Market Value of Norway Government Pension Fund Soars
10 October 2012 (PLANSPONSOREurope.com) – As Norway records a massive fiscal surplus the market value of its Government Pension Fund is expected to reach NOK 4.4bn by the end of 2013, according to the country’s Ministry of Finance.
Norway’s government revealed this week it estimates a 2013 consolidated surplus of NOK 380bn in its fiscal budget.
Figures obtained by PLANSPONSOR Europe reveal - while current estimates for the market value of the Government Pension Fund for the year end 2012 are estimated to be NOK 3,931bn - as of the end of next year the market value of the Government Pension Fund is expected to be NOK 4,426bn.
The Government Pension Fund Global accounted for NOK 3,793bn of the market value for the year end 2012 and is expected to account for NOK 4,281bn as of the end of next year.
The Government Pension Fund was established in 1990 to support the long-term considerations in use of the petroleum revenues and comprises the Government Pension Fund Global (GPFG) and the Government Pension Fund Norway (GPFN).
Norges Bank and Folketrygdfondet are responsible for the operational management of the two parts of the fund respectively, under mandates set by the Ministry of Finance.