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
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National Budget 2020:
Outline of economic developments and fiscal policy
The Norwegian economy is in its third year of economic expansion. Activity is expanding throughout the country and in most sectors. The strong performance of the Norwegian economy is expected to continue. In the National Budget for 2020, growth in the mainland economy is forecast to reach 2.7 percent this year and 2.5 percent next year. This is above the long-term trend both this year and next.
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.
Latest news
- NOK 245 billion in net revenue from the petroleum industry in 2020 Press release 06/11/2019
- National Budget 2020: Full speed ahead in road and rail construction Press release 14/10/2019
- ESRB warns of housing market vulnerabilities in Norway News story 10/10/2019
- Proposal for Defence Budget 2020: The Norwegian Government increase the defence budget by more than 2 billion Norwegian kroner Press release 07/10/2019
- Minister of International Development creates new budget item for vulnerable groups Press release 07/10/2019
- NOK 1.4 billion increase in aid budget Press release 07/10/2019
- Government increases support for foreign policy research Press release 07/10/2019
Documents
White paper (Meld.St.):
Meld. St. 1 (2019–2020) National Budget 2020
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:
Prop. 1 LS (2019-2020) Taxes 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.
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
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Contact
Ministry of Finance
E-mail: [email protected]
Phone: +47 22 24 90 90
Address: Postboks 8008 Dep, 0030 Oslo
Visitor address: Akersgata 40, 0030 Oslo
The Economic Policy Department
E-mail: [email protected]
Phone: +47 22 24 45 03
Address: Postboks 8008 Dep, 0030 Oslo
Visitor address: Akersgata 40, 0030 Oslo