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.