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Norway's public finances swung to a deficit last year

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Norway's public finances swung to a deficit last year
Norway's public finances swung to a deficit last year   -   Copyright  (c) Copyright Thomson Reuters 2021. Click For Restrictions - https://agency.reuters.com/en/copyright.html
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OSLO (Reuters) – Norway’s overall fiscal balance swung to a deficit of 39.2 billion Norwegian crowns ($4.77 billion) last year from a surplus of 276.7 billion crowns in 2019, final accounts released by the finance ministry showed on Friday.

Norway saw a sharp decline in tax revenue due to the COVID-19 pandemic, while spending from the country’s $1.13 trillion sovereign wealth fund rose to cushion the impact.

When adjusted for oil income, Norway’s deficit for the year ballooned to a record 370.5 billion crowns from a deficit of 227.6 billion crowns in 2019.

Still, the oil-adjusted deficit was 46.9 billion crowns smaller than had been anticipated as late as in December of 2020.

($1 = 8.2198 Norwegian crowns)

(Reporting by Terje Solsvik, editing by Gwladys Fouche)

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