The Norwegian central bank on Wednesday cut its lead rate a further 0.50 percentage points to 2.50 per cent, in line with market expectations.
The new cut takes effect Thursday, the central bank said.
"Global economic growth has weakened further since December," Norges Bank Governor Svein Gjedrem said in a statement referring to when the central bank announced its previous cut.
"The international downturn seems to be having a broad impact and is likely to be deeper than previously expected," he added.
Norway is not a member of the European Union, reported dpa.