File - This April 19, 2007 aerial file photo shows the Oseberg oil platform in the Norwegian sea. (AP Photo/NTB Scanpix, Helge Hansen)
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There was a time, not so long ago, when Swedes were the help and oil revenue poured into the nation's wealth fund.Norwegians must get used to the idea of "modest growth" rates because the "extraordinary driver" that was oil is gone, said Kjersti Haugland, chief economist at DNB ASA, Norway's largest bank.Those efforts are now coming to fruition – Norway's oil sector accounted for less than 12 percent of gross domestic product last year, with the weaning clearly accelerated by the 2014-16 oil crash that saw the local industry cut 50,000 jobs.The central bank responded by cutting rates to a record low, while the government unleashed a massive fiscal stimulus, withdrawing from the country's $960 billion wealth fund for the first time.
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