Norway Business Morale Weakens in Q1

Norway’s industrial confidence fell to 1.2 in Q1 2026, from 2.6 in the previous quarter, and bellow its long-term average of 2.9. Sentiment weakened among producers of capital goods, while producers of consumer goods reported unchanged production. Meanwhile, producers of intermediate goods contributed positively to overall confidence. NNew orders declined in export markets, while domestic orders remained steady. Employment conditions eased, with employment among producers of consumer goods declining, while producers of intermediate and capital goods reported unchanged employment levels. On the price front, industrial managers reported sustained price increases in both domestic and export markets, with stronger rises for consumer goods. Looking ahead, the general outlook for Q2 2026 remains positive, supported by confidence among intermediate producers, whereas producers of capital and consumer goods have weaker expectations.

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.