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Norway’s OBX Oil Service Index climbed to the highest level in a week in Oslo amid signs of an improved market outlook in Brazil and after an increase to oil and gas spending estimates off Norway.
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Norway is ready to add stimulus should growth cool further for western Europe’s largest oil exporter as it battles slumping European demand.
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Norway will experience a slowdown in employment growth this year as exporters and manufacturers scale back hiring amid a strong krone and weak demand from Europe, according to the Confederation of Norwegian Enterprise.
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Norway’s underlying inflation slowed less than estimated in May as transport and housing costs rose.
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Norway’s jobless rate rose to the highest level in three years as a recession in Europe weighs on expansion in western Europe’s largest oil producer.
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Norway’s economic growth accelerated in the first quarter as near-record low interest rates boosted consumer spending.
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Norway’s krone rose to the highest against the euro in almost a month after inflation in Europe’s second-richest nation per capita accelerated more than estimated, damping interest rate cut speculation.
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Norway’s jobless rate unexpectedly rose for a third month in the December quarter as a recession in the euro area and a strong currency weigh on exports.
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Norway’s jobless rate unexpectedly rose in the October quarter as companies prepared for weaker economic growth amid a recession in the euro area.
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Norway’s central bank can’t be held accountable for industrial competitiveness and the exchange rate when setting monetary policy, Governor Oeystein Olsen said, as the bank prepares to resume tightening later this year.