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Financial News: Norway Consumer Confidence Strengthens In Q2

Norway Consumer Confidence Strengthens In Q2

05/25/2021 - 03:06:00 (RTTNews)

(RTTNews) - Norway's consumer confidence improved sharply in the second quarter, signaling that the economy is returning to a strong growth as the effects of the coronavirus pandemic fade. The seasonally adjusted consumer confidence rose to 2.5 from minus 3.2 in the first quarter, survey results from the financial industry body Finance Norway showed Tuesday.

The index reading turned positive for the first time since the first quarter of 2020, when it was 3.9.

For the first time since the coronavirus lockdown, there are now more optimists than pessimists, and optimism is rising in almost all groups and for all indicators, Finance Norway said.

Optimism is largely driven by a sharp increase in expectations on the country's economy over the next year. "It is natural to interpret this as the vast majority now expect to receive a vaccine within a few months," Finance Norway CEO Idar Kreutzer said.

"That way, we can begin to return to a more normal life and a more normal economy."

The unadjusted indicator climbed to 4.5 from minus 3 in the previous quarter. The quarterly survey, a joint effort of Finance Norway and Kantar TNS, was conducted from May 6 to 11.

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