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Manufacturing saw a broad upturn in production in the second quarter. An upswing in output was expected, but all in all the trend seemed to be stronger than expected. Sectors of export-related industries and the offshore-related part of the engineering industry have had the strongest upturn. Consumer goods-producing industries, which have their high season in the second quarter, saw a production increase in line with expectations.
Because of the upswing in production and high activity level in manufacturing, Norwegian industrial leaders take a positive view of prospects for third quarter 1997. Large order backlogs and expectations of higher demand also played a role in their assessment.
Higher demand in the home market is an important factor behind the higher output. Growth in new orders from the domestic market, which in recent quarters has been relatively stable and at a high level, rose even further in the second quarter, after being adjusted for the season and rounded off. Heavily influenced by the activity on the continental shelf, capital goods-producing industries have enjoyed the strongest growth in demand.
Weekly Bulletin issue no. 30-31, 1997