Norway Slows Oil Wealth Spending in Draft 2025 Budget [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Norway's government will tap less of the nation's $1.7 trillion sovereign wealth fund in next year's budget as it expects growing purchasing power to fuel an economic rebound. The minority Labor-led cabinet forecasts that it will spend 2.5% of the wealth fund in 2025, down from a projected 2.6% this year, according to a statement from the Finance Ministry on Monday. While it keeps the budget expansionary, the plan is in line with the central bank's estimate last month. Windfall petroleum export gains following sanctions against Russia have underpinned budget spending by western Europe's largest energy producer in past years, while it has also faced growing costs on Ukrainian refugees and on national defense. A weaker krone has also helped to increase the size of the wealth fund, meaning more money could be spent without politicians having to breac
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