The turnover in the retail trade was NOK 627.7 billion in 2023, which is an increase of NOK 19 billion from the previous year. Grocery stores had the greatest growth.
The turnover for the retail trade increased by 3.2 per cent in 2023. If you take away the retail trade of fuel, the turnover rose by 4.2 per cent, figures from Statistics Norway show
(SSB).
The increase may be related to the strong price increase in 2023. Core inflation increased by 6.2 per cent from 2022 to 2023.
– It is important to point out that although turnover for retail increased in 2023, the year also brought with it increased costs. Historically weak krone exchange rates, high interest rates and increased rental prices have ensured an increased level of costs which affects the profit in the retail trade, says adviser Jonas Eid Lauveng at Statistics Norway.
Increased food prices
Food stores make up a significant part of turnover in retail trade, 39.5 per cent. Food prices increased by 10 per cent last year. This may also be one of the reasons for the increased turnover.
The petrol stations had a turnover of NOK 59.5 billion in 2023, which is a decrease of 4.7 per cent from the previous year. However, fuel prices remained relatively stable between 2022 and 2023.
– One reason for the decline may be the growing share of electric cars in the total passenger car fleet, writes SSB.
Electric cars currently make up 24 percent of all passenger cars in Norway, according to Statistics Norway’s figures.
Decline in car sales
The turnover for trade in motor vehicles fell 6.8 per cent from 2022. In 2023, there was a sharp drop in the number of newly registered passenger cars – down 27.2 per cent compared to the previous year.
– 2022 was a record year for the turnover of motor vehicles, which may be due to the introduction of VAT for electric cars from 1 January 2023. In 2023 we see a decline, but the turnover for trade in motor vehicles is roughly at the same level as in 2020 and 2021, says Lauveng.
(© NTB)
