Norway’s consumer confidence weakened sharply in the fourth quarter, survey data from Finans Norge showed on Tuesday.

The consumer confidence index decreased to -11.9 in the fourth quarter from -5.7 in the previous quarter.

On an adjusted basis, the consumer sentiment index fell to -11.5 in the fourth quarter from -10.0 in the previous three months.

Households’ expectation on their own finance for the next year remained high in the fourth quarter. However, households’ view about general economic situation for the next 12 months fell sharply as people do not believe a rapid rebound in the economy.

Most of the people feel that they have a secure job and many benefit from low interest rates, at the same time a new slowdown created increased uncertainty, Finans Norge’s CEO Idar Kreutzer said.

Households’ expectations on their own finances for the past year were more negative in the fourth quarter. Their expectation on the country’s economy for last year contracted.

The material has been provided by InstaForex Company – www.instaforex.com

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