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 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
Revised National Budget
A budget to promote recovery and inclusion
11/05/2021: We see brighter times ahead. Still, uncertainty is high, and costs of the crisis are unevenly distributed. In the Revised Budget, the government aims at reducing the long-term economic effects of the crisis and help those that are still hard-hit. The proposed Revised Budget strengthens and renews the government’s strategy to take Norway safely out of the corona crisis.
Revised National Budget
Key figures in the Revised National Budget 2021
11/05/2021: To secure equal access to information that might be market sensitive, the Ministry of Finance publishes selected key figures prior to launching the Revised National Budget at 10:45 a.m. More detailed estimates will be published with the Revised Budget.
Latest news
- Expert group to review Norges Banks active management of the GPFG News story 15/09/2021
- Normal conditions for banks’ profit distribution going forward Press release 07/09/2021
- Public consultation on proposed changes to the petroleum taxation system Press release 03/09/2021
- Committee on long-term perspectives for the Government Pension Fund Global Press release 03/09/2021
- Proposed amendment to the petroleum taxation system Press release 31/08/2021
- Report from the expert group on climate risk and the Government Pension Fund Global Press release 20/08/2021
- Countercyclical buffer increases Press release 17/06/2021
Documents
Meld. St. 14 (2020–2021)
Long-term Perspectives on the Norwegian Economy 2021
Chapter 1 of the Long-term Perspectives on the Norwegian Economy 2021
NOU 2021: 4
Norway towards 2025 – Summary
English summary of the Official Norwegian Report "Norway towards 2025"
Latest documents
- Climate risk and the Government Pension Fund Global Report 20/08/2021
- Carbon Border Adjustment Mechanism – Preliminary Norwegian Positions Letter 02/07/2021
- Meld. St. 31 (2020–2021) - Financial Markets Report 2021 Report to the Storting 23/04/2021
- Meld. St. 24 (2020–2021) - The Government Pension Fund 2021 Report to the Storting 09/04/2021