Norwegian manufacturing accelerated in May on increased orders and production.
A seasonally adjusted index based on responses from purchasing managers rose to 54.9 in May from a revised 53.6 in March, Oslo-based Fokus Bank said today. The median estimate of seven economists surveyed by Bloomberg was for the index to rise to 54. A reading above 50 signals an expansion.
Norway’s central bank in March lowered its main interest rate for a second time since December to shield the economy from the European debt crisis and curb excessive krone gains. Gross domestic product, excluding oil, gas and shipping output, grew 1.1 percent in the first quarter, after a 0.8 percent expansion in the period through December, Statistics Norway said May 22.
The sub-index measuring orders rose to 60.1 from 56.4 and the production measure rose to 60.1 from 54.8, according to the survey. The employment index was unchanged at 60.1.
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 (DANSKE), Denmark’s biggest lender.
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