Norway industrial confidence weakest in 3 years

Norway’s industrial sentiment declined to the lowest since 2020, Statistics Norway reported on Tuesday.

The industrial confidence index slid to seasonally-adjusted to 5.3 in the second quarter from 0.7 in the first quarter.

This was the weakest reading since the second quarter of 2020.

The sub-indicators measuring past changes in production volume, average employment and new orders from both domestic and foreign markets declined in the second quarter.

Meanwhile, outlook regarding production and new orders strengthened from the preceding period.

The expectations index for the total volume of production rose to 51.9 from 51.7.

The index measuring new orders from home markets improved to 50.4 from 49.9.

Likewise, the index for new orders from foreign markets registered 52.3, up from 51.3 a month ago.

By contrast, the future average employment indicator dropped to 52.5 from 52.8.