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Financial News: Norway Retail Sales Fall, Household Consumption Rebounds

Norway Retail Sales Fall, Household Consumption Rebounds

05/28/2024 - 03:35:00 (RTTNews)

(RTTNews) - Norway's retail sales decreased in April after rising in the previous two months, preliminary data from Statistics Norway showed on Tuesday.

Separate official data revealed that household consumption rebounded sharply at the start of the second quarter.

The volume of retail sales dropped a seasonally adjusted 0.3 percent month-on-month in April, reversing a 0.3 percent increase in the prior month.

Retail sales of cultural and recreational goods alone fell by 5.2 percent, and those of other goods showed a decline of 3.6 percent.

On the other hand, sales of food and beverages advanced 2.2 percent over the month, and automotive fuel sales rose by 1.1 percent.

On a yearly basis, retail sales rose at a slightly faster pace of 0.9 percent in April, following a 0.7 percent gain a month ago.

Separate official data showed that household spending increased 4.1 percent monthly in April, in contrast to a 2.8 percent decline in March. This strong rebound was largely attributed to a 22.6 percent higher purchase of vehicles and petrol.

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