FX.co ★ Norway Manufacturing Returns to Expansion in July

In July 2025, Norway's DNB Manufacturing Purchasing Managers' Index (PMI) rose to 50.9, marking a shift back to growth in industrial activity after a brief dip in June. This resurgence was largely attributed to a rise in the production index, which increased to 53.1 from 48.6, indicating enhanced output levels. New orders saw an easing in their decline, with the index moving up to 49.6 from 45.0, despite both domestic and export orders still being in contraction at 43.4 and 45.0, respectively. Inventories of purchased goods experienced a slight increase, moving from 48.5 to 49.2, while suppliers' delivery times extended to 54.6 from 53.5, a potential indicator of heightened activity. On the downside, the employment index fell back to a contractionary level at 47.6, down from 52.9 in June, suggesting a reduction in labor demand.