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A diversified economy

Governor Svein Gjedrem

Stavanger, 8 June 2010

(2)

Petroleum production

In millions of Sm

3

oil equivalences. 1971–2030. Projections from 2010

0 50 100 150 200 250 300

0

50

100

150

200

250

300

(3)

First deposit in the Fund

Approved for payment to the oil fund by the Minister of Finance on

30 May 1996

(4)

The Fund’s market value

In billions of NOK. 1998–2010

1)

0 500 1000 1500 2000 2500 3000

0

500

1000

1500

2000

2500

3000

(5)

Real return on the fund 1)

Per cent. Accumulated annualised average. 1998–2010 2)

0 2 4 6 8 10

0 2 4 6 8 10

98 99 00 01 02 03 04 05 06 07 08 09 10

1) Nominal return adjusted for price inflation and management costs

2) To the end of 2010 Q1 Source: Government Pension Fund Global

(6)

Real exchange rate

Deviation from mean over the period 1970–2008. Per cent. 1966–2010

1)

-25 -20 -15 -10 -5 0 5 10 15 20

-25 -20 -15 -10 -5 0 5 10 15 20

1966 1971 1976 1981 1986 1991 1996 2001 2006

Relative consumer prices Relative wages

Oil is

discovered

Oil revenue

spending

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