Today in Norway: A roundup of the latest news on Tuesday
A slight slowdown in inflation, optimism about economic growth in 2024, and other news from Norway on Tuesday.
Price growth in Norway moderates to 4.5 percent in February
The price increase in Norway from February 2023 to February 2024 amounted to 4.5 percent, according to the most recent figures from Statistics Norway, a slight decrease from the previous month's 4.7 percent.
There was a notable decrease in the growth of food prices, which eased to 6.3 percent, down by 0.6 percent from January.
"Food prices continue to be the most important reason why overall price growth remains high," Espen Kristiansen, section leader at Statistics Norway, said.
However, the most substantial reduction in inflation was observed in the prices of hotel and restaurant services, which have moderated by 1.4 percent since January.
Despite this, the price increase for this category remained at 3.7 percent on an annual basis.
Finance Minister Vedum optimistic about Norway's economic growth projections
Norwegian Finance Minister Trygve Slagsvold Vedum has expressed optimism about the Norwegian economy's trajectory in 2024 following a period of stagnant growth.
New government estimates indicate a projected growth of 0.9 percent for the year, signalling a turnaround.
The anticipated growth in mainland GDP, up from 0.7 percent last year to 0.9 percent this year, further underscored the positive outlook.
Looking ahead to 2025, the Norwegian government expects even stronger growth in the mainland economy and now projects a rate of 1.6 percent.
In addition to economic indicators, Vedum also addressed the state of people's private finances, acknowledging the challenges of recent years but expressing confidence in a brighter future.
He highlighted the optimism shared by Norges Bank and Statistics Norway experts, which aligns with the government's positive projections.
Ruter reports revenue losses amid bus chaos and harsh weather conditions
The onset of snow and cold weather in the early months of the year has proven costly for Ruter, the public transport company in Oslo and Akershus, which reported significant revenue losses.
Ruter fell short of expected earnings by 36 million kroner in January, particularly during the peak of bus disruptions in the capital.
According to Øystein Dahl Johansen, Ruter's press officer, the adverse weather conditions and challenging driving circumstances severely impacted public transport operations, leading to diminished ticket sales.
Initially budgeted at 457 million kroner, Ruter's actual ticket revenue amounted to only 421 million.
The bus chaos prompted scrutiny from the Oslo City Council, which underscored the urgency of addressing the operational challenges faced by Ruter.
Despite the setbacks, Johansen remained cautiously optimistic, noting that implemented measures have begun to yield positive results.
Swedish cross-country star fined 12,000 kroner for speeding in Norway
Swedish cross-country skiing star William Poromaa has been fined 12,000 kroner for speeding in Norway. The incident was reported by Swedish news outlet Expressen.
In an interview with Expressen, Poromaa admitted fault, attributing his lapse in judgment to a combination of car troubles, stress, and a desire to return home swiftly.
The incident reportedly occurred following Toppidrettsveka, one of the largest and most important summer ski competitions in the world, where Poromaa was competing this past summer.
Expressing remorse for his actions, Poromaa described his behaviour as "stupid."
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Price growth in Norway moderates to 4.5 percent in February
The price increase in Norway from February 2023 to February 2024 amounted to 4.5 percent, according to the most recent figures from Statistics Norway, a slight decrease from the previous month's 4.7 percent.
There was a notable decrease in the growth of food prices, which eased to 6.3 percent, down by 0.6 percent from January.
"Food prices continue to be the most important reason why overall price growth remains high," Espen Kristiansen, section leader at Statistics Norway, said.
However, the most substantial reduction in inflation was observed in the prices of hotel and restaurant services, which have moderated by 1.4 percent since January.
Despite this, the price increase for this category remained at 3.7 percent on an annual basis.
Finance Minister Vedum optimistic about Norway's economic growth projections
Norwegian Finance Minister Trygve Slagsvold Vedum has expressed optimism about the Norwegian economy's trajectory in 2024 following a period of stagnant growth.
New government estimates indicate a projected growth of 0.9 percent for the year, signalling a turnaround.
The anticipated growth in mainland GDP, up from 0.7 percent last year to 0.9 percent this year, further underscored the positive outlook.
Looking ahead to 2025, the Norwegian government expects even stronger growth in the mainland economy and now projects a rate of 1.6 percent.
In addition to economic indicators, Vedum also addressed the state of people's private finances, acknowledging the challenges of recent years but expressing confidence in a brighter future.
He highlighted the optimism shared by Norges Bank and Statistics Norway experts, which aligns with the government's positive projections.
Ruter reports revenue losses amid bus chaos and harsh weather conditions
The onset of snow and cold weather in the early months of the year has proven costly for Ruter, the public transport company in Oslo and Akershus, which reported significant revenue losses.
Ruter fell short of expected earnings by 36 million kroner in January, particularly during the peak of bus disruptions in the capital.
According to Øystein Dahl Johansen, Ruter's press officer, the adverse weather conditions and challenging driving circumstances severely impacted public transport operations, leading to diminished ticket sales.
Initially budgeted at 457 million kroner, Ruter's actual ticket revenue amounted to only 421 million.
The bus chaos prompted scrutiny from the Oslo City Council, which underscored the urgency of addressing the operational challenges faced by Ruter.
Despite the setbacks, Johansen remained cautiously optimistic, noting that implemented measures have begun to yield positive results.
Swedish cross-country star fined 12,000 kroner for speeding in Norway
Swedish cross-country skiing star William Poromaa has been fined 12,000 kroner for speeding in Norway. The incident was reported by Swedish news outlet Expressen.
In an interview with Expressen, Poromaa admitted fault, attributing his lapse in judgment to a combination of car troubles, stress, and a desire to return home swiftly.
The incident reportedly occurred following Toppidrettsveka, one of the largest and most important summer ski competitions in the world, where Poromaa was competing this past summer.
Expressing remorse for his actions, Poromaa described his behaviour as "stupid."
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