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Erik Johannes Bruce, analyst at Nordea Markets, notes that the Norway’s manufacturing production has been on the weak side lately as it fell 0.8% m/m in March and is down 0.4% in Q1 compared to Q4 last year.

Key Quotes

“It is in the part of the industries not delivering to the oil sector where we have seen weakness.”

“The downturn is related to shut down for maintenance work among several leading producers according to Statistics Norway.”

“We do not think today’s figure will mean much to Norges Bank’s view either.”