The economy
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 Norwegian Fiscal Policy Framework
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.
General information about Norway and the Norwegian economy
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 between Norway and other states
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
What's new
National Budget 2019:
Robust growth in the Norwegian economy
The Norwegian economy is performing well. Employment growth is high and unemployment has declined across the country. Non-oil business investment is at a 10-year high. The positive developments are expected to continue. In the Revised national budget the Government continues an economic policy that facilitates structural adjustment, innovation and growth in the Norwegian economy.
National Budget 2019:
A budget to promote employment, welfare and security
"The Norwegian economy is doing well. Businesses are investing more and employment is rising throughout the country. We are using the good times to secure a sustainable welfare state and a safer Norway", says Minister of Finance Siv Jensen.
Latest news
- Review of the equity benchmark for the Government Pension Fund Global Press release 27/08/2019
- Phaseout of exploration and production companies from the GPFG Press release 28/06/2019
- Countercyclical buffer unchanged Press release 20/06/2019
- The future of law making Speech/statement 13/06/2019
- Speech at Integrating Immigrants into the Nordic Labour Market seminar Speech/statement 29/05/2019
- Norwegian Government increases efforts to combat child marriage, female genital mutilation and gender-selective abortion (son preference) Press release 14/05/2019
- Revised National Budget 2019: Robust growth in the Norwegian economy Press release 14/05/2019
Documents
White paper (Meld.St.):
Meld. St. 1 (2018–2019) National Budget 2019
Norway is a country of great opportunities. High labour utilisation and high productivity are the foundations for high economic growth throughout the country. The Government’s eco-nomic policy is based on the premise that wealth needs to be created before it can be shared.
Meld. St. 14 (2017–2018):
Financial Markets Report 2018
The report reviews the financial stability outlook, and also includes chapters on the financial markets from an industry perspective and how consumer protection is attended to in financial markets and the need for change. In addition, the report gives an overview of the activities of Norges Bank, Finanstilsynet, Folketrygdfondet and IMF in 2017.
Latest documents
- The Report on Energy Stocks in the Government Pension Fund Global Letter 28/06/2019
- Revised strategy for combating work-related crime (2019–) Plans/strategy 27/05/2019
- Meld. St. 24 (2018–2019) - Financial Markets Report 2019 Report to the Storting 26/04/2019
- Response from Norway to the Reasoned Opinion on the Norwegian Reporting Obligation when hiring non-resident contractors Letter 05/04/2019
Shortcut
Contact
Ministry of Finance
E-mail: postmottak@fin.dep.no
Phone: +47 22 24 90 90
Address: Postboks 8008 Dep, 0030 Oslo
Visitor address: Akersgata 40, 0030 Oslo
The Economic Policy Department
E-mail: postmottak@fin.dep.no
Phone: +47 22 24 45 03
Address: Postboks 8008 Dep, 0030 Oslo
Visitor address: Akersgata 40, 0030 Oslo