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Economy

The oil and gas sector plays a vital role in the Norwegian economy.

Annual Report to the Storting

Transparency is a prerequisite for ensuring widespread confidence in the management of the Government Pension Fund. The Ministry gives an account of the management of the Fund in an annual report to the Storting, as well as in the National Budget.

External reports and letters about the Government Pension Fund

2025 GPFG CEM Investment Benchmarking report for 2023 (02/14/2025) GPFN CEM Investment Benchmarking report for 2023 (02/14/2025) 2024 Report for the Norwegian Ministry of Finance: On the global market portfolio, private-equity markets and Chines

Strategic Benchmark Index

The strategy is defined in the Fund mandate and reflected in, inter alia, the composition of the benchmark index and risk limits established by the Ministry of Finance.

Previous national budgets

2025 The Revised National Budget 2025 The National Budget 2025 2024 The Revised National Budget 2024 The National Budget 2024 2023 The Revised National Budget 2023 The National Budget 2023 2022 The Revised National Budget 2022 Amendment to the 2022

Governance model

The Ministry of Finance holds the overall responsibility for the management of the Government Pension Fund. The Government Pension Fund comprises the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN). The

Market Value

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

Agreement Norway - Uruguay

Agreement Norway - Costa Rica

Meld. St. 9 (2018–2019) - Wholesale and retail trade – when the customer is always online

NOU 2018: 17 - Climate risk and the Norwegian economy

NOU 2019: 18 - Chapter 1: Introduction and summary

Agreement Norway - Bermuda

Agreement between the Kingdom of Norway and Bermuda as authorised by the Government of the United Kingdom of Great Britain and Northern Ireland on the exchange of information with respect to taxes.

Protocol Norway - Bonaire

Protocol between the Kingdom of Norway and the Kingdom of the Netherlands in respect of the Netherlands Antilles amending the convention between the Kingdom of Norway and the Kingdom of the Netherlands in respect of the Netherlands Antilles for the

Convention Norway - Bulgaria

Convention between the Kingdom of Norway and the Republic of Bulgaria for the avoidance of double taxation with respect to taxes on Income.

Protocol Norway - Austria

Protocol between the Kingdom of Norway and the Republic of Austria amending the Convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital signed in Vienna on 28 November 1995.

Protocol Norway - Belgium

Protocol amending the Convention between the Kingdom of Norway and the Kingdom of Belgium for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital, signed at Oslo on 14 april 1988.

Convention Norway - Belgium

Convention between The kingdom of Norway and The kingdom of Belgium for the avoidance of double taxation with respect to taxes on income and for the prevention of fiscal evasion.

Agreement Norway - Andorra

Agreement between Government of the Kingdom of Norway and Government of the Principality of Andorra concerning the exchange of information relating to tax matters.

Agreement Norway - Bermuda

Agreement between the Kingdom of Norway and Bermuda as authorised by the Government of the United Kingdom of Great Britain and Northern Ireland on the exchange of information with respect to taxes Agreement between the Kingdom of Norway and Bermuda