High oil and gas revenue – E24

High oil and gas revenue – E24

In 2022 public Norway will earn NOK 1,144 billion more than the previous year, according to estimates from Statistics Norway.

Korstow processing plant in North Rogaland. Dry gas is exported here to Germany.
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Norway’s income from oil and gas is estimated at a record high NOK 1,457 billion in 2022. It shows the preliminary figures for the income and expenditure of the general administration Statistics Norway (SSB).

Total revenue for 2022 is estimated at NOK 3,592 billion. There has been a historically strong increase in public administration revenue, and also due to high exports of oil and gas, writes Statistics Norway.

A large part of the income from these exports goes to the state through taxes and dividends.

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Compared to 2021, public administration earned NOK 1,144 billion more in 2022. It is 26 percent GDPGDPGross Domestic Product (GDP) is the total value of all goods and services produced in a country in a year. .

It is estimated that the state collected NOK 884 billion from oil companies last year through ordinary taxes and special taxes. This is almost three times more than in 2021.

Revenues from state direct ownership of oil and gas fields, pipelines and offshore facilities (SDØE) were historically high in 2022. Operating profit here was around NOK 530 billion compared to NOK 182 billion a year earlier.

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Families were added more

Despite the high revenue from the petroleum sector, it is still taxes and household bills that bring the most money to the treasury. Last year, these were estimated at NOK 1,580 billion, which is more than 44 percent of GDP.

SSB writes that new statistics show that there is a rebalancing between costs and income after the epidemics.

Expenditures were higher than revenues (excluding petroleum revenues) as a result of compensation and support programs.

Guidelines for Norway’s fiscal policy state that long-term income from the State Pension Fund Global (SPU), also known as the Oil Fund, can be added to the general budget. This means that Norway’s income, excluding petroleum income, will roughly correspond to total public spending over time.

Norway’s income now equals public spending again, minus oil and gas revenues.

Higher taxes for counties and municipalities

Tax revenue for municipal administration also increased sharply in 2022.

Last year, NOK 264 billion was paid to Norway’s municipalities and county councils in income and wealth tax. This is a growth of 12 percent – NOK 29 billion more than in 2021.

At the same time, spending on investments in buildings, roads and other real capital increased by 11 percent. So are interest costs, meaning the deficit recorded in 2022 is calculated at NOK 17 billion. This is about 7 billion more than the previous year.

Joshi Akinjide

Joshi Akinjide

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