Low Oil? Norwegian Economy ‘Rock Solid’: FinMin

Norway is “rock solid”, the country’s finance minister told CNBC on Friday, stressing that while the oil-producing nation is affected by the drop in oil prices, it is still seeing growth elsewhere in the economy.

“Of course we are affected by the fact that the oil price has dropped as much as it has,” Siv Jensen said.

Since the summer of 2014, the Norwegian economy has been experiencing a clear downturn, the country’s statistics agency Statistics Norway said in a report published on Thursday

Oil prices started on their sharp downward trajectory at that point and the country’s oil investments suffered. Mainland Norway’s gross domestic product (GDP) increased in 2015 by 1.0 percent, the agency said, the weakest growth since the financial crisis in 2009.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.