Norway plans to spend less money next year from its $1.1 trillion sovereign wealth fund, the world’s largest, as economic growth remains strong and unemployment declines, the center-right majority government said on Monday.
ECONOMIC GROWTH EXPECTED TO CONTINUE
“The Norwegian economy is in its third year of economic expansion. Activity is expanding throughout the country and in most sectors. The strong performance of the Norwegian economy is expected to continue,” the Finance Ministry said in a statement.
The country’s growth is fueled by large investments in its offshore oil and gas production, and the central bank has raised interest rates four times in the last year.
Under its 2020 draft budget, cash spending from the fund will decline to 243.6 billion Norwegian crowns ($26.79 billion) next year from 246.2 billion crowns in 2019, the Finance Ministry said.