挪威OBX全股指数 (OsloBorsAllShare) 加自选

2025年9月，挪威零售额同比下降0.5%，扭转了上个月下调后的0.1%的增长。这是自2024年6月以来的首次下降，原因是汽车燃料销售下降更快（-3.4%对8月的-0.9%），而文化和娱乐用品（-2.3%对2.6%）、其他家用设备（-0.8%对1.8%）和其他商品（-0.8%比1.4%）的销售额下滑。此外，非商店/摊位贸易（1.6%对2%）有所放缓。另一方面，食品和饮料的销售额反弹（0.9%对-0.1%），而非专业商店（-0.3%对-1.7%）和ICT设备（-1.1%对-2.3%）的销售额则以较温和的速度下降。按年计算，零售活动从上个月的5%降至2025年9月的3.7%。

Retail sales in Norway fell by 0.5% year-on-year in September 2025, reversing a downwardly revised 0.1% gain in the previous month. This marked the first decline since June 2024, driven by a faster drop in automotive fuel sales (-3.4% vs -0.9% in August), while sales slipped for cultural and recreation goods (-2.3% vs 2.6%), other household equipment (-0.8% vs 1.8%), and other goods (-0.8% vs 1.4%). In addition, trade not in stores/stalls (1.6% vs 2%) moderated. On the other hand, sales rebounded for food and beverages (0.9% vs -0.1%) while falling at a softer pace for non-specialized stores (-0.3% vs -1.7%) and ICT equipment (-1.1% vs -2.3%). On a yearly basis, retail activity eased to 3.7% in September 2025 from 5% in the prior month.

截至2025年9月底，挪威公众的国内贷款债务同比增长3.8%，达到77.3亿挪威克朗，而前一个月增长了4%。这标志着自3月以来贷款增长速度最慢，反映出市政府（6.9%对8月的8.3%）和非金融公司（1.7%对2%）的信贷扩张放缓。与此同时，家庭贷款债务增长从上月的4.2%微升至4.4%。

The general public’s domestic loan debt in Norway rose by 3.8% year-on-year to NOK 7.73 billion at the end of September 2025, following a 4% increase in the previous month. This marked the slowest pace of loan growth since March, reflecting softer credit expansion in municipal government (6.9% vs 8.3% in August) and non-financial corporations (1.7% vs 2%). Meanwhile, household loan debt growth edged higher to 4.4% from 4.2% in the prior month.

挪威经季节性调整的失业率从前一个月的4.9%降至2025年9月的4.8%。失业人数比一个月前减少了6000人，降至14.5万人。与此同时，就业率从8月份的70.0%降至四年多来的最低点68.9%，就业人数减少了4万人，降至287.8万人。9月份的劳动力参与率也从上月的73.6%降至72.4%，为9个月来的最低水平。此外，衡量15至24岁求职者人数的青年失业率从8月份创纪录的18.3%降至14.5%。

Norway’s seasonally adjusted unemployment rate edged down to 4.8% in September 2025 from 4.9% in the previous month. The number of unemployed persons dropped by 6 thousand from a month earlier to 145 thousand. Meanwhile, the employment rate fell to a more than four-year low of 68.9% from 70.0% in August, as the number of employed individuals declined by 40 thousand to 2.878 million. The labor force participation rate also decreased to 72.4% in September, its lowest in nine months, from 73.6% in the previous month. Moreover, the youth unemployment rate, which measures the number of job-seekers aged 15 to 24, declined to 14.5%, down from a record high of 18.3% in August.

挪威工业信心指数从第二季度向下修正的0.4降至2025年第三季度的-0.3，低于2.9的历史平均水平。这是自2023年第四季度以来的最低读数，反映出投资品生产商的情绪减弱，而投入品和消费品生产商则做出了积极贡献。出口和国内市场的新订单均有所下降，出口部门的收缩更为明显。在价格方面，工业经理人报告称，国内和出口市场的价格持续上涨，尽管中间产品的价格保持不变。与此同时，整体就业有所改善，投资品生产商对增长贡献最大。展望未来，2025年第三季度的总体前景温和乐观，这得益于资本品生产商的信心，而消费品生产商则持中性预期。

Norway’s industrial confidence indicator fell to -0.3 in Q3 2025 from a downwardly revised 0.4 in Q2 and below the historical average of 2.9. This marked the lowest reading since Q4 2023, reflecting weaker sentiment among producers of investment goods, while producers of input and consumer goods contributed positively. New orders declined across both export and domestic markets, with the contraction more notable in the export sector. On the price front, industrial managers reported sustained price increases in both domestic and export markets, although prices for intermediate goods remained unchanged. Meanwhile, overall employment improved, with producers of investment goods responsible for most of the growth. Looking ahead, the general outlook for Q3 2025 is mildly positive, supported by confidence among capital goods producers, whereas producers of consumer goods have neutral expectations.