The Norwegian manufacturing sector expanded at a faster rate in May, and the rate of growth exceeded economists' expectations, latest data showed.
The seasonally adjusted purchasing managers' index (PMI) for the manufacturing sector rose to 54.9 in May from 53.6 in April, while economists expected the index to rise to 54. A PMI reading above 50 indicates expansion in the sector, while one below suggests decline.
The sub-indicator that measures production at Norwegian factories increased markedly to 60.1 in May from 54.8 in the previous month.
At the same time, new orders received by manufacturers increased at faster rate in May, with the relevant index rising to 56.4 from 54.8 in the previous month. In May, firms increased their workforces at the same rate as they did in April, data showed.
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