Norwegian Household Consumption y/y reflects a change in durable and non-durable goods consumed by Norwegian households in the reported month compared to the same month a year ago. The index reflects purely domestic consumption and therefore does not include household consumption abroad, such as direct purchases from abroad.
The indicator measures consumption of households, which includes the consumption of food, beverages, tobacco, electricity, heating fuel, automobiles, motor fuel and other goods. This source data series is different from the retail sales index, which does not cover vehicle and fuel sales.
The index is published monthly by the Devision for National Accounts of Statistics Norway. The main data source is the retail sales index by categories and economy sectors. This data is complemented with information on vehicle sales from Norwegian Road Federation, as well as fuel and energy sales statistics.
Household consumption is a part of expenditure-based GDP and is a power that pushes economic growth. Furthermore, the index serves as an indicator of economic growth and consumer optimism. Therefore, higher than expected indicator readings can be seen as positive for Norway krone quotes.
The chart of the entire available history of the "Norway Household Consumption y/y" macroeconomic indicator.
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