Oil keeps Norway out of deep recession

Only the influence of Norway’s oil industry has prevented a dramatic slide into deep recession for the Scandinavian country’s economy, and new numbers show fourth-quarter 2008 ended a weak economic year with a major slow down.

After the value of all goods produced in Europe fell two percent in 2008, oil-rich Norway decided curbing interest rates over three percent was not enough. The government has turned to fiscal policy and a stimulus plan said to be worth 2.3 percent of all things Norwegians will produce in 2009.

Click here to read the entire article on Scandinavian Oil and Gas Magazine.