Fiscal policy

Published under: Stoltenberg's 2nd Government

Publisher Ministry of Finance

Fiscal policy shall be geared towards a gradual and sustainable increase in the use of petroleum revenues. Over time, the structural, non-oil budget deficit shall correspond to the real return on the Government Pension Fund Global, estimated at 4 per cent. This rule should not be used mechanically, however, and considerable emphasis should be placed on stabilising economic fluctuations.

The following guidelines for fiscal policy were introduced in 2001:

  • Petroleum income should be phased into the economy on par with the development in expected return on the Government Pension Fund Global
  • Considerably emphasis must be put on stabilising the economy

As set out in the guidelines for economic policy (Report No. 29 (2000-2001)), fiscal policy shall be geared towards a gradual and sustainable increase in the use of petroleum revenues. Over time, the structural, non-oil budget deficit shall correspond to the expected real return on the Government Pension Fund Global, estimated at 4 per cent. This rule should not be used mechanically, however, and considerable emphasis should be placed on stabilising economic fluctuations.

The National Budget 2015 implies a structural, non-oil deficit of NOK 164 billion, equivalent to 3.0 per cent of the value of the Government Pension Fund Global.


More information: