Norway's industrial confidence indicator fell to 5.6 in the second quarter of 2019 from a downwardly revised 6.8 in the previous period. This was the weakest industrial confidence since the third quarter 2016. Manufacturers reported an increase in total production of consumer, capital, with intermediate goods reporting moderate growth; and the overall employment rose, with oil investment reporting strong growth. Still, new orders from both the domestic and export market increased. The general outlook for the third quarter of 2019 is clearly positive for manufacturing, but the numbers of leaders with an optimistic view of the coming quarter is somewhat lower than in the previous survey. Industry leaders report that growth rate for new order and total stocks of order are expected to increase further. Meantime, the growth rate in exports market prices is expected to fall in the third quarter. Business Confidence in Norway averaged 2.93 Index Points from 1988 until 2019, reaching an all time high of 20.10 Index Points in the fourth quarter of 2006 and a record low of -22.90 Index Points in the fourth quarter of 2008.
Business Confidence in Norway is expected to be 9.00 Index Points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Business Confidence in Norway to stand at 7.50 in 12 months time. In the long-term, the Norway Industry Confidence is projected to trend around 5.10 Index Points in 2020, according to our econometric models.