Norway's consumer confidence dropped to 12.8 in the three months to June 2019 from an upwardly revised 13.3 in the previous period. This was the weakest figure since the second quarter 2017 when the reading was at 12.5, with consumers' willingness to make larger purchases softening markedly (12.5 vs 14.1 in Q1), following an increase in the Norwegian central bank's interest rates. Meanwhile, households' expectations towards the country's economy last year surged (16.2 vs 7.1) and those over the country's economy over the next 12 months strengthened (1.0 vs 0.3). At the same time, consumers' expectations regarding their own financial conditions next year (23.3 vs 19.9) and those of last year (19.5 vs 18.1) improved. The country's consumer confidence hit a 24-year low of -15.4 in the first quarter of 2016, due to a plunge in crude oil prices. Consumer Confidence in Norway averaged 17.27 Index Points from 1992 until 2019, reaching an all time high of 34.90 Index Points in the first quarter of 1997 and a record low of -17.40 Index Points in the third quarter of 1992.
Consumer Confidence in Norway is expected to be 9.00 Index Points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Consumer Confidence in Norway to stand at 7.00 in 12 months time. In the long-term, the Norway Consumer Confidence is projected to trend around 7.00 Index Points in 2020, according to our econometric models.