Norway - Public finance



Norway's fiscal year coincides with the calendar year. As one of the per capita richest countries in the world, Norway has a great deal of money to spend on investment, focusing especially on the offshore oil sector. The government maintains a Petroleum Fund that reached $67 billion at the end of 2001. The Fund will be used to finance government programs once oil and gas resources are depleted.

The US Central Intelligence Agency (CIA) estimates that in 2000 Norway's central government took in revenues of approximately $71.7 billion and had expenditures of $57.6 billion. Overall, the government registered a surplus of approximately $14.1 billion. External debt totaled $0.

The following table shows an itemized breakdown of government revenues and expenditures. The percentages were calculated from data reported by the International Monetary Fund. The dollar amounts (millions) are based on the CIA estimates provided above.

Norway

REVENUE AND GRANTS 100.0% 71,700
Tax revenue 80.2% 57,494
Non-tax revenue 19.6% 14,017
Capital revenue 0.1% 53
Grants 0.2% 136
EXPENDITURES 100.0% 58,782
General public services 5.4% 3,095
Defense 6.2% 3,576
Public order and safety 2.3% 1,343
Education 6.5% 3,755
Health 4.8% 2,765
Social security 40.0% 23,049
Housing and community amenities 0.5% 271
Recreation, cultural, and religious affairs 1.2% 703
Economic affairs and services 11.2% 6,477
Other expenditures 19.6% 11,275
Interest payments 4.3% 2,473

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