2023-10-24 19:03:29
Live: The Norwegian Central Bank announced on Tuesday that the sovereign fund’s revenues declined by 2.2% during the third quarter of this year, resulting in losses amounting to approximately $34 billion.
The value of the losses of the Norwegian Government Global Pension Fund amounted to 374 billion kroner, equivalent to 34 billion dollars, during the past 3 months, which led to a decline in the value of the fund to the equivalent of 1.34 trillion dollars at the end of September.
Commenting on these results, the Vice President of the Norwegian Fund, Trond Grande, said that the stock market witnessed a weaker quarter compared to the previous two quarters, adding that the technology and industrial sectors and the consumption of luxury products negatively affected returns.
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