Key facts
- Norway plans to withdraw $63.7 billion from its oil fund in 2027.
- The proposed withdrawal is 608.4 billion Norwegian crowns.
- Spending from the fund will increase by $513 million compared to 2026.
- The planned spending accounts for 2.7% of the fund's value.
- Norway's GDP growth is projected at 1.7% in 2027.
Norway's government has proposed a budget for 2027 that includes a significant withdrawal from its sovereign wealth fund to finance public expenses. The plan calls for spending 608.4 billion Norwegian crowns, equivalent to $63.7 billion, from the Government Pension Fund Global, commonly known as 'Norway's oil fund.' This represents an increase of 4.9 billion crowns ($513 million) compared to the spending planned for 2026, when measured in fixed 2027 prices. The proposed expenditure for 2027 constitutes 2.7% of the fund's total value, a proportion consistent with the previous year.
The budget draft also outlines key economic assumptions, projecting GDP growth of 1.7% for 2027. This is an increase from the 1.1% growth anticipated for 2026 and matches the level seen in 2025.
Norway's Government Pension Fund Global, established in the 1990s with revenues from oil and gas, holds stakes in numerous global companies. Its equity investments, which constitute over half of its value in the U.S. market, represent an average of 1.5% of all listed companies worldwide. The fund's manager, Norges Bank Investment Management (NBIM), reported a record profit of $185 billion for the first half of 2026, driven by gains in Asian technology stocks. Equity investments made up 72.1% of the fund's value at the end of the first half of 2026, with fixed-income investments accounting for 25.8%. Top investments include Nvidia, Apple, and Microsoft.