The market value of Norway's oil fund, the Government Pension Fund, is estimated at NOK 4425 billion ($777 billion) at the end of 2013, of which NOK 4280 billion ($751 billion) in the global fund (GPFG).
Spending of petroleum revenues is estimated at NOK 125.3 billion ($22 billion) in 2013. This is NOK 26.4 billion ($4.63 billion) below the expected real return in the Pension Fund Global and 3.3 per cent of the capital in the Pension Fund Global.
— However, economic slowdown in Europe, as well as high wage costs and a strong krone exchange rate, has increased the pressure on industries facing international competition. In this situation the Government emphasizes the need for fiscal constraint to support continued balanced developments of the economy and to reduce the pressure on exposed industries, says Minister of Finance Sigbjørn Johnsen.
Measured by its overall impact on Mainland GDP, the 2013 budget implies an approximately neutral fiscal stance.
Strong labour market
Developments of the Norwegian economy stand in stark contrast to the developments of many of the trading partners.
Growth in the Norwegian economy is expected to continue ahead, albeit at a somewhat slower pace.
Mainland-GDP is forecast at 3.7 per cent in 2012 and 2.9 per cent in 2013.
The labour market remains strong, with higher than expected employment growth and continued low unemployment at a rate of just over 3 per cent. Front page — click here!