Market Value
Government Pension Fund
Article | Last updated: 10/04/2025 | Ministry of Finance
Government Pension Fund market value from 1996 to 2024. NOK billion
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 the 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 its introduction in 1967 and the late 1970s. There are no transfers of capital between the two parts of the Government Pension Fund.