The latest Budget from Oslo is intended to maintain low interest rates and boost the economy and jobs markets.

This is the message from the Norwegian prime minister Jens Stoltenberg, who claims the 2011 plans will "safeguard the Norwegian economy, secure jobs and contribute to a low interest rate", Bloomberg reports.

According to a statement by the premier, the forecast for unemployment in Norway has been revised down from a previous estimate of 3.7 per cent for 2010 to "around 3.5 per cent".

The Labor politician plans to reduce the reliance on wealth generated by the country's substantial oil sector to boost the economy and focus instead on the competitiveness of its industries.

In the wake of the global economic downturn, a package of fiscal stimulus measures maintained jobless rates in Norway at the lowest level in Europe.

Norway is a monarchy located in Scandinavia with a population of around 4.7 million.