December 3, 2010 / 12:50 PM / 9 years ago

Norway sees smaller 2010 non-oil budget deficit

OSLO, Dec 3 (Reuters) - Norway’s Finance Ministry said the 2010 structural non-oil budget deficit will be 5.2 billion crown ($849.2 million) lower than it forecast in October at 119.6 billion crowns.

The underlying deficit was still some 14 billion Norwegian crowns more than guidelines meant to limit the spending of oil revenues allow during “normal years”.

Norway’s public sector runs huge surpluses including revenues from oil and gas activities, but most of the petrodollars are invested in foreign stocks and bonds to prevent the economy from overheating.

Reporting by Oslo newsroom

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