Norway says its economy may contract 4% this year

© Reuters. A view over the habour in Stavanger © Reuters. A view over the habour in Stavanger

OSLO (Reuters) – The Norwegian mainland economy could contract by as must as 4% in 2020, twice the level predicted last week, as the coronavirus outbreak continues to paralyze activity, the finance ministry wrote in a letter to parliament on Monday.

Also known as non-oil gross domestic product, mainland GDP is a key economic indicator for policy-makers when deciding how much to spend.

Spending from the country’s wealth fund, which in average years is expected to be no more than 3% of the fund’s value, could rise to between 3.9% and 4.7% in 2020, from an original plan of spending just 2.5%, the ministry said.

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