Norway raises 2022 spending from wealth fund to $41 billion By Reuters

© Reuters. FILE PHOTO: Basic view of the corridor in the course of the opening of the Storting, Norway’s parliament, in Oslo, Norway October 11, 2021. NTB/Torstein Boe

OSLO (Reuters) – The Norwegian authorities mentioned on Friday it has raised its projected fiscal spending for 2022 because it seeks to compensate companies affected by coronavirus lockdown measures and subsidise households hit by a surge in electrical energy costs.

The centre-left minority coalition now plans to spend 355.1 billion Norwegian crowns ($40.9 billion) from the nation’s $1.Four trillion sovereign wealth fund, up from 322.Four billion initially deliberate.

Of the elevated spending, 22.Four billion crowns comes from pandemic-related measures whereas 10.2 billion stems from the ability worth subsidy, the finance ministry mentioned.

The federal government in the meantime minimize its expectations for financial progress this 12 months to three.4% from 3.8% seen in October.

“It’s 0.Four proportion factors decrease than assumed within the nationwide finances, however nonetheless implies that the exercise within the Norwegian economic system will probably be again on observe already this spring,” the finance ministry mentioned in an announcement.

“With out highly effective financial measures, the impression on the economic system would have been higher,” it added.

($1 = 8.6826 Norwegian crowns)

Disclaimer: Fusion Media want to remind you that the information contained on this web site will not be essentially real-time nor correct. All CFDs (shares, indexes, futures) and Foreign exchange costs aren’t offered by exchanges however slightly by market makers, and so costs might not be correct and should differ from the precise market worth, that means costs are indicative and never acceptable for buying and selling functions. Due to this fact Fusion Media doesn`t bear any accountability for any buying and selling losses you would possibly incur because of utilizing this knowledge.

Fusion Media or anybody concerned with Fusion Media is not going to settle for any legal responsibility for loss or injury because of reliance on the knowledge together with knowledge, quotes, charts and purchase/promote alerts contained inside this web site. Please be absolutely knowledgeable concerning the dangers and prices related to buying and selling the monetary markets, it is likely one of the riskiest funding varieties attainable.

Leave a Reply

Your email address will not be published. Required fields are marked *