Drop in Oil Investments a Drag on Norway's Economy
Oeystein Olsen (Photo: Norges Bank)
The sharp decline in investments by oil firms is a significant problem for Norway's economy, central bank Governor Oeystein Olsen said on Friday.
"The fall is significant and a strongly negative impulse hitting the Norwegian economy," Olsen told a business conference.
"We get a negative impulse, which will be challenging in the time to come," he added.
Norges Bank on Thursday kept its key policy interest rate unchanged at a record low 0.5 percent and said it would most likely stay around that level in coming years, although it saw a slightly higher probability of a cut than of an increase.
(Reporting by Stine Jacobsen, writing by Terje Solsvik, editing by Ole Petter Skonnord)
