Household consumption of goods in Norway dropped 1.8 percent month-over-month in July 2019, following an upwardly revised 1.4 percent rise in the previous month. It was the steepest decline in household spending since January last year, as purchases of vehicles and petrol tumbled (-13.6 percent vs 7.4 percent in June). Meanwhile, purchases rose faster for both electricity and heating fuels (2.6 percent vs 0.5 percent) and other goods (0.5 percent vs 0.1 percent). Also, purchases of food, beverages and tobacco rose by 1 percent after being unchanged in June. Household Spending in Norway averaged 0.21 percent from 1979 until 2019, reaching an all time high of 16.10 percent in January of 2000 and a record low of -10.90 percent in January of 1995.
Household Spending in Norway is expected to be -0.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Household Spending in Norway to stand at 0.40 in 12 months time. In the long-term, the Norway Household Consumption MoM is projected to trend around 0.50 percent in 2020, according to our econometric models.