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Fast Comment Norway

Fast Comment Norway — Manufacturing output has contracted by 3.2 percent over the past three months

  1. Manufacturing output rose by 0.2 percent in October, somewhat weaker than expected
  2. Output has contracted by 3.2 percent over the past three months
  3. We expect a downtrend ahead due to a further decline in petroleum investments

Marius Gonsholt Hov, Economist | maho60@handelsbanken.no

Fast Comment Norway — Regional Network: Little change to growth expectations

  1. Q4 Regional Network survey shows moderate but increasing growth ahead
  2. Wage growth expectations for 2017 much lower than Norges Bank's estimate
  3. Growth expectations slightly below Norge Bank's projections

Halfdan Grangård, Economist | hagr11@handelsbanken.no

Fast Comment Norway — Housing prices rose by 0.8 percent in November; more muted than in October, but still above Norges Bank

  1. Housing prices up 0.8 percent in November, down from 1.4 percent in October and 0.9 percent in September
  2. Still higher than expected by Norges Bank
  3. Norges Bank will keep its policy rate on hold at the upcoming meeting, we expect

Marius Gonsholt Hov, Economist | maho60@handelsbanken.no

Fast Comment Norway — Registered unemployment flat in November

  1. Registered unemployment at 2.8 percent (unadjusted) in November
  2. The gap between survey and registered unemployment persists
  3. Norges Bank underestimates the level of labour market slack

Halfdan Grangård, Economist | hagr11@handelsbanken.no

Fast Comment Norway — Household debt growth rising faster than expected by Norges Bank

  1. Credit indicator growth (C2) at 5.0 percent in October, slightly below expectations
  2. We and consensus had forecast 5.1 percent
  3. Household debt growth, however, increasing faster than projected by Norges Bank

Marius Gonsholt Hov, Economist | maho60@handelsbanken.no

Fast Comment Norway — Retail spending stronger than expected in October; long-run trend still flat

  1. Retail sales rose by 0.9 percent in October, following -0.3 percent in September
  2. Above expectations; we and consensus had forecast 0.5 percent and 0.4 percent respectively
  3. Key insight however is that goods consumption is still muted

Marius Gonsholt Hov, Economist | maho60@handelsbanken.no