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Norway Consumer Confidence Weakest Since 2016

Norwegian consumer confidence declined in the second quarter to the lowest since mid-2016 due to the coronavirus pandemic, survey data from Finans Norge showed on Tuesday.

The consumer sentiment index fell to a seasonally adjusted -7.6 in the second quarter from +4.7 in the first quarter.

This was the lowest reading since the second quarter of 2016, when it was -14.0.

Finans Norge CEO Idar Kreutzer said the decline was less than feared despite stringent government measures to contain the spread of coronavirus, a sharp fall in oil prices and significantly less demand from trading partners.

Among components of the index, the index measuring economic situation over the last year plunged to -81.0 from +10.6 a quarter ago.

The outlook for the economic conditions came in at -15.8 versus +0.8 in the previous quarter.

The indicator for own finances over the last year dropped to 14.3 and the outlook for the next year slid to 15.7 in the second quarter.

The material has been provided by InstaForex Company – www.instaforex.com