Selected links

    Reports to the Storting

    Meld. St. 26 (2016–2017)

    The Management of the Government Pension Fund in 2016 — Meld. St. 26 (2016–2017) Report to the Storting (white paper)

    To table of content
    Previous chapter

    2 Historical tables

    Table 2.1 Return on the GPFG in 2016, in the last 3, 5, and 10 years, as well as over the period 1998–2016, measured in Norwegian kroner. Annual geometric average. Percent

    2016

    Last 3 years

    Last 5 years

    Last 10 years

    1998–2016

    GPFG incl. real estate

    Actual portfolio

    1.95

    13.53

    14.33

    7.39

    6.69

    Norwegian inflation1

    3.60

    2.61

    2.12

    2.10

    2.09

    Asset management costs

    0.05

    0.06

    0.06

    0.08

    0.09

    Return net of costs and inflation

    -1.64

    10.59

    11.90

    5.11

    4.42

    GPFG excl. real estate

    Actual portfolio

    2.14

    13.51

    14.33

    7.39

    6.69

    Benchmark index

    2.00

    13.56

    14.12

    7.33

    6.43

    Excess return (percentage points)

    0.14

    -0.05

    0.21

    0.06

    0.26

    Equity portfolio

    Actual portfolio

    3.67

    14.69

    17.95

    6.92

    6.67

    Benchmark index

    3.53

    14.62

    17.56

    6.68

    6.20

    Excess return (percentage points)

    0.14

    0.07

    0.39

    0.25

    0.46

    Fixed-income portfolio

    Actual portfolio

    -0.53

    11.47

    8.47

    6.50

    5.82

    Benchmark index

    -0.68

    11.75

    8.64

    6.47

    5.68

    Excess return (percentage points)

    0.15

    -0.28

    -0.17

    0.03

    0.14

    Real estate portfolio2

    Actual portfolio

    -3.91

    14.87

    12.71

    10.81

    1 Inflation figures in the table are not based on inflation measured in the currency basket of the Fund, but on Norwegian CPI data.

    2 The first real estate investment was made in the first quarter of 2011. Return reported in the column «Last 10 years» is the annualised return since 1 April 2011.

    Source Norges Bank, Macrobond and Ministry of Finance.

    Table 2.2 Nominal return on the GPFG and inflation1 in selected currencies and measured in the currency basket of the Fund. Annual geometric average. Percent

    Year

    Currency basket of the Fund

    NOK

    USD

    EUR

    GBP

    Return

    Inflation

    Return

    Inflation

    Return

    Inflation

    Return

    Inflation

    Return

    Inflation

    1997

    9.07

    1.75

    10.83

    2.62

    -4.01

    2.29

    11.87

    1.53

    -0.16

    1.89

    1998

    9.26

    0.92

    19.75

    2.25

    15.87

    1.56

    7.63

    1.10

    14.59

    1.57

    1999

    12.44

    1.28

    13.84

    2.30

    7.92

    2.21

    26.43

    1.08

    11.40

    1.26

    2000

    2.49

    2.02

    6.53

    3.13

    -2.91

    3.36

    3.66

    2.14

    4.75

    0.83

    2001

    -2.47

    1.17

    -5.34

    3.03

    -6.93

    2.85

    -1.87

    2.36

    -4.48

    1.24

    2002

    -4.74

    1.91

    -19.09

    1.29

    4.76

    1.58

    -11.11

    2.18

    -5.30

    1.22

    2003

    12.59

    1.57

    19.96

    2.45

    24.92

    2.28

    3.92

    2.13

    12.34

    1.34

    2004

    8.94

    2.37

    3.93

    0.44

    14.16

    2.66

    5.94

    2.09

    6.45

    1.32

    2005

    11.09

    2.33

    14.28

    1.59

    2.22

    3.39

    17.80

    2.17

    14.32

    2.09

    2006

    7.92

    2.13

    5.89

    2.26

    15.16

    3.23

    3.01

    2.24

    1.01

    2.30

    2007

    4.26

    3.12

    -3.90

    0.76

    10.20

    2.83

    -0.61

    2.07

    8.35

    2.38

    2008

    -23.31

    1.42

    -6.66

    3.79

    -27.62

    3.86

    -23.87

    3.27

    0.21

    3.55

    2009

    25.62

    1.82

    7.88

    2.11

    30.77

    -0.37

    26.69

    0.33

    16.42

    2.24

    2010

    9.62

    1.98

    9.49

    2.47

    8.82

    1.68

    16.38

    1.63

    12.24

    3.23

    2011

    -2.54

    2.84

    -1.39

    1.24

    -3.96

    3.12

    -0.75

    2.68

    -3.25

    4.47

    2012

    13.42

    1.98

    6.70

    0.77

    14.42

    2.09

    12.66

    2.51

    9.39

    2.78

    2013

    15.95

    1.41

    25.11

    2.13

    14.77

    1.48

    9.81

    1.32

    12.63

    2.60

    2014

    7.58

    0.91

    24.23

    2.01

    0.52

    1.59

    14.47

    0.50

    6.78

    1.52

    2015

    2.74

    0.86

    15.54

    2.12

    -2.13

    0.13

    9.02

    0.00

    3.54

    0.00

    2016

    6.92

    1.52

    1.95

    3.60

    4.83

    1.27

    7.97

    0.20

    25.05

    0.70

    1998–2016

    5.70

    1.76

    6.69

    2.09

    5.83

    2.14

    6.01

    1.68

    7.43

    1.92

    1997–2016

    5.87

    1.76

    6.90

    2.11

    5.31

    2.15

    6.30

    1.67

    7.04

    1.92

    1 Inflation figures in individual currencies presented in the table are not based on inflation measured in the currency basket of the Fund, but on CPI data for each country/currency area.

    Source Norges Bank, Macrobond, Thomson Reuters Datastream and Ministry of Finance.

    Previous chapter
    Previous chapter
    To front page
    Go to the top