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Meld. St. 22 (2023–2024) - The Government Pension Fund 2024

Executive summary

The Government Pension Fund white paper 2024

Today, the Ministry of Finance submits the annual white paper about the Government Pension Fund to the Storting. The white paper gives an account of the Government Pension Fund Norway (GPFN) and Government Pension Fund Global (GPFG) results and

Reports and letters

Market Value

Government Pension Fund Norway market value from 1996 to 2023. NOK billion1 1 A major part of the GPFN assets was invested with the Treasury in the form of mandatory deposits until 2005. Folketrygdfondet’s participation in the mandatory deposit

Market Value

Government Pension Fund Global market value from 1996 to 2023. NOK billion GPFG market value development 1996-2023. NOK billion

Market Value

Government Pension Fund market value from 1996 to 2023. 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

Fund Performance

GPFN annual geometric average return. Measured in Norwegian kroner. Per cent 2023 Last 5 years Last 10 years Since 2007 SPN Portfolio 11,40 8,24 7,82 7,37 Benchmark index 9,94 7,35 6,88 6,38 Excess return (percentage points) 1,47 0,89 0,94 0,99

Fund Performance

GPFG annual geometric average return. Measured in the currency basket. Per cent 2023 Lat 5 years Last 10 years Last 20 years GPFG Portfolio 16,14 8,72 6,71 6,51 Benchmark index 16,32 8,30 6,48 6,27 Excess return (percentage points)1 -0,18 0,42 0,22

The National Budget 2024: A budget to safeguard Norwegian households

The budget for 2024 provides security and opportunity for people and businesses throughout Norway. There are expenditure increases in several areas due to war in Europe, a record number of refugees and higher prices. The Government’s priorities are

Meld. St. 1 (2023–2024) - The National Budget 2024

Meld. St. 1 (2023–2024) Report to the Storting (white paper)

The National Budget 2024: Key Figures in the National Budget 2024

The Ministry of Finance publishes selected key figures at 8 am, prior to the publication of the budget at 9 am. More detailed projections will be published in the National Budget.

Revised National Budget: A responsible budget that provides security for people throughout Norway

In the revised budget, the government will prioritise crucial public services such as healthcare, the police and refugees. Providers of public services and benefit recipients will receive compensation for wage growth and inflation. The government

Revised National Budget: Key figures in the Revised National Budget 2023

To secure equal access to information that might be market sensitive, the Ministry of Finance publishes selected key figures prior to launching the Revised National Budget at 10:45 a.m. More detailed forecasts will be published in the Revised Budget.

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.

Strategic Benchmark Index

The mandate issued by the Ministry of Finance to Norges Bank expresses the long-term investment strategy for the Fund, including the strategic benchmark index and appurtenant provisions on the execution of the management assignment.

Governance Framework

The Storting has in the Government Pension Fund Act, made the Ministry of Finance responsible for the management of the Government Pension Fund Norway (GPFN). The operational management of the Fund is carried out by Folketrygdfondet.

Investment Strategy

The objective of Fund investments is to achieve the highest possible return over time, given an acceptable level of risk. The Fund shall be managed responsibly within this overarching financial objective.

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

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.

Annual white paper on the Government Pension Fund

Today, the Ministry of Finance submits the white paper The Government Pension Fund 2023 to the Storting. Topics in this year’s paper include how international economic and political developments may affect the Government Pension Fund Global, and a