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Norway raises 2022 spending from wealth fund to $41 billion -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A general view of the Hall during the Opening of Norway’s Parliament, the Storting in Oslo on October 11, 2021. NTB/Torstein Boe

OSLO (Reuters) – The Norwegian government announced Friday that it had increased its fiscal spending projections for 2022 in order to pay businesses affected by the coronavirus lockdown and subsidize households affected by an increase in electricity prices.

Centre-left’s minority coalition will now spend 355 billion Norwegian crowns ($40.9billion) of the $1.4 trillion sovereign wealth fund. That is up from 322.4billion originally planned.

According to the finance ministry, 22.54 billion crowns come from pandemic related measures and 10.2 trillion from power price subsidy.

In October, the government had reduced its expectation for economic growth to 3.4%.

According to a statement by the finance ministry, “It’s 0.4 percentage points less than was expected in the national buget but still indicates that activity in the Norwegian economic sector will be back on course already this spring.”

It added that “without strong economic measures, the effect on the economy would be greater.”

($1 = 8.6826 Norwegian crowns)

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