In the Government, it is the Minister of Finance’s responsibility to draw up and coordinate economic policy. The Ministry of Finance acts as the secretariat for the Minister of Finance. It is the political authorities – the Government and the Storting – that make the decisions.
The Government Pension Fund Global and the fiscal rule have since 2001 set out the plan for the phasing-in of petroleum income and investment returns to the Norwegian economy. The Government Pension Fund Act stipulates that the State’s net cash flow from the petroleum industry shall in its entirety be transferred to the Government Pension Fund Global, and that resources in the Fund can only be transferred to the budget pursuant to a decision by Parliament.
Norway forms the western and northern part of the Scandinavian Peninsula and has common land borders with Sweden, Finland and Russia. Norway’s area is 323,787 square kilometers (approximately 125,100 square miles), excluding the Svalbard Island group in the Arctic Ocean and other overseas territories. The population of Norway was estimated at 5,302,778 as of January 2018. Oslo is the capital and largest city in Norway.
General tax conventions for the avoidance of double taxation and the prevention of fiscal evasion,and other international agreements regarding tax matters.
Related topics and insights
OECD on Norway: High living standard, appropriate economic policy, but narrower fiscal space
The OECD today presented its biannual survey of the Norwegian economy with recommendations on how to meet challenges ahead. The survey emphasizes that economic growth is robust and economic policy appropriate. Yet, sustaining high levels of economic output and comprehensive public services for the future is a challenge.
National Budget 2020:
A budget to promote employment and welfare
The Norwegian economy is in its third year of economic expansion. Employment growth is strong and the registered unemployment rate has fallen to levels last seen in 2008. Non-oil business investments are at a 10-year high. These positive developments are expected to continue. Non-oil GDP is projected to increase by 2.7 per cent this year and 2.5 per cent next year.
White paper (Meld.St.):
The Norwegian economy is performing well. Unemployment is low, and new jobs are created in both rural and urban areas. This contributes to the sustainability of our welfare society.
National Budget 2020:
The Government will use the tax system to fund public goods and services, ensure social mobility, achieve more efficient resource allocation and improve conditions for Norwegian businesses.