Norwegian retail sales rise above expectations in April, Norges Bank likely to hike rate in September

Norway’s retail sales came in above expectations in the month of April. Retail sales rose 0.6 percent on a sequential basis, as compared with consensus expectations of a rise of 0.2 percent. The figure released today bolsters the view that the subdued numbers for retail sales in the first quarter were temporary.

“We are now 0.9 percent higher than the average over Q1, so today’s figure indicates decent growth in goods consumption in Q2”, noted Nordea Bank in a research report.

Most of it indicates towards a rather solid growth in private consumption looking ahead. Employment is growing at a brisk rate and real wages are rebounding. Today’s figure bolsters the case for a rate hike in September, stated Nordea Bank.

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