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Market Value

Government Pension Fund Global (GPFG)

The market value of the GPFG equalled 8,251billion Norwegian kroner at the end of 2018. Investments in equities, fixed-income and unlisted real estate corresponded to about 5,500 billion, 2,550 billion and 220 billion kroner, respectively, equivalent to a proportion of Fund assets of 66.3 percent, 30.7 percent and 3.0 percent.

GPFG Market Value Development May 1996 – 31 December 2018
NOK billion (lha) and per cent of GDP Mainland Norway (rha)

Sources: Norges Bank, Thomson Reuters Datastream and the Ministry of Finance

In 2018, the market value of the GPFG was reduced by  232 billion kroner. The nominal return over the period accounted for minus 485 billion kroner, whilst changes in the Norwegian krone exchange rate entailed, when taken in isolation, an increase in the value of the Fund of about 224 billion kroner. In 2018, the state’s cash flows from the petroleum activites were 259 billion kroner. The non-oil deficit was 225 billion kroner in 2018.

Market value development since inception
Individual components

Sources: Norges Bank and Ministry of Finance

At the end of 2018, aggregate net cash flow from petroleum activities since inception amounted to 5,327 billion Norwegian kroner, whilst the aggregate non-oil deficit corresponded to 1,962 billion kroner. Total gross return (before the deduction of asset management costs) equalled 3,666 billion kroner, cf. graph above.

Because the Fund is invested in other currencies than Norwegian kroner, its value measured in kroner is influenced by exchange rate fluctuations. The Norwegian krone has depreciated relative to the currency basket of the Fund over the said period, resulting in an increase in the market value in kroner of 1,263 billion. Changes in the Norwegian kroner exchange rate do not impact the development in the international purchasing power of the Fund. One must be prepared for exchange rates to fluctuate over time.

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