Norway Industrial Confidence Falls to Near 2-Year Low

Norway’s industrial confidence advanced to 2.6 in Q4 2025, following an upwardly revised 0.2 in Q3, though it remained below its long-term average of 2.9. Sentiment improved among producers of intermediate goods, while producers of consumer goods reported unchanged production. Meanwhile, producers of capital goods contributed negatively to the overall confidence. New orders declined across both export and domestic markets, although outlook still remained optimistic. On the price front, industrial managers reported sustained price increases in both domestic and export markets, with stronger rises for consumer goods. Employment conditions remained subdued, with producers of capital and intermediate goods reporting no change in employment levels. Looking ahead, the general outlook of Q1 of 2026 is positive, supported by confidence among intermediate producers, whereas producers of capital and consumer goods maintained neutral expectations.

Norway’s industrial confidence indicator fell to -0.3 in Q3 2025 from a downwardly revised 0.4 in Q2 and below the historical average of 2.9. This marked the lowest reading since Q4 2023, reflecting weaker sentiment among producers of investment goods, while producers of input and consumer goods contributed positively. New orders declined across both export and domestic markets, with the contraction more notable in the export sector. On the price front, industrial managers reported sustained price increases in both domestic and export markets, although prices for intermediate goods remained unchanged. Meanwhile, overall employment improved, with producers of investment goods responsible for most of the growth. Looking ahead, the general outlook for Q3 2025 is mildly positive, supported by confidence among capital goods producers, whereas producers of consumer goods have neutral expectations.

Norway’s industrial confidence indicator dropped to 0.9 in Q2 2025, down from a downwardly revised 3.4 in Q1 and below the historical average of 2.9. This marked the lowest reading since Q1 2024, reflecting weaker sentiment among producers of both capital and consumer goods, while producers of intermediate goods contributed positively. New orders from export markets declined slightly, while domestic orders remained unchanged. Meanwhile, most producers of intermediate and consumer goods reported a modest increase in production, whereas capital goods producers saw a clear rise. Many industrial managers noted rising prices in both domestic and export markets, with producers of consumer goods recording the sharpest increase in cost prices. On a positive note, overall employment went up, with producers of capital goods responsible for most of the growth. Looking ahead, the general outlook for Q3 2025 is neutral.