Jensen: New era for the oil money

Finance Minister Siv Jensen, Brighter times aheadMinister of Finance Siv Jensen.Photo: regjeringen.no

Finance Minister Siv Jensen (FRP) is delighted about the fact that the hardest period of our economy is now behind us, but she announces a new era for oil money spending in the future.

 

“There are grounds to be pleased that the hardest period is now behind us. The government’s policies have worked. Growth in the Norwegian economy is on the way , unemployment is declining and more jobs are being created.

The economic downturn following the oil price fall three years ago is now over, Jensen said during Monday’s debate in the Storting.

She announced that the government would adopt a neutral fiscal policy in 2018, and the oil money spend in the budget is estimated at less than 3 per cent of the capital of the Government Global Pension Fund, or the Oil fund.

– Since the introduction of our action rules, a strong growth of fund capital has provided room for each elected government to have significantly increased use of oil revenues.

Now we are entering a new era. Firstly, lower petroleum prices mean lower revenues for the state. Secondly, the projected actual profit return has been adjusted downwards, from 4 to 3 percent, Jensen stated.

NTB Scanpix / Norway Today

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