RTTNews - The Norwegian government proposed to increase the spending of oil revenues by a further NOK 9.5 billion to NOK 130 billion during the fiscal year 2009, a revised national budget from the Finance Ministry showed Friday. The new measure is intended to curb growth in unemployment.
Thus, the overall fiscal stimulus in 2009 is estimated at 3% of non-oil GDP. Now, the Mainland Norway is forecast to shrink 1% this year, following a 2.4% growth in 2008. Mainland GDP is expected to pick up in 2010.
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