FNI Update October – The Fall Continues

The Financial News index (FNI) is designed to track Norwegian GDP growth and the business cycle at high frequency. The underlying indicators are daily time series representing how much the media writes about various topics.

The FNI was last updated 31 October.

The FNI index continued to fall in October. Following months with negative growth, the FNI index indicated growth at trend by the end of September. At the beginning of October, it seemed like the business cycle was relapsing. However, by the end of the month, the index fell sharply and is now below trend-growth.

News that has a positive impact on the index in October:

  • News about restructures and startups increase the index.

News that has a negative impact on the index in October:

  • News about the interest rate and monetary policy continue to decrease the index.
  • New of the month is that news about the exchange rate also contributes to a fall in the index.

chart (14).jpeg

The figure graphs the Financial News Index (FNI) with 68 percent confidence bands. The blue solid line demeaned quarterly GDP growth Mainland Norway, sourced from Statistics Norway (SSB). Please use the citation “FNI – Retriever/CAMP_BI” when using the index.


The next FNI update is December 5 2019.

  • To read more about the FNI, visit our website.
  • To read more about the use of textual data, we recommend: Thorsrud, Leif Anders (2018), “Words are the new numbers: A newsy coincident index of the business cycle”, Journal of Business & Economic Statistics.


Previous FNI updates

For more information, contact Professor Hilde C. Bjørnland, BI Norwegian Business School, +47 464 10 767,  hilde.c.bjornland@bi.no

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