The government tightens oil prices

Oil priceOil. Photo: Pixabay

The government is expecting more people to work and suggested spending NOK 5.6 billion less on oil wells than was added to the state budget.


Finance Minister Siv Jensen of Fremskrittsparti (Frp) plans to spend 2.7% of the Government Pension Fund Global, the so-called ‘oil fund’,when she presents the government’s proposal for the revised national budget on Tuesday.

That is 0.2% lower than in the accrued state budget.

Oil money consumption thus amounts to NOK 225.5 billion, which is NOK 5.6 billion lower than in the state budget proposal last autumn.

The key figures presented at 20.00 indicated that the arrows point in the right direction for the Norwegian economy.

The government estimated that unemployment is on its way down and that more people are going to work. Expected unemployment figures (LFS figures) are estimated at 3.8%.

That is 0.1 % lower than in the last estimate from Statistics Norway (SSB) and 0.4% lower than the government’s forecast when the draft government budget was presented last autumn.
At the same time, the employment rate is expected to increase from the 1.1% of the budget estimate to 1.3% according to the updated figures related to the revised national budget.


© NTB scanpix / #Norway Today