Retail Sales in Norway
Norway - Retail SalesIn Q1 2022, the economy contracted in sequential terms at the sharpest rate since the outbreak of the pandemic. Restrictions put in place in January to contain the spread of the Omicron variant hurt economic activity, which then picked up slightly in February and March after their removal. The GDP growth downturn in the quarter was broad-based, with private and public spending declining, and the external sector continuing to weigh on the reading. In Q2, activity should rebound. The manufacturing PMI showed that conditions improved at the strongest pace in five months in April. Additionally, government finances will be benefitting from high oil prices, boding well for a large fiscal surplus. That said, household spending could be in a tough spot, as price pressures hit an over 13-year high in April, likely capping consumption.
Norway - Retail Sales Data
|Retail Sales (annual variation in %)||0.6||-0.9||2.1||0.9||0.1|
5 years of economic forecasts for more than 30 economic indicators.
Norway Retail Sales Chart
Source: Statistics Norway and FocusEconomics calculations.
|Bond Yield||1.58||-0.65 %||Jan 01|
|Exchange Rate||8.78||-0.38 %||Jan 01|
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November 18, 2022
The Norwegian economy gained steam in the third quarter of 2022; GDP growth accelerated to 1.5% in seasonally adjusted quarter-on-quarter terms.
November 10, 2022
Inflation continued its upward trend in October, coming in at 7.5%, up from September’s 6.9%.
November 7, 2022
Industrial output declined 2.4% in month-on-month seasonally-adjusted terms in September, which contrasted August's 3.1% increase.
November 2, 2022
At its 2 November meeting, the Executive Board of Norges Bank unanimously voted to deliver a 25 basis point increase and bring the sight deposit rate to 2.50%–its highest level since February 2009.
October 10, 2022
Inflation resumed its upward trend in September and came in at 6.9%, up from August’s 6.5%.