Financial News: Norway Retail Sales Rebound 1.2%

Norway Retail Sales Rebound 1.2%

08/29/2024 - 07:27:00 (RTTNews)

(RTTNews) - Norway's retail sales increased more-than-expected in July after falling in the previous month, preliminary data from Statistics Norway showed on Thursday.

The volume of retail sales rose a seasonally adjusted 1.2 percent month-on-month in July, reversing a 5.1 percent decline in the previous month. The expected increase was 0.9 percent.

Retail sales of cultural and recreational goods grew the most by 7.5 percent, and sales of food and beverages climbed by 1.3 percent.

Similarly, sales of automotive fuel alone showed an increase of 1.4 percent, while those for ICT equipment dropped by 3.0 percent.

On a yearly basis, retail sales decline softened to 0.7 percent in July from 2.8 percent a month ago.

Separate official data showed that household consumption declined 4.3 percent monthly in July, in contrast to the 1.7 percent gain in June. Further, this was the first fall in four months.

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