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 Norwegian people own the fund
See our film about the history, objective and management.
Annual return 1998-2015
The fund generated an annual return of 5.6 percent from the establishment of Norges Bank Investment Management in 1998 to the end of 2015, measured in the fund's currency basket. After management costs and inflation, the return was 3.7 percent. The return in dollars was 5.8 percent.
of the fund value can be used in the national budget
179.6 Billion kroner was transferred to the national budget in 2015
The fund is integrated into the government budget. A fundamental principle of Norwegian fiscal policy is the so-called budgetary rule. It states that over the course of a business cycle, the government may only spend the expected real return on the fund, estimated at 4 percent per year. This 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.