OSLO: The gloomy oil market situation has hit prospects and profitability forecasts, amongst other things.
Swedbank chief economist Harald Magnus Andreassen comments that Dagens Næringsliv’s economic barometer, published Tuesday, “confirms that the oil [market] turnaround is now entering the economy.”
“Firms report zero growth in the mainland economy,” he tells the publication. “Businesses are beginning to notice the turnaround in earnest. Many contracts have been agreed a while ago and are continuing, but an increasing number [of firms] are seeing no new orders.”
And while the decline is gradual rather than immediate, according to him, DN’s poll shows that western Norway CEOs foresee darker clouds on the horizon than in other places in the country.
The seasonally-adjusted index is at its lowest since the financial crisis, and is weaker than Norges Bank’s economic barometer.
