Friday, January 21, 2022

Norway will increase spending from the Wealth Fund in 2022 to $ 41 billion

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FILE PHOTO: General view of the hall during the opening of the Storting of the Norwegian Parliament, Oslo, Norway, October 11, 2021. NTB / Torstein Boe

OSLO () – The Norwegian government announced on Friday that it has increased budget spending for 2022 as it seeks to compensate businesses affected by coronavirus blockade measures and subsidize households affected by rising electricity prices. is doing.

The center-left minority coalition now plans to spend 355.1 billion Norwegian kroner ($ 40.9 billion) from the country’s $ 1.4 trillion sovereign wealth fund, more than the $ 322.4 billion originally planned.

The finance ministry said 22.4 billion crowns of the rising costs would come from pandemic-related measures and 10.2 billion from subsidizing energy prices.

At the same time, the government lowered its forecast for economic growth this year from 3.8 percent in October to 3.4 percent.

“This is 0.4 percentage points lower than expected in the national budget, but still means that activity in the Norwegian economy will return to normal in the spring of this year,” the finance ministry said in a statement.

“Without strong economic measures, the impact on the economy would be greater,” he added.

($ 1 = 8.6826 Norwegian crowns)

Interviews by Terje Solsvik and Nora Buli, edited by Victoria Klesti

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