"Sunny days" for Norway's economy

By On May 16, 2018

"Sunny days" for Norway's economy

OSLO, May 16 (Xinhua) -- "The sun is shining on Norwegian economy" were the words Aftenposten newspaper used Wednesday when reporting on positive developments of Norway's economy.

According to finance ministry figures for 2018, Norway's sovereign wealth fund was 600 billion kroner (74 billion U.S. dollars) more at year-end than what was expected last autumn.

As a result, a total of 29 billion kroner can be further spent by the ministry before reaching the equivalent of 3 percent of funding, according to the regulations for fund using.

Economic growth in mainland Norway shall rise from 1.9 percent last year to 2.6 percent next year.

The unemployment rate drops from 4.2 percent last year to 3.7 percent next year.

There are several positive factors that supported the Norwegian economy, Aftenposten wrote.

There was moderate wages settlement this year, while o il prices rose up to just under 80 dollars per barrel on Tuesday.

In addition, there was a rapid increase in oil investments, while the Norwegian krone remained weak, despite the increase of oil prices.

Exports growth will rise from 2.2 percent last year to almost 5.0 percent next year, while exports of services will rise even faster, the report said. (1 U.S. dollar = 8.05 kroner)

Source: Google News Norway | Netizen 24 Norway

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