Recoveries slowing, but Nordics are still well placed

The slowdown in the pace of monthly GDP growth in Norway in August was driven in large part by a fall in consumer spending. The post-lockdown spending splurge on goods appears to have peaked before spending on services was strong enough to pick up the slack. The normalisation in household spending patterns chimes with the picture from high frequency data, which show that retail and recreation trips reached a high-water mark in Norway in late July.