Norges Bank Q1 Regional Network Survey: Expect minor changes in output growth in the period to summer

• Growth prospects have improved on the  back of defence investment, energy supply development and higher expected household demand.
• However, the completion of projects initiated in response to the petroleum tax package and low activity in building construction are dampening growth.
• Contacts expect annual wage growth of 4.2% in 2026 and 3.9% in 2027.

Indicators:

• GDP Q1'26 0.3% (prev. 0.3%)
• GDP Q2'26 0.4%
• Employment growth Q1'26 0.1% (prev. 0.1%)
• Employment growth Q2'26 0.2%
• Annual wage growth 2026 4.2% (prev. 4.1%)
• Annual wage growth 2027 3.9%