Jensen steps on the state budget brakes

Finance Minister Siv Jensen presented the government’s proposed state budget for next year on Monday, backed by the strength of a majority in Parliament for the first time. The budget aims at maintaining Norway’s still-strong economy, by reining in the use of oil revenues as the country also braces for economic restructuring and challenging years […]

NAV reports conflicting jobless rate

Norway’s state welfare agency NAV has reported a slight decline in the numbers of Norwegians registered as out of work and applying for unemployment assistance. It’s not the first time NAV’s numbers have conflicted with those of state statistics bureau SSB, which just reported an unexpected rise in unemployment. While SSB reported that unemployment rose […]

Unemployment rises unexpectedly

Norway’ state statistics bureau SSB (Statistics Norway) had some more sobering economic news this week, when it announced that its calculations showed a rise in the country’s unemployment rate. An additional 17,000 people joined the ranks of the unemployed in July, bringing the total number of those without jobs to 109,000. That amounts to 3.8 […]

Suddenly, a string of business woes

NEWS ANALYSIS: A huge surprise loss at Norway’s biggest bank, a bankruptcy that set off massive inconvenience, layoffs at major Norwegian companies, calls to rein in the oil industry and new concerns over debt and and high housing prices are just some of the bulletins suddenly jarring the perception of a strong Norwegian economy. Even […]

Interest rate hike aimed at stability

The executive board of Norway’s central bank defied many local economists and other central bankers around the world on Thursday by going ahead with its plan to boost interest rates. The board wants to maintain economic and financial stability amidst “solid” economic growth, while also trying to rein in debt and housing prices. The modest […]

Oil prices soar along with oil shares

The price of Norway’s crude oil was up 10 percent Monday morning, and even higher than that earlier, as markets opening for the week reacted to a drone bombing of Saudi Arabia’s huge oil processing plant over the weekend. High oil prices pump much more money into Norway’s economy, but analysts weren’t exactly celebrating. “We’ve […]

Sverdrup oil field eyes early start-up

Norway’s huge Johan Sverdrup oil field isn’t due to start producing until November, but the oil may start gushing sooner than that. State oil company Equinor has confirmed that it’s alerted shipping firms that they “can expect oil volumes from Johan Sverdrup in the near future.” Newspaper Dagens Næringsliv (DN) reported how Oslo brokerage house […]

Central bank buys even weaker kroner

A decision by Norway’s central bank to buy more of the country’s own currency has raised some eyebrows. An analyst at Norway’s biggest bank thinks it looks like Norges Bank is trying to prop up the sagging krone. By midday Monday, it cost NOK 9.12 to buy one US dollar. That was up from already […]

Bærum ranks highest in median pay

Residents of Bærum, the affluent suburban area west of Oslo, have Norway’s highest median monthly pay of NOK 49,200 (USD 5,466). Asker (west of Bærum) and Oppegård (south of Oslo) ranked next. The remote Arctic island of Røst ranked lowest in Norway, with residents earning median income of NOK 35,400 a month. The new numbers […]

‘United front’ as budget talks begin

After weeks of political turmoil and even speculation that her government might fall, Prime Minister Erna Solberg pulled her troops together once again on Wednesday as they headed into state budget talks. All four party leaders involved did their best to present a united front. “We sit in this government because there’s more that unites […]