Norway 2017 budget reduces spending of cash from wealth fund

The new budget called for a cut in the spending of oil revenues to 220.9 billion crowns from the original 225.6 billion crowns planned last October. "We must avoid pushing down so hard on the accelerator that we jeopardize the low interest rate level and the crown's weakness," the government wrote in its revised 2017 fiscal plan on Thursday. The Nordic country's economy is on the mend after a two-year slowdown brought on by a 56-percent fall in crude prices since mid-2014. The mainland economy, which excludes the volatile oil and shipping sectors, is seen growing 1.6 percent in 2017 and 2.4 percent next year. (Reuters)



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