Retail sales were stronger than expected, but does not change our view of weak growth in consumption
February retail sales came out at 0,6 % m/m. We expected 0,4 %, while Bloomberg consensus was 0,3 %
Despite decent growth on the month the trend in retail sales is about flat. Growth since February last year was only 0,3 %. Norges Bank do not give forecast for retail sales, but expects moderate growth in private consumption this year. This still implies that retail sale need to pick up further looking ahead to reach their forecast for private consumption.
Nordea