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Fast Comment Norway

Fast Comment Norway — Preview: Labour market data and retail sales

  1. Survey- and registered unemployment coming up; we continue to expect small changes
  2. Norges Bank has recently admitted unemployment has been a little higher than anticipated
  3. Retail sales escape the drought; expect a rebound in August

Marius Gonsholt Hov, Senior Economist | maho60@handelsbanken.no

Fast Comment Norway — Dovish hike from Norges Bank

  1. Policy rate hiked by 25bp to 0.75%
  2. New policy rate path slightly lower, while we had expected it to be slightly higher
  3. Changes are small, though: still 6 hikes indicated by 2021 and next one seen in March 2019

Kari Due-Andresen, Chief Economist Norway | kadu01@handelsbanken.no

Fast Comment Norway — Stable growth signals from the Regional Network

  1. Regional Network signals stable growth outlook
  2. Taking the figures at face value, mainland GDP growth will land at 2.5 percent in 2018
  3. Norges Bank’s assessment of a rate rise in September remains intact

Halfdan Grangård, Senior Economist | hagr11@handelsbanken.no

Fast Comment Norway — Core inflation rose much more than expected in August

  1. CPI-ATE at 1.9 percent in August, sharply up from 1.4 percent in July
  2. Well above expectations; we and consensus expected 1.6 and 1.7 percent, respectively
  3. Even further above Norges Bank's short-term estimate (1.5 percent)

Marius Gonsholt Hov, Senior Economist | maho60@handelsbanken.no

Fast Comment Norway — Manufacturing output showing a clearer upward trend

  1. Manufacturing output increased by 0.9 percent in July
  2. Close to expectations; our forecast and consensus was for +1 percent
  3. Manufacturing output showing a clearer upward trend

Marius Gonsholt Hov, Senior Economist | maho60@handelsbanken.no

Fast Comment Norway — Preview: Core inflation in August, Regional Network for Q3, and finally monthly GDP for July

  1. CPI-ATE expected at 1.6 pct in August; Norges Bank is expecting 1.5 pct
  2. Regional Network: As good as it gets?
  3. Statistics Norway will start publishing monthly GDP prints; July-data due next Tuesday

Marius Gonsholt Hov, Senior Economist | maho60@handelsbanken.no