September 10, 2019 / 8:33 AM / 3 months ago

UPDATE 1-Oil service weakness seen slowing Norway's growth survey

(Adds quote, currency, combines survey, CPI data)

OSLO, Sept 10 (Reuters) - Norwegian companies expect weaker growth ahead following strong recent expansion amid a slowdown among suppliers to the oil and gas industry, a central bank business survey showed on Tuesday, weakening the crown currency.

“Contacts expect slightly lower growth over the next six months. Oil services in particular expect lower growth. Retail trade and the export industry also expect growth to slow slightly,” Norges Bank said.

The poll will be among the key factors determining the outcome of Norges Bank’s monetary policy announcement on Sept. 19.

Some companies expressed concerns over potential consequences from Britain’s pending withdrawal from the European Union, as well as from Sino-U.S. trade tensions, the central bank added.

“At the same time, many contacts believe that other driving forces, such as digitalisation, increasing competition from abroad and the focus on climate and health are just as important for developments ahead,” Norges Bank said.

The survey followed news earlier on Tuesday that Norway’s August inflation had eased to 2.1% year-on-year, below the 2.2% predicted by economists in a Reuters poll and also missing the central bank’s forecast of 2.3%.

Norway’s crown currency weakened against the euro following the survey’s release, as well as from the inflation data, trading at 9.9113 against the euro by 0822 GMT, down from 9.8712 in early morning trade. (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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