Norway Plans to Tap $63.7 Billion From Its Oil Fund in 2027
wealth fund for public expenses next year, higher than this year’s spending from the world’s largest such fund. The government unveiled its budget bill for 2027, which includes a proposal to withdraw and spend 608.4 billion Norwegian crowns, or $63.7 billion, from Government Pension Fund Global. Under the proposal, spending from the sovereign wealth fund would increase by 4.9 billion crowns, or…
Norway is set to withdraw $63.7 billion from its $608.4 billion Government Pension Fund Global in 2027, according to the country's proposed budget bill. This spending increase marks a 4.9% rise compared to 2026, adjusted for fixed 2027 prices. The figure represents 2.7% of the fund's total value, which is equivalent to 2026 levels.
The projections are based on key economic assumptions, including a GDP growth rate of 1.7% in 2027, up from 1.1% in 2026, and returning to the 2025 level. The Government Pension Fund Global, often referred to as Norway's oil fund due to its origins with oil and gas revenues, is a significant investor in global corporations, with over half of its equity investments located in the U.S. market.
Created in the 1990s, the fund now holds an average of 1.5% of all listed companies worldwide. In the first half of 2026, the fund achieved a record profit of $185 billion before foreign exchange adjustments, driven by a surge in technology stocks. Nvidia, Apple, and Microsoft are among the fund's most valuable investments.
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