The pressure in Norwegian trade and industry is decreasing as massive contracts were signed by the largest players during the three first months of this year.
According to a overviewed made by the Norwegian financial paper Dagens Næringslivs contract burse by listing all contracts announced through burse and press releases, the largest players in Norwegian trade and industry were awarded contracts for more than NOK 30 billion (USD 4.35 billion) during the first quarter of this year.
Everything indicates that the activity has increased greatly lately, but executives in trade and industry appears to still remember the difficult economic times, according to Tom Bolstad, head of Bredriftsforbundet, an interest organization for small and middle size businesses. This is manifested by the trend that businesses try to avoid hiring new people.
«My impression is that many are still waiting to find out if things are going to be up and running again,» Bolstad said.
Most of the million dollar contracts have been connected to the oil and gas industry. The development activity has been extensive, headed by the Ormen Lange and the Snøhvit projects, and Norwegian industry is doing fairly well in the competition with foreign businesses.
The problem is that the investment level is expected to fall considerably when Ormen Lange and Snøhvit start their productions in two, three years time. A massive upswing must allegedly take place in the Norwegian trade and industry if the economic activity should manage to remain on the same level.
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