OSLO, May 14 (Reuters) - Norway’s revised 2014 budget, to be unveiled later on Wednesday, will increase spending by 1.9 billion crowns ($320 million) compared to a November proposal, news agency NTB reported, citing government documents.
The structural budget deficit is now seen at 2.8 percent of the $860 billion sovereign wealth fund, known as the oil fund, below a November forecast of 2.9 percent, NTB added.
The government can spend up to 4 percent of the oil fund each year and even though spending has been rising in nominal terms, it has been on a decline as a percentage of the fund because of its rapid growth.
The finance ministry is due to unveil fresh economic forecasts and an update of its 2014 budget at 0845 GMT. (Reporting by Terje Solsvik; Editing by Balazs Koranyi)