respectively. Meanwhile, the measure for suppliers' delivery time dropped from 79.4 in March to 76.8 in April.

A weighted average of these three sub-indices rose by 2.1 points to their highest level since November last year, NIMA said.

There is still little in the PMI index which indicates that bottlenecks in production and transport, as well as price growth, are about to ebb, the agency added.

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