Free Trial

Retail Sales Remain Subdued, But Point To Gradual Recovery In Goods Consumption

NORWAY

Norwegian retail sales for December fell -0.9% M/M (vs +0.4% prior). The consensus of +0.2% M/M was formed from just 3 analysts. Excluding motor vehicles and petrol stations, sales fell -2.7% M/M (vs +2.1% prior).

  • The monthly measures can be volatile, so better inferences can be drawn from the 3m/3m measure. The headline reading grew +0.3% 3m/3m (vs -0.6% prior), while the ex-motor vehicles measure grew +0.6% 3m/3m (vs -0.5% prior).
  • While still subdued, the recent trend of retail sales suggests a continuation of the steady recovery in goods consumption in Q4 '23 (Q4 GDP data is released on Feb 14).
  • This aligns with the Norges Bank's commentary in yesterday's Monetary Policy Assessment, where they noted "household consumption appears to have been somewhat higher than projected towards the end of last year".
  • On both a 3m/3m and M/M basis, retail sales of IT equipment saw the largest declines in December, falling -5.6% 3m/3m and -10.4% M/M.

163 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Norwegian retail sales for December fell -0.9% M/M (vs +0.4% prior). The consensus of +0.2% M/M was formed from just 3 analysts. Excluding motor vehicles and petrol stations, sales fell -2.7% M/M (vs +2.1% prior).

  • The monthly measures can be volatile, so better inferences can be drawn from the 3m/3m measure. The headline reading grew +0.3% 3m/3m (vs -0.6% prior), while the ex-motor vehicles measure grew +0.6% 3m/3m (vs -0.5% prior).
  • While still subdued, the recent trend of retail sales suggests a continuation of the steady recovery in goods consumption in Q4 '23 (Q4 GDP data is released on Feb 14).
  • This aligns with the Norges Bank's commentary in yesterday's Monetary Policy Assessment, where they noted "household consumption appears to have been somewhat higher than projected towards the end of last year".
  • On both a 3m/3m and M/M basis, retail sales of IT equipment saw the largest declines in December, falling -5.6% 3m/3m and -10.4% M/M.