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Things light up for Norwegian industry

Foto: Scanpix
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The record low interest rate has until now not provided Norwegian industry any really big pay offs, but all the same, the industry leaders are starting to believe again.

Even though, the Norwegian central bank has cut the interest rate from 7 to 2.5 percent the last year, Norwegian industry is still working hard to keep its head above water. The number of orders is low, and the industry still reports a fall in productivity, utilization of capital, and employment.

According to the latest report from Statistisk sentralbryå, national survey agency, the utilization of capital was as low as 78 percent in the third quarter.

However, the consolation is that change may arrive as soon as in the next quarter. Norwegian industry leaders are about to regain their belief in the future, and they expect an increased number of orders and production during this year’s last three months. The industry leaders’ expectations are now back on the average level common in the period 1988 to 2003.

The collected indicator for the Norwegian industry is positive for the first time in five quarters. This indicator is the average of the answers connected to expected production, number of orders, and stocking of own products, according to the Norwegian news bureau (NTB).

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