The use of oil money is increasing in the state budget for 2024. This is shown by the key figures, which were published at 8 o’clock. The government is spending NOK 409.8 billion from the Oil Fund to make next year’s state budget increase. This corresponds to 2.7 percent of the oil fund. The use of oil money is therefore below 3 per cent, according to the action rule. But in relation to last year’s budget, where the government wanted to tighten the use of oil money, the budget impulse is now positive. In the budget proposal for 2023, the government proposed spending NOK 316.8 billion. This was increased by around NOK 56 billion, to NOK 372.6 billion, in the revised budget in May this year. In other words, the government uses more oil money in this budget. Economic experts have previously warned the government against this. In that case, Norges Bank will raise interest rates even more, according to Professor Steinar Holden, head of the Department of Economics at UIO. Price growth in Norway is estimated at 3.8 per cent next year. For 2025, price growth is estimated to be 2.5 per cent. – I would call it a responsible budget, Vedum said during Political Quarter. The government will also discontinue the high-price subsidy for hydropower and wind power from 1 October. Finance Minister Trygve Slagsvold Vedum (Sp) Slagsvold Vedum (Sp) also confirms that the temporary employers’ contribution will be reduced. – We are starting to phase out the employer’s tax which is higher on income, said the finance minister when he visited news’s Political Quarter on Friday morning. The government presents the national budget today. Photo: Emilie Holtet / NTB
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The government increases the use of oil money – news Norway – Overview of news from various parts of the country
