Economy
Economic and financial news and information from Norway.
Norway is richer than ever - so why are taxes for residents still so high?
For anyone living in Norway, news about the country's huge wealth is hard to miss. So why haven't residents seen any relief on their tax bills?
Norway says to increase foreign intel funding
The Norwegian government said Wednesday it plans to increase funding for the country's foreign intelligence services to step up surveillance of neighbouring Russia.
Norway raises benchmark interest rate by quarter-point to 4.50 percent
Norway's central bank said Thursday it had raised its benchmark interest rate by a quarter-point to 4.50 percent in a bid to curb inflation, noting that further increases might be needed.
Norway sets 2028 target for rare-earth mining plan
Norway's government said Wednesday that it aimed to deliver a plan by 2028 "at the latest" to exploit Europe's largest known rare-earths deposit, a project that has been held up by environmental challenges.
EU to pursue ban on Arctic drilling despite Norway's dismay
The EU will maintain its call for a ban on oil and gas drilling in the Arctic, a European Commission spokesman said Monday, despite opposition from Norway, one of the continent's main energy suppliers.
How and where to get the cheapest fuel in Norway
Filling up your car in Norway is becoming increasingly expensive. With petrol prices rising, many drivers are wondering whether there’s any way to pay less.
Norwegian NGO to cut 1,700 jobs after refusing US aid conditions
Norwegian People's Aid, one of the world's largest humanitarian demining organisations, said Thursday it would end cooperation with the United States over imposed conditions on financing and would have to cut 1,700 jobs.
What it means for you as Norwegian krone hits three-month high
The Norwegian krone has rebounded to its strongest level in nearly three months and is back to the levels it was at before the summer.
Norway sovereign wealth fund sees record gains on semiconductor boon
Norway's sovereign wealth fund, the world's largest, reported Wednesday a record return on investments of $185 billion in the first half, recovering from heavy losses seen in the first three months of the year.
Norway wealth fund manager warns fund collapse is 'not impossible'
Could Norway's sovereign wealth fund, the largest in the world with over $2 trillion in assets, go up in smoke? On Tuesday, its manager said it was a possibility and that current global tensions made the prospect less implausible.
Norway 'firmly opposed' to new Trump tariffs
Norway on Friday protested against a new wave of US tariffs imposed by Washington on its key trading partners, complaining that they were higher for the Scandinavian country than for the EU.
Norwegian energy profits soar as war boosts prices
Norwegian energy giant Equinor said Wednesday that rising hydrocarbon prices as a result of the war in the Middle East sent its bottom line soaring in the three months to June.
Norwegian tanker attacked off coast of Oman
A Norwegian tanker was hit by an explosion caused by an unidentified device off the Omani coast early Tuesday, a crisis response company said.
Norway's oil industry maintenance workers call off strike
A Norwegian union representing offshore oil workers and an employers' organisation on Tuesday agreed to take their dispute to an arbitration board, ending a costly month-long strike.
Climate change to blame as heatwave hits Europe's economies
Human-caused climate change is "unequivocally" responsible for the intensity of a record-breaking heatwave scorching Europe, scientists said Friday, while experts consider the costs for an economy as productivity melts and growth becomes lethargic.
Norway needs to cut its wealth tax, OECD says
The OECD (Organisation for Economic Co-operation and Development) on Wednesday recommended that Norway reduce its wealth tax, a thorny issue in the Scandinavian country, as part of a broader tax reform.
Norway's oil industry maintenance workers launch strike
A Norwegian union representing offshore oil workers announced Monday a strike by maintenance workers after failing to reach a collective wage agreement with an employer's organisation over the weekend.
How companies in Europe are struggling to recruit workers from outside the EU
Almost half of European small and medium companies struggle to find workers with the skills they need but recruitment outside the EU remains “limited” and “too difficult”, a recent Eurobarometer survey published by the European Commission had shown.
What does Norway's revised 2026 budget mean for you?
Every year in May, the Norwegian government presents a revised version of the national budget. This helps to adjust financial plans in response to domestic and global economic changes. Here are the key changes you need to know about.
From chocolate to coffee: Norway sees sharp rise in food prices
Going to the supermarket in Norway is becoming increasingly expensive, as new data revealed the mounting pressure on the Norwegian economy.
Norway’s central bank hikes rate over war in Middle East
Norway's central bank on Thursday hiked its guiding rate by 0.25 percentage points to 4.25 percent, citing a risk that the war in the Middle East could worsen already elevated inflation.
Norway’s Equinor sees oil and gas disruptions for at least six months
Norwegian energy giant Equinor said Wednesday, May 6th, it expected disruptions on the global oil and gas market due to the war in the Middle East to continue for at least six months.
Norway introduces new cuts to tax on diesel fuel
New tax cuts on diesel fuel came into effect on May 1st, adding to the reductions announced last month and further lowering diesel prices in Norway.