Norwegians still have good faith in their personal financial situation, but have suddenly become more pessimistic about the nation's future economy. The quarterly expectations survey from Finance Norway has asked 1,000 Norwegians how they think their own and the nation's financial situation will develop.
"Falling oil prices and reports of companies downsizing, especially in the oil - and gas industry, make many people feel insecure about how the future will develop," says director of Finance Norway, Idar Kreutzer.
There has been a 19 percent increase in the number of people who believe that Norway will face worse financial conditions next year. Three months ago, 3,3 percent more of the respondents believed the economy would experience an upturn rather than a downturn.
Kreutzer explains that people's expectations of the economy will vary depending on news and current events. The survey has previously shown similar fluctuations in periods where there has been a decrease in oil prices.
"It is obvious that people understand that we depend on oil. At the same time, it is worth noting that the decline in oil prices have also weakened the Norwegian currency, something that may give the Norwegian export industry an advantage," Kreutzer says.
The faith people have in personal economic growth has been stronger than their confidence in the national economy for a long period. Even though the confidence in one's personal finances has somewhat declined the past quarter, it is still at a historically high level. The main and collective indicator; people's experience of their own financial development as well as their expectations of their own and the nations's economy, is now at its lowest point in the past three years.