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Norway oil fund investments rise by 7.2 pct in Q3

Norway oil fund investments rise by 7.2 pct in Q3

The Norwegian central bank says the country's vast oil fund achieved a 7.2 percent return on investments in the third quarter, following gains in global stock and bond markets.
The increase corresponds to 199 billion kroner ($34 billion), and lifts the total market value of the fund to 2.9 trillion kroner ($500 billion).
Norges Bank Thursday said all sectors gained during the quarter, but investments were improved particularly by strong earnings from financial, industrial and basic materials companies.
Better-than-expected growth in Chinese industrial production in August and September also contributed to the global upswing in stock markets, it said.
Oil-rich Norway invests surplus oil revenue abroad to avoid overheating its domestic economy.
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Online:
http://www.norges-bank.no


Updated : 2021-01-20 12:45 GMT+08:00