🇳🇴🏦Norges Bank’s regional network survey

• The overall level of activity has risen in the past three months. Output growth was strongest in manufacturing and commercial services. At the same time, retail trade and construction report a fall in turnover. In the other sectors, activity levels have shown little change since February.

• All sectors expect growth to pick up over the next six months, in pace with the reopening of society, with household service contacts expecting the largest increase.

• Stringent travel restrictions have contributed to a rise in labour shortages and increased capacity constraints through spring. Contacts are planning for considerable growth in both employment and investment ahead. The estimate for annual wage growth in 2021 has been revised up to 2.7% from 2.3% in February.