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Business conditions edge higher in Norway's oil region -survey
June 9, 2017 / 4:01 AM / 4 months ago

Business conditions edge higher in Norway's oil region -survey

OSLO, June 9 (Reuters) - Business conditions in Norway’s western oil-producing regions have improved moderately in the second quarter, even as the six-month outlook weakened somewhat, a survey by Sparebanken Vest and polling institute Respons Analyse showed on Friday.

The price of crude oil, Norway’s key export, fell sharply from mid-2014 to early 2016 but has since staged a partial recovery, while non-oil exporters are boosted by a weak crown currency.

First compiled in 2012, the West Coast Current Conditions Index rose by 0.4 points to 60.9 points, the highest level seen since the last quarter of 2014, while the six-month outlook fell by 0.3 points to 65.4 points.

The survey covered 700 firms based in the regions of Rogaland, Hordaland, Sogn og Fjordane and Moere og Romsdal. Readings above 50 indicate expansion, while a reading below that level signals contraction. (Reporting by Terje Solsvik, editing by Camilla Knudsen)

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