Market Value

Government Pension Fund

Aggregate market value of the Government Pension Fund was 7,719 billion Norwegian kroner at the end of 2016. The GPFG accounted for in excess of 97 percent of total assets.

Government Pension Fund 1996 – 31 December 2016
Market value in NOK billion

Sources: Norges Bank, Folketrygdfondet and Ministry of Finance

The accumulation of capital in the GPFG originates by and large from the conversion of oil and gas resources in the North Sea and Norwegian Sea to financial assets abroad. Petroleum revenues differ from regular government revenues, in that they do not represent income in its traditional sense, but stem from depletion of a non-renewable natural resource. Furthermore, the revenues from petroleum activites fluctuate significantly, in particular due to oil price volatility.

The capital base of the GPFN originates primarily from surpluses in the national insurance scheme between the introduction of the national insurance scheme in 1967 and the late 1970s. The return on the assets in the GPFN is not transferred to the Treasury, but is added to the fund capital on an ongoing basis. Nor are there any transfers of capital between the two parts of the Government Pension Fund.