Norway's retail sales likely to show moderate growth

In Norway, private consumption has held up quite well to date despite the lower oil price and rising unemployment, presumably thanks to lower interest rates. 

Consumer confidence, however, has now fallen to its lowest level since the financial crisis and retail sales have been moving sideways for a couple of months, so the August data for the latter will be important in gauging whether the tide has actually turned. 

"A drop in private consumption and housing demand would result in a deeper and longer-lasting downturn in the Norwegian economy. Retail sales are expected to show moderate growth of 0.3% m/m, in line with consensus. The risk is regarded to be tilted to the downside", says Danske Bank.