Norway Manufacturing Grows for Second Month, Lifted by Oil Boom
Norwegian manufacturing accelerated for a second month in February as rising oil investments shield the Nordic economy from the fallout of Europe’s debt crisis.
A seasonally adjusted index based on responses from purchasing managers rose to 56.9 from a revised 54.7 in January, Oslo-based Fokus Bank said today in a statement. The index was forecast at 53.8, according to a Bloomberg survey of six economists. A reading above 50 signals an expansion.
The world’s seventh-largest oil exporter is rebounding as rising oil prices fuel petroleum investments and after the central bank in December lowered its main rate by half a percentage point to 1.75 percent.
Norway’s PMI Index was started by Fokus Bank in 2004 in cooperation with the Association for Purchasing and Logistics. Fokus is owned by Danske Bank A/S, Denmark’s biggest lender.
-- Editors: Jonas Bergman, Tasneem Brogger
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