Norway’s retail sales surge for second month in March

Retail sales in Norway grew for a second straight month in March, the latest data by Statistics Norway showed.

Sales rose 0.3% in March over February, following a revised up 0.2% increase in the prior month.

Sales of other goods rose further in March (2.8% compared to 1.6% in February), while sales of food and beverages (-0.4% versus -0.4% in February) and automotive fuels (-2.5% versus -2.7% in February) dropped further.

Meanwhile, sales rebounded for ICT equipment (up 0.9% after a 0.8% drop in February), other household equipment (1.2% after a 0.8% decrease in February) and cultural/recreation goods (up 3.7% after a 4.1% slump in February).

In annual terms, retail sales in the country grew 0.6% in March, while rebounding after a 0.3% drop in February.

The USD/NOK currency pair settled 0.66% higher at 11.0117 on Friday. For the week, the exotic currency pair registered virtually no change, following two consecutive weeks of gains.