The economy
Topic
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.
Current
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.
National Budget 2019:
Outline of economic developments and fiscal policy
The Ministry of Finance unveils selected key figures prior to the budget release, which takes place at 10:00, to ensure simultaneous access to potentially market sensitive information. A table with more detailed projections will be released together with the budget.
News
- The Norwegian Government recommends that the asset management of the Government Pension Fund Global (GPFG) remains in Norges Bank Press release 2018-10-19
- Environmental solution for the shipwreck of the WW II submarine U-864 Press release 2018-10-15
- The National Budget 2019: Continued focus on transport and communications Press release 2018-10-09
- National budget 2019: Increased efforts on carbon capture and storage Press release 2018-10-08
- National Budget 2019: Mapping of petroleum resources in the Northern parts of the Barents Sea Press release 2018-10-08
- National budget 2019: NOK 286 billion in net revenue from the petroleum industry in 2019 Press release 2018-10-08
- Priority given to countries affected by conflict and fragility, humanitarian assistance, and human rights News story 2018-10-08
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.
Resources
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