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Fast Comment Norway

Fast Comment Norway — Manufacturing output no longer contracting according to BTS

  1. Signs of optimism in manufacturing
  2. Further improvements ahead

Halfdan Grangård, Economist | hagr11@handelsbanken.no

Fast Comment Norway — CPI-ATE at 1.7 percent y-o-y in March, close to Norges Bank's estimate

  1. Core inflation at 1.7 percent y-o-y in March, buoyed by food prices
  2. In line with market expectations
  3. Slightly below Norges Bank's estimate; we do not find the deviation to be significant

Marius Gonsholt Hov, Economist | maho60@handelsbanken.no

Fast Comment Norway — Manufacturing output at zero percent m-o-m in February; in line with market expectations

  1. Manufacturing output flatlined in February; in line with market expectations
  2. It appears as if manufacturing output has reached its bottom
  3. But declining petroleum investments will continue to weigh on oil suppliers this year

Marius Gonsholt Hov, Economist | maho60@handelsbanken.no

Fast Comment Norway — Housing price inflation on a downtrend

  1. Housing prices rose by 0.3 percent in March (S.A.)
  2. Follows rises of 0.5 percent in February and 0.6 percent in January
  3. In stark contrast to the sharp price rises of 2016

Marius Gonsholt Hov, Economist | maho60@handelsbanken.no

Fast Comment Norway — Lower unemployment, but uncertainty around the numbers due to the timing of the Easter holiday

  1. Registered unemployment at 2.9 percent (unadjusted) in March, below expectations...
  2. ...but mind the timing of the Easter holiday
  3. Declining unemployment mostly driven by a further decline in labour force participation

Marius Gonsholt Hov, Economist | maho60@handelsbanken.no

Fast Comment Norway — Credit indicator growth at 5.1 percent in February, as widely expected

  1. C2 at 5.1 percent in February, unchanged from January
  2. In line with market expectations
  3. Household debt growth well in line with Norges Bank; neutral to the key policy rate path

Marius Gonsholt Hov, Economist | maho60@handelsbanken.no