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NORWAY: Goods Consumption Should Contribute Positively To Q4 GDP

NORWAY
CEEMEABulletNorwayMarketsFixed Income BulletsForeign Exchange Bullets

Norwegian SA retail sales excluding motor vehicles fell 0.1% in December, while November’s reading was revised up a tenth to 0.4%. On a 3m/3m basis, sales grew 0.5% for the second consecutive month, and rose 0.7% Y/Y (vs 0.2% prior). Similar dynamics were observed in retail sales excluding motor vehicles and fuel (1.0% 3m/3m vs 1.3% prior; 3.0% Y/Y vs 0.9% prior).

  • Statistics Norway notes that pharmacies, grocery stores and stores selling beverages saw lower retail sales in December, but this was offset by increases in online shopping (for Christmas in particular).
  • Overall, retail trade looks to have outperformed the -0.3% Q/Q expectation from contacts in the Q4 Regional Network Survey.
  • The household goods consumption index – which feeds into the quarterly GDP calculation – fell 1.1% M/M in December but rose 1.0% on a 3m/3m basis (vs 0.5% prior).
norway_retail_dec
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Norwegian SA retail sales excluding motor vehicles fell 0.1% in December, while November’s reading was revised up a tenth to 0.4%. On a 3m/3m basis, sales grew 0.5% for the second consecutive month, and rose 0.7% Y/Y (vs 0.2% prior). Similar dynamics were observed in retail sales excluding motor vehicles and fuel (1.0% 3m/3m vs 1.3% prior; 3.0% Y/Y vs 0.9% prior).

  • Statistics Norway notes that pharmacies, grocery stores and stores selling beverages saw lower retail sales in December, but this was offset by increases in online shopping (for Christmas in particular).
  • Overall, retail trade looks to have outperformed the -0.3% Q/Q expectation from contacts in the Q4 Regional Network Survey.
  • The household goods consumption index – which feeds into the quarterly GDP calculation – fell 1.1% M/M in December but rose 1.0% on a 3m/3m basis (vs 0.5% prior).
norway_retail_dec