Norway forecasts a 2.5 percent growth rate in its economy this year and 2.6 percent next year, above the 1.8 percent growth seen in 2017, the Norwegian government said on Tuesday.
The government revised the national budget for 2018 and said the forecasts are above the historic trend, and added that capacity utilization would increase and remain close to normal levels next year.
The Nordic country's revised budget plan corresponds to an estimated 2.7 percent of the $1 trillion oil pension fund, down from 2.9 percent in the original plan.
"Spending of petroleum revenues is now estimated at NOK 225.5 billion ($28 billion) in 2018, as measured by the structural, non-oil deficit. This is NOK 5.6 billion lower than forecasted in the adopted budget," the government said.
"The revision should be read in the light of a substantial rise in the funds market value by the end of last year," it explained.
(1 NOK = 0.124479 U.S. dollars)
By Murat Temizer
Anadolu Agency
energy@aa.com.tr