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Norway runs deficit for first time in over 20 years

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Norway runs deficit for first time in over 20 years
The deficit was caused by an eight percent increase in expenditures. Photo: NTB Scanpix
13:40 CEST+02:00
For the first time since the mid 1990s, Norway's expenditures have exceeded state revenues.
Figures released by Statistics Norway (SSB) on Tuesday show that the state’s total revenues in the second quarter of this year totaled 328 billion kroner, which is 2.3 percent less than in the same quarter of last year.
 
Expenditures increased by eight percent over the same period last year, rising to 333 billion kroner. That gave Norway a deficit of around five billion kroner in the second quarter of 2016. 
 
“Reduced income from petroleum taxes and reduced surplus from the State’s Direct Financial Interest in petroleum activities (SDFI) account largely for the continued decrease in total revenue in Q2 2016,” SSB wrote. 
 
“Tax revenue from petroleum has halved from 46 billion kroner in the second quarter of 2015 to 23 billion kroner in Q2 2016. Total tax revenues have been reduced by 8.3 percent,” the agency continued. 
 
The second quarter deficit marked the first time since the early 1990s that expenditures outpaced revenue. 
 
Chart: Statistics Norway
 
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