Norwegians’ confidence in their personal finances and the country’s economy fell sharply in March and is even lower than when the pandemic shut down the country, the Consumer Confidence Index (CCI) shows.

The Consumer Confidence Index (CCI) for Norway was at a historic low in March, the newspaper Dagbladet writes, referring to figures from Opinion.

“Russia’s invasion of Ukraine on February 24 sent shock waves in all directions. The monthly survey of confidence and expectations of people’s own finances and the country’s economy shows a historically large fall in March,” head of politics and society at Opinion, Henrik Høidahl, stated.

The previous low was registered in April 2020, the month after Norway closed down as a result of the corona pandemic. 

The CCI is the average of consumers ‘assessment of household finances now and in twelve months, expectations of the country’s economy now and in twelve months, and households’ purchases of major consumer goods in twelve months.

55% of Norwegians think Norway’s economic situation will be a little or much worse in a year, compared to 31% in February. 45% think their household’s financial situation will be a little or much worse, compared to 29% in February, according to Høidahl.

High electricity and fuel prices and announced interest rate hikes are among the reasons for the decline, according to Høidahl.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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