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Sequential Fall in August Retail Sales

NORWAY

Norway retail sales (seasonally adjusted) for August printed at -0.3% M/M (vs -0.9% prior and -0.4% expected).

  • The fall is consistent with the indications from the September Regional Network Survey, which pointed to a fall in Q3 retail trade of -0.6% Q/Q.
  • The survey respondents also expected a -0.7% Q/Q fall in retail trade in Q4.
  • The sequential fall in retail sales highlights the cost-conscious nature of Norwegian households as interest rate hikes bite.

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