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Norway will used its oil fund to boost economic stimulation - raises it GDP forecast

Monday, 08 October 2012
Norway has good money saved from the sale of its oil in the past thrusted in the famous oil fund. Now the Norwegian government want to use some of it to stimulate the economy with and push growth.

In that light, the Norwegian government has raised its growth forecast for 2012 to 3.7 percent, up from an earlier estimate of 2.7 percent. The Government has also announced that, it will expand the use of the country's oil fund to stimulate the economy during the election year 2013.

Every year, the Norwegian government uses up to four percent of its oil fund to cover expenditures in the state budget. In 2013 the government intends to use the Nk125 billion from the oil fund to stimulate the economy with. That's more than last year, but still below the perceived limit.

According to the budget for 2013, the Norwegian government revenue will total Nkr 1,065 billion, a new record.

The budget for 2013 will have a deficit of 5.3 percent of GDP excluding oil sector, up from 5.2 percent in 2012.

The Norwegian oil fund is calculated at the end of 2013, and will show an asset being managed worth Nkr4281 billion.
Scancomark.com Team

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