VOL. XLVII

No 10

08-March-2004

NORWAY

BUDGETS AND REVENUES

Norways Oil Fund Hits $118Bn In 2003

Norways Government Petroleum Fund, which receives the bulk of the countrys annual oil revenues, reached NOK845bn ($118.4bn) in 2003 on the back of record yields, the Norwegian Central Bank has announced. The fund was set up in 1990 and is invested mainly in international stock and bond markets (MEES, 1 December 2003). The return on the funds stock holdings was 22.8%, while bonds yielded 5.3%.