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
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.
White paper (Meld.St.):
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):
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.