Norway Strains to Cool Economy as Rebound Proves Too Strong

Norway is struggling to cool its oil-rich economy as accelerating credit growth, Europe’s lowest unemployment rate and a strong currency force the government to limit crude-revenue spending for a second year.

“There should be no reason that the budget would increase pressure on Norwegian interest rates and the value of the krone,” Industry Minister Trond Giske said yesterday in an interview. The “overriding goal” for the spending bill was to protect the export industry and competitiveness, he said.