Report by the WTO Secretariat

Rich in natural resources, Norway has been running a surplus in merchandise trade for more than 20 years. With sizeable exports of crude oil and natural gas, the surplus on the current account exceeded 10% every year during 2007-11. Norway saves a good portion of its oil and gas wealth in the Government Pension Fund – Global, invested entirely in assets abroad. At the end of March 2012, the Fund’s assets were valued at NKr 3.5 trillion (€460 billion). The central government budget has been in surplus every year since 1995.