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Fourth quarter revenue down for Norway

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Staff Writer | April 4, 2017
A snapshot of total revenue for Norway, one of Europe's lead oil and gas suppliers, revealed declines for the fourth quarter, the government reported.
Norway government
Europe   Operating surplus in Norway
Norway sends nearly all of the oil and natural gas produced offshore to the European market, making it one of the region's leading suppliers outside of Russia.

The European economy last year grew at a slow pace while crude oil prices struggled to break out of the $50 per barrel range until late in the year.

In an overview of fourth quarter figures, the Norwegian government reported total revenue down 9.8 percent year-on-year.

Operating surplus from the state's direct financial interest in the petroleum sector was down nearly 32 percent and, at $17.8 million, total tax revenue was lower by 7.5 percent.

Total spending, meanwhile, was up 0.7 percent to $36.5 million.

Full-year 2016 gross domestic product increased 0.8 percent, its slowest rate since the global financial crises from the last decade. Emerging growth was apparent, however, as fourth quarter GDP increased by an annualized 1.3 percent.