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Government pension fund global The fund

The Government Pension Fund Global is saving for future generations in Norway. One day the oil will run out, but the return on the fund will continue to benefit the Norwegian population.

The fund's market value

billion nok

The market value

Facts about the fund

77 countries

8,985 

companies

1.3% 

of listed companies worldwide

2.3% 

of listed companies


in Europe


Investments

A film about the fund

The Norwegian people own the fund

See our film about the history, objective and management.

The Fund's returns

5.7% 

Annual return 1998-2015

The fund generated an annual return of 5.7 percent from the establishment of Norges Bank Investment Management in 1998 to the end of 2016, measured in the fund's currency basket. After management costs and inflation, the return was 3.8 percent. The return in dollars was 5.8 percent.


Returns

The Fiscal rule

A SHARE OF THE FUND VALUE CAN BE USED IN THE NATIONAL BUDGET



212.5 Billion kroner was transferred to the  national budget in 2016

 

The fiscal rule stipulates the share of petroleum revenues that may be used to fuel the Norwegian economy. The use of petroleum revenues is linked to the expected real return on the Government Pension Fund Global. In its 2017 report on the long-term perspectives of the Norwegian economy, the government states that it intends the withdrawal from the fund over time should be equivalent to 3 percent of the fund's value, down from the previous 4 percent.

The fiscal rule helps to gradually phase oil revenue into the economy. Spending just the return on the fund rather than eating into its capital means that the fund will also benefit future generations.