2020.05.2612:03:00UTC+00Norway Consumer Confidence Weakest Since 2016

Norwegian consumer confidence declined in the second quarter to the lowest since mid-2016 due to the coronavirus pandemic, survey data from Finans Norge showed on Tuesday.

The consumer sentiment index fell to a seasonally adjusted -7.6 in the second quarter from +4.7 in the first quarter.

This was the lowest reading since the second quarter of 2016, when it was -14.0.

Finans Norge CEO Idar Kreutzer said the decline was less than feared despite stringent government measures to contain the spread of coronavirus, a sharp fall in oil prices and significantly less demand from trading partners.

Among components of the index, the index measuring economic situation over the last year plunged to -81.0 from +10.6 a quarter ago.

The outlook for the economic conditions came in at -15.8 versus +0.8 in the previous quarter.

The indicator for own finances over the last year dropped to 14.3 and the outlook for the next year slid to 15.7 in the second quarter.