Since the last survey, people in general have become more optimistic about their own finances, but surprisingly, less optimistic about the country’s economy.
‘Disengagement between expectations about their own finances, and the national economy, is a trend we have seen since early in 2011. Uncertain oil prices are probably one of the reasons for people’s weakened faith in the country’s economy’, said Kreutzer.
That confidence in personal finances is still increasing, I think can be attributed to the fact that most people have jobs, and they show a strong determination to save money.
Nor should we ignore the fact that some people, seeing the increased value of their housing, have a reinforced perception of their own finances. In this context, it’s important to remember that housing prices can move both up and down’, he noted.
The duality of the economy
The poll confirms the duality of the Norwegian economy.
The barometer separates Norway into four regions.
Oslo/Akershus, the rest of the East and the North/Northern Norway received a higher proportion of optimistic responses. In Southern and Western Norway there were still several more people who expected worse times ahead than the number who expected improvement.
There were several negative responses in this region, and expectations had developed in a negative direction during the past quarter.
The financial organization thinks this may be related to an increase in unemployment in this region.
Oil prices fell; and many of the small and medium enterprises in the region had been forced to restructure their activities.
Source: NTB scanpix / Norway Today