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Large financial gains for general government
statistikk
2016-06-03T10:00:00.000Z
Public sector;Public sector
en
offogjeld, General government, financial assets and liabilities, central government, local government, stock, transactions, assets by type (for example bonds, shares, lending), net assets, liabilities by type (for example commercial papers, bonds, loans)Local government finances , General government , Central government finances , Public sector
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This statistics comprise financial assets and liabilities for general government and its sub-sectors and government gross debt for Norway.

General government, financial assets and liabilities, 2015

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Large financial gains for general government

General government’s net financial assets amounted to NOK 8 880 billion at the end of 2015, which is a 13 per cent increase from the previous year.

General Government. Financial assets and liabilitiesPublished 3 June 2016
20142015
Stocks per 31.DecTransactionsOther changeStocks per 31.Dec
Assets
Currency and Deposits227 718-14 4161 382214 684
Bonds2 415 245143 609226 2852 785 139
Loans638 79489 6208 586737 000
Shares and other equity5 233 306136 560607 0535 976 919
Insurance technical reserves64 4474 3902 60671 443
Other accounts receivable296 272-4 231370292 411
TOTAL ASSETS8 875 782355 532846 28210 077 596
 
Liabilities
Bonds483 73430 556-5 519508 771
Loans393 283118 619744512 646
Oher accounts payable159 21617 794-1 083175 927
TOTAL LIABILITIES1 036 233166 969-5 8581 197 344
 
Net financial assets7 839 5498 880 252
Net lending188 563
Net revaluations852 140

Source: Statistics Norway

The net financial assets increased despite reduced income from petroleum taxes and petroleum activities. Net lending accounts for about 20 per cent of the growth in financial assets in 2015. The remaining 80 per cent was due to capital gains and gains from the depreciation of the NOK. These gains also account for about 80 per cent of the total growth for the last three years combined. 

Investments in the Government Pension Fund Global account for a large share of the general government’s financial assets. Because the fund only invests abroad, its value measured in NOK is sensitive to exchange rate fluctuations. The NOK has depreciated compared to the USD and the EUR in the years since 2012. Much of the growth in total assets, measured in NOK, has been due to this depreciation. 

Increase in shares and bonds

Shares account for 54 per cent and bonds account for 28 per cent of the total assets at the end of 2015. These percentages have been increasing for the whole period covered by the statistics. The increase can partly be explained by growth in the Government Pension Fund Global, which has increased its investments in shares and bonds in recent years. 

Increased gross debt

At the end of 2015, general government’s gross debt was 32 per cent of GDP. This is somewhat higher than in 2014 when it was 27 per cent. The increase is due to higher local government debt, increased liabilities connected to the Government Pension Fund Global repurchase agreements and reduced GDP growth from 2014 to 2015.