Norway sees deeper, longer downturn ahead

Norges Bank shaved half a point off its key rate on signs the downturn could be deeper and last longer than previously expected.

"The downturn in the Norwegian economy may be deeper and more prolonged than we have assumed. Inflation may in turn become too low. This would then indicate that the interest rate should be cut further," the central bank said.

Corporate and household credit growth was slowing, but after stalling in the fourth quarter, the housing market was now showing signs of more

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