Norway Consumer Spending Supported By High Wages And Limited Price Competition

Norway's economy proved to be relatively resilient during the global economic downturn, with a GDP contraction of only 1.4% in 2009 making it one of the strongest performers in Western Europe. In 2010, headline GDP growth was affected by a lacklustre offshore petroleum sector. However, the nationalised nature of the petroleum industry means it is relatively detached from the wider economy and during 2010 the mainland economy performed well, thanks partly to a rebound in private consumption. Looking forward, Norway's consumer sector looks well positioned to grow, with its huge fiscal reserves leaving it well placed to smooth out any

To read the full article, please choose one of the following options: