Norway’s pension fund incurred high losses in the first half of the year. The stock market development made itself felt.
Mainly due to the unrest on the stock markets, Norway’s state oil fund suffered heavy losses in the first half of the year. According to the central bank on Wednesday, the return was minus 14 percent. That equates to a loss of 1.68 trillion kroner (170 billion euros).
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Shares in technology groups such as Meta, Amazon, Apple and Microsoft had a particularly negative impact. Higher gas prices, on the other hand, had a positive effect. “The market has been affected by rising interest rates, high inflation and the war in Europe,” fund head Nicolai Tangen said, according to the statement.
As of Wednesday, the fund, which is fed by revenues from Norwegian oil and gas production, had a total value of 12.3 trillion kroner (1.24 trillion euros). The fund serves as insurance for future generations when oil can no longer be drilled for. It is managed by the central bank on behalf of the Ministry of Finance and invests in thousands of companies worldwide.
