Household consumption of goods in Norway declined by 1.2 percent month-over-month in April 2019, following an upwardly revised 2.2 percent gain in the previous month. This was the first monthly drop in household spending since December last year. There were falls in purchases of vehicles and petrol (-8.0 percent vs 6.9 percent in March) and spending on electricity and heating fuels (-2.8 percent vs 2.9 percent). At the same time, consumption growth slowed markedly for other goods (0.8 percent vs 1.8 percent), while spending on food, beverages and tobacco was little-changed (0.3 percent vs 0.2 percent). Household Spending in Norway averaged 0.21 percent from 1979 until 2019, 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 -1.20 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.