Household consumption of goods in Norway edged down 0.1 percent from a month earlier in December 2018, following a 0.3 percent rise in November, due to a sharp decline in consumption of other goods (-2.3 percent vs 1.3 percent in November). Meanwhile, purchases of vehicle and petrol grew at a faster pace (3.5 percent vs 1.2 percent) and spending rebounded for both food, beverages and tobacco (0.3 percent vs -0.6 percent) and electricity and heating fuels (2.8 percent vs -2.9 percent). Household Spending in Norway averaged 0.20 percent from 1979 until 2018, reaching an all time high of 10.20 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 -0.70 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 0.50 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.