Norway’s revised budget adds to pressure for tightening

Norges Bank HQ, Oslo
Espen Schive

The Norwegian government increased public spending in a revision of its 2019 budget unveiled on May 14, which analysts say could lead to more rate hikes than previously expected.

Petroleum revenues spending will now be Nkr238.1 billion ($27.1 billion), up from the Nkr231.2 billion included in the budgetary plan published in October 2018. This will contribute to a fiscal expansion equivalent to 0.5% of mainland GDP, which excludes the oil and shipping industries.

“The upward revision is

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