Updated figures from General government revenue and expenditure show a 27 per cent increase in revenue in 2021, while the accumulated expenditure only increased by 2 per cent compared to 2020. In 2020 there was a deficit of NOK 89 billion, while the surplus in 2021 is estimated at NOK 376 billion.

Figure 1. Net lending/borrowing (1 year moving average)
Bar chart with 77 bars.
The chart has 1 X axis displaying Quarter.
The chart has 1 Y axis displaying Per cent of GDP. Data ranges from -2.7 to 19.
Highcharts.com
End of interactive chart.
Figure 1. Net lending/borrowing (1 year moving average)
QuarterNet lending/borrowing
4Q 20029
1Q 20038.9
2Q 20038.2
3Q 20037.7
4Q 20037.2
1Q 20047.6
2Q 20048.8
3Q 20049.8
4Q 200410.9
1Q 200511.9
2Q 200512.7
3Q 200514
4Q 200514.8
1Q 200615.8
2Q 200617.2
3Q 200617.8
4Q 200618
1Q 200717.4
2Q 200717.4
3Q 200717
4Q 200717.1
1Q 200817.8
2Q 200818.5
3Q 200819
4Q 200818.6
1Q 200917.4
2Q 200914.9
3Q 200912.1
4Q 200910.2
1Q 20109.8
2Q 201010.2
3Q 201010.2
4Q 201010.9
1Q 201111.3
2Q 201111.9
3Q 201113.1
4Q 201113.4
1Q 201214
2Q 201214.5
3Q 201213.8
4Q 201213.8
1Q 201312.6
2Q 201311.7
3Q 201311.5
4Q 201310.7
1Q 201410.5
2Q 201410.1
3Q 20149.1
4Q 20148.6
1Q 20158
2Q 20156.8
3Q 20156.7
4Q 20156
1Q 20166.1
2Q 20165.7
3Q 20164.8
4Q 20164.1
1Q 20174
2Q 20174.4
3Q 20174.8
4Q 20175
1Q 20185.3
2Q 20185.9
3Q 20187
4Q 20187.9
1Q 20198.2
2Q 20198.3
3Q 20197.4
4Q 20196.6
1Q 20205.7
2Q 20201.5
3Q 2020-0.4
4Q 2020-2.6
1Q 2021-2.7
2Q 20210.5
3Q 20213.8
4Q 20219.1

Increase in petroleum revenue

There has been a substantial increase in petroleum revenues in 2021, much larger than previously expected. The petroleum revenues were low in 2020 as a result of low oil prices and provisional amendments made to taxation of oil and gas companies. Tax revenues, as well as dividends and withdrawals from petroleum companies owned by the state, has increased substantially in 2021, in large parts due to high gas prices. The combined petroleum revenue in 2020 was NOK 60 billion, while these revenues totaled NOK 491 billion in 2021.

Continued effects of COVID-19

When petroleum revenue is kept aside, it becomes clear that 2021 is yet another year influenced by the covid-19 pandemic. Without petroleum revenues there was a deficit of approximately NOK 150 billion in 2020, and NOK 115 billion in 2021. In both 2020 and 2021 the government increased expenditure to counter the effects of the economic shutdown on households and businesses in the wake of the COVID-19 pandemic. The non-petroleum related tax revenues increased from 2020 to 2021, but one must consider the low levels of tax revenue in 2020 when looking at this growth.

In addition to new figures for 2021Q4, there are revisions made to 2020 and 2021Q-Q3. New estimates for petroleum tax lead to large upwards revisions of petroleum tax in 2021Q1-Q3. Additionally, petroleum taxes for 2020 were updated. Other tax revenues are also revised from 2020Q1 onwards, due to new information.