Norway Slows Oil Wealth Spending in Draft 2025 Budget [BNN Bloomberg (Canada)]
SVENSKA HANDELSBK UNS/ADR (SVNLY)
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Source: BNN Bloomberg
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 breach their so-called fiscal rule that caps expenditure at 3% of the fund value. “After a few years of high inflation, economic policy appears to have successfully brought inflation down without causing a significant increase in unemployment or negative growth,” the government said. “With prospects for wage growth
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