Press

Business conditions strengthened significantly in Norway's western oil-producing regions during the last three months, while the outlook rose to five-year highs, a recent sentiment survey carried out by Respons Analyse and Sparebanken Vest showed. The price of crude oil fell sharply from mid-2014 to early 2016 but has since recovered, while non-oil exporters are boosted by a weak currency. The West Coast Current Conditions Index rose 3.7 points to a four-year high of 64.0 after a slight fall the previous quarter. Expectations for the next six months rose further to 68.2 points from 67.1, reaching the highest level since the second quarter of 2013. "Increased growth abroad along with rising oil prices and a weak Norwegian crown, contribute to more activity in the western region," Sparebanken Vest said. The business survey was first compiled in 2012 and includes 700 firms based in the regions of Rogaland, Hordaland, Sogn og Fjordane and Moere og Romsdal. - Rigzone -