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Financial News: Norway Consumer Confidence At Record Low

Norway Consumer Confidence At Record Low

08/17/2022 - 09:24:00 (RTTNews)

(RTTNews) - Norwegian consumer confidence worsened to a record low in the third quarter amid rising inflation and higher interest rates, results of a survey by Finance Norway showed on Wednesday.

The seasonally adjusted consumer confidence fell sharply to -26.8 in the third quarter from -15.3 in the second quarter.

Further, this was the lowest reading since the measurements began in 1992.

"Norwegian consumers are alarmingly worried about their own finances going forward, linked to strongly rising prices, far in excess of wage growth, for basic goods such as electricity, fuel and food in combination with rising interest expenses," CEO of Finans Norge Idar Kreutzer said.

Consumers' expectations regarding their own financial situation over the next twelve months worsened sharply in the third quarter, with the index falling to -14.3 from -4.1 in the previous three-month period.

Households' expectations of the country's general economic situation for the next one year also plummeted to -33.7 from -28.2.

The unadjusted indicator weakened to -29.3 in the third quarter from -15.8 in the previous quarter.

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