Minor changes in growth prospects

Norges Bank's Regional Network contacts expect moderate output growth through 2026 H2. Contacts point to improved household purchasing power, higher defence spending and data centre buildout as important growth drivers. At the same time, low construction activity is dampening growth. The share of contacts reporting full capacity utilisation has been below its historical average over the past year, and in this survey, the share has fallen further. The share of contacts reporting difficulties recruiting qualified labour is also lower than both the historical average and compared with the previous survey.