Norges Bank

Press release

The Government Pension Fund Global: Historic results

In 2019, the Government Pension Fund Global returned 19.9 percent, equivalent to 1,692 billion kroner. This is the highest return measured in kroner in a single year in the fund’s history.

It is also the second best return measured as a percentage.

"2019 has been a very good year for the fund. The market value of the fund increased by 1,832 billion kroner to 10,088 billion kroner at the end of the year. This is the greatest increase in value in a single year in the fund’s history," says Øystein Olsen, Chair of Norges Bank’s Executive Board.

The equity investments returned 26.0 percent. The unlisted real estate investments returned 6.8 percent, whereas the return on the fixed income investments was 7.6 percent. The fund’s total return was 0.23 percentage points higher than the return on the benchmark index.

"2019 has been a great year in the fund’s history, driven by positive equity returns in all of the fund’s principal markets and in all equity sectors," says CEO of Norges Bank Investment Management Yngve Slyngstad.

The fund amounted to a total of 10,088 billion kroner as at 31 December 2019, of which 70.8 percent was invested in equity, 2.7 percent in unlisted real estate and 26.5 percent in fixed income.

The krone depreciated against several of the main currencies in the course of the year. This contributed to an increase in the fund’s value of 127 billion kroner. The transfer of capital from the Norwegian government was 18 billion kroner for the year as a whole.

See annual report for the Government Pension Fund Global 2019 at

Press contacts:

Marthe Skaar
Head of Communications and External Relations (acting)
Tel: + 47 926 17 663

Line Aaltvedt
Manager, Communications and External Relations
Tel: + 47 948 54 656



Press telephone: +47 21 49 09 30

Published 27 February 2020 10:00


Press conference: Government Pension Fund Global - Annual report 2019

Published 27 February 2020 10:00