Norway: public finances

How big is Norway's oil fund?

The Government Pension Fund Global was worth NOK 22,683 billion at the end of June 2026, an increase of NOK 1,416 billion during the first half of the year, according to Norges Bank Investment Management's half-year report. The fund returned 9.4% in the first half of 2026, 0.22 percentage points more than its benchmark index.

The value change combines investment returns (NOK 1,753 billion), new inflows from the state (NOK 89 billion) and currency effects: a stronger krone reduced the value measured in kroner by NOK 427 billion. The fund invests only abroad.

Official sources: NBIM: Half-year report 2026

Does Norway have a budget surplus?

General government revenue was NOK 3,265.8 billion in 2025 and expenditure NOK 2,602.0 billion, according to Statistics Norway's general government revenue and expenditure statistics. The change in net worth from transactions, revenue minus expense, was NOK 663.8 billion, down from NOK 777.0 billion in 2024.

The large surplus comes mainly from petroleum revenue and the return on the oil fund, which are counted as government revenue in these accounts. The state budget instead shows a non-oil deficit covered by a transfer from the fund. SSB publishes the figures quarterly; the next update is due on 8 December 2026.

Official sources: SSB: General government revenue and expenditure

What is Norway's government debt?

General government liabilities were NOK 3,938 billion at the end of the second quarter of 2026, while its financial assets were NOK 29,203 billion, according to Statistics Norway. That leaves net financial assets of NOK 25,265 billion, or 448.4% of GDP, up from 401.7% a year earlier.

Norway's government owes debt, mainly government bonds and liabilities of local authorities, but its assets, chiefly the oil fund, are far larger, so it is a large net creditor. The assets are valued at market prices, so the ratio moves with share prices and the krone exchange rate. The next update is due on 8 December 2026.

Official sources: SSB: General government financial assets and liabilities

How much tax does Norway collect?

Tax payments excluding petroleum taxes totalled NOK 930 billion in January to August 2026, against NOK 785 billion in the same months of 2025, according to Statistics Norway's tax accounts. Of this, NOK 389 billion went to central government, NOK 208 billion to local government and NOK 333 billion was contributions to the National Insurance Scheme. Taxes on petroleum extraction were a further NOK 217 billion, down from NOK 242 billion.

These are cash payments recorded as they come in, so they depend on the timing of instalments and settlements. SSB publishes the tax accounts monthly; the next update is due on 16 October 2026.

Official sources: SSB: Tax accounts

What is Norway's government debt?

54.0% of GDP: that is general government gross debt in Norway for 2025, according to the IMF. It is the top of the series, which starts in 2005. Europe & Central Asia median: 46.9% of GDP; Norway is 22nd highest of 51. Worldwide: 90th of 185.

What is Norway's fiscal deficit?

The latest figure from the IMF, for 2025, is 10.6% of GDP. Since 2005 it has ranged from -2.5% of GDP (2020) to 24.7% of GDP (2022). Across Europe & Central Asia the middle value was -2.4% of GDP, and Norway placed 1st highest of 51. Of 188 countries with 2025 data, 3rd highest.

How much revenue does Norway's government raise?

59.3% of GDP: that is general government revenue in Norway for 2025, according to the IMF. The peak was 60.9% of GDP in 2022 and the low 52.1% of GDP in 2020. Europe & Central Asia median: 41.3% of GDP; Norway is 1st highest of 50. Worldwide: 8th of 187.

How big is Norway's government spending as a share of GDP?

According to the IMF, general government spending in Norway was 48.7% of GDP in 2025. Its high point since 2005 was 2020, at 54.5% of GDP; its low point was 2022, at 36.2% of GDP. It is 13th highest of 50 in Europe & Central Asia, where the median is 43.3% of GDP. Of 186 countries with 2025 data, 24th highest.

How much tax does Norway collect?

According to the IMF, central government tax revenue in Norway was 24.5% of GDP in 2024. Its high point since 2005 was 2022, at 30.3% of GDP; its low point was 2020, at 20.4% of GDP. Europe & Central Asia median: 20.8% of GDP; Norway is 10th highest of 42. World rank, highest first: 14th of 92.

What is Norway's defence spending?

SIPRI puts military spending in Norway at 3.3% of GDP in 2025. No year since 2005 has been higher. Europe & Central Asia median: 2.0% of GDP; Norway is 8th highest of 46. Of 149 countries with 2025 data, 18th highest.