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Spent less oil money than expected last year

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The state accounts show that NOK 196.6 billion oil were used last year. It constitutes 2.6 per cent of the estimated capital of the oil fund at the start of 2016.

The state budget for 2016 increased by 2.8 per cent, but the rate shows that things went slightly better than expected for Norway Ltd.

The Government budget deficit would have been NOK 208.4 billion in 2016. It is NOK 4.1 billion less than was assumed in a new budget.

Revenues were NOK 1.2 billion higher and expenditures barely NOK 3 billion lower, showing the state accounts for 2016, which were submitted Friday.

Total surplus in the state budget and the Government Pension Fund was NOK 113 billion last year.

At the end of 2016, the value of the oil fund was NOK 7,510 billion.


Source: NTB scanpix / Norway Today


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