Forbruget i Norge udvikler sig svagt, og forbrugertilliden er blevet mat. Det peger i retning af et meget svagt forbrug.
Uddrag fra Handelsbanken:
Retail spending in Norway rose by 1 percent m-o-m in November, following -0.7 percent in October and zero percent change in September. The outcome for November was somewhat above expectations; we and consensus had forecast +0.8 and 0.7 percent, respectively. Notwithstanding the rebound in November, which was, according to the press statement, boosted by Black Friday, retail spending appears to have posted another soft quarter in Q4 2019. Absent any further gains in December, retail spending is set for quarterly growth of around zero percent. This is identical to the growth rate seen in Q3, something which highlights the soft pattern seen over the past few months. Also note that we should not be surprised to see a negative reading for December (and thus Q4 as a whole), as some of the Christmas shopping activity may have been moved to November. In sum, underlying retail spending remains soft, despite the welcome gain in November.
