Holiday sales disappointed, slowdown continues

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More sales numbers are coming in from the end of the year, and Norwegian retailers can only only claim a small increase at cash registers during the important Christmas holiday shopping period. Meanwhile, the country’s biggest bank  is predicting a slower economy for Norway over the next three years.

Employers’ organization Virke, which represents many retailers, had expected a 2.5 percent increase in holiday sales, but figures reported by NTB show that receipts at Norwegian shopping centers were up only 0.7 percent in December compared to the same month in 2012.

Bank DNB, meanwhile, is now forecasting that it will take Norway three years to emerge from a slower economic cycle, with falling home prices and low interest rates. Growth of the mainland economy (which excludes the offshore oil and gas sector) is expected to be half that recorded in 2012. staff