Norway to Spend Record $28 Billion Oil Money to Boost Growth

October 6, 2016 5:13 PM

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Norway says it plans to spend 225 billion kroner ($28 billion) of its oil fund — the largest in the world — to further stimulate the economy next year in the Scandinavian country that has shown signs of a gradual economic recovery.

The Finance Ministry says in its budget proposals that the record amount is equivalent to 0.4 percent of the country's GDP. It will be 20 billion kroner more than this year, amounting to 3 percent of the value of the sovereign wealth fund.

Also read: North Korea 2016 economic growth at 17-year high despite sanctions: South Korea

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