Oil Gas Investments Keep Norway GDPs Future Outlook Positive

20 Dec 2012

Norway's economy will increase by 2.8% in 2013 as the high investments in oil and gas keep it protected from euro crisis.

As per latest reports oil and gas investments will rise substantially to 207.8 billion crowns ($37 billion) in 2013 from the current 180.6 billion.

"Oil investment data indicate a big rise for next year and that will provide important impetuses for overall growth.The forecasts are quite strong, maybe even a bit too strong."

"There are (increasing) capacity constraints especially within drilling, which is crucial for exploration activities, and for production wells coming on-stream timely during a field development and start-up,"

"As such, planned investments for 2013 might be pushed into 2014 which will keep investments levels at historic high levels,"

The economic boom has helped raise the GDP above $100,000 and kept unemployment level below 3%.

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