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.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.