March data indicate that the decline in Norwegian growth is just a soft patch. House prices, which are a primary concern for Norway, rose in March and the house price growth is positive on year-on-year basis. This is in line with our view that it will be difficult to see a large correction in house prices with low unemployment (3.5% in January), low mortgage rates and high wage growth. Core inflation is steady at 2.6% y/y in March. The Norwegian …
Lesen Sie mehr »