Norwegian Industrial Confidence Index (ICI) reflects the optimism of industrial companies regarding the current economic state. The index is calculated on a quarterly basis, based on an industry-wide business survey conducted by Statistics Norway.
The ICI is considered a leading indicator of production in manufacturing sectors. If respondents express an expected production growth, this may indicate an upcoming increase in the production output. If an increase in orders is reported, this may indicate a future growth in production connected with the need to fulfill the received orders.
A higher than expected index growth is seen as positive for the NOK quotes.