Norwegian manufacturing accelerated at the fastest pace since October 2007 in March, as rising oil investments boost the Nordic economy.
A seasonally adjusted index based on responses from purchasing managers rose to 59.7 from a revised 56.7 in February, Oslo-based Fokus Bank said today. A reading above 50 signals an expansion.
The world’s seventh-largest oil exporter is rebounding as rising crude oil prices fuel petroleum investments. The central bank also this month lowered its main interest rate for a second time since December to stoke growth and avoid an excessive gain in the krone.
The sub-index of manufacturing measuring orders rose to 64.7, the highest since December 2006, from 61.5 and the production measure increased to 59.6 from 58.6, according to the survey. The employment index surged to 60.9 from 48.8.
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: Alastair Reed