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Financial News: Norway Consumer Confidence Sets Fresh Record Low

Norway Consumer Confidence Sets Fresh Record Low

11/15/2022 - 02:40:00 (RTTNews)

(RTTNews) - Norway's consumer confidence sank further in the fourth quarter to set a new record low, survey data from Finance Norway showed Tuesday. The seasonally adjusted reading dropped to -38.0 from -29.5 in the third quarter, which was revised from -26.8. The latest reading was the lowest since the expectations barometer series began in 1992, Finance Norway said. The expectations barometer, compiled quarterly by Finance Norway and Kantar Public, measures households' expectations of their own and the country's economy, and consists of five individual indicators that are combined into one main indicator.

The fourth quarter survey was carried out from October 25 to 31. "It is a paradox that we have very low unemployment and have never had lower faith in the future," Finance Norway CEO Idar Kreutzer said.

The indicator has steadily fallen since the fourth quarter of 2021, when it showed a reading of 12.1.

The survey found that high inflation, climbing electricity prices throughout the winter and rising interest rates have contributed to increased uncertainty. This is prompting consumers to cut back spending in order to prepare for tougher times ahead. The survey showed that households were more pessimistic regarding the economic outlook in the next 12 months and the relevant indicator dropped to -39.7 from -33.7. They were slightly less pessimistic regarding their personal financial outlook in the next year and the corresponding index improved to -14.2 from -18.6. Norwegian consumers were less inclined to make big purchases now and the relevant measure dropped sharply to -46.7 from -36.8.

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