Norway consumer economy outlook gloomy / News / The Foreigner

Norway consumer economy outlook gloomy. Current major uncertainty regarding the euro has hit Norwegian consumers’ faith in the country’s and their own personal economy, reports say. According to analysis company Opinion’s October report, consumer confidence has not been this low March 2009. “Continuing international instability, as well as repeated warnings from the Prime Minister [Jens Stoltenberg], Norwegian Central Bank Governor [Øystein Olsen] and macroeconomic experts that Norway must be prepared for more difficult times ahead, seem to be influencing Norwegian consumers’ confidence in their own and the country’s economy,” quotes Aftenposten.

norwayconsumereconomy, norwegianeconmicoutlook



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Norway consumer economy outlook gloomy

Published on Monday, 7th November, 2011 at 12:57 under the news category, by Michael Sandelson   .

Current major uncertainty regarding the euro has hit Norwegian consumers’ faith in the country’s and their own personal economy, reports say.

Norwegian currency
Norwegian currency
Photo: chezzzers/IStockphotos


According to analysis company Opinion’s October report, consumer confidence has not been this low March 2009.

“Continuing international instability, as well as repeated warnings from the Prime Minister [Jens Stoltenberg], Norwegian Central Bank Governor [Øystein Olsen] and macroeconomic experts that Norway must be prepared for more difficult times ahead, seem to be influencing Norwegian consumers’ confidence in their own and the country’s economy,” quotes Aftenposten.

The PM said last week that he was worried the European debt crisis could unleash civil unrest not seen since the ‘30s. Even European Movement leader Paal Frisvold now says that, “the EU is madness”, and pro-EU membership is at an all-time low.

Moreover, amongst reports of a continuing rise in Norwegian house prices, especially in oil region Stavanger, leading economists fear this could be bad news for property owners.

Douglas Renwick at global Fitch Ratings told Dagens Næringsliv that, “Both the euro zone’s spreading debt problems and the European Central Bank’s [0.25 percent] interest rate cut could create conditions in Norway reminiscent of a housing bubble.”  

Opinion’s report also shows more Norwegians have put plans to buy a new car, properties, or redecorating them on ice, according to Aftenposten.

Whilst global economic uncertainty is far from over, however, analysis company Nielsen’s report shows Norwegians are the most optimistic in the world.

“Norway has been top when it comes to expectations about the future,” says market director Knut Gartland about their recent opinion poll.

He continues, “We are more interested in spending any spare money we might have on holidays and leisure activities than the Swedes. We also see that the Swedes pay more off on their mortgages if they have any money left at the end of the month.”

Meanwhile, Norway’s largest group of shopping centres reports October figures show growth is up by 8 percent compared with the same period in 2010.



Published on Monday, 7th November, 2011 at 12:57 under the news category, by Michael Sandelson   .

This post has the following tags: norwayconsumereconomy, norwegianeconmicoutlook.





  
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