Budsjettmålene

Budsjettmålene are the set of fiscal policy targets used by the Norwegian government to guide the annual budget and the medium-term financial plan. They are published in budget documents and white papers and are intended to provide a framework for sustainable public finances, to curb procyclical spending, and to anchor policy decisions in long-term objectives.

Typical components of budsjettmålene include a structural budget balance target (strukturelt budsjettoverskudd/underskudd), i.e., the balance adjusted for cyclical fluctuations and one-off factors. They also often specify a goal for the growth rate of current expenditures, framed as keeping non-oil spending growth in line with potential GDP, and a debt target or path to ensure the debt does not rise unsustainably. These targets help align spending with revenues and with the management of petroleum wealth, notably via the Government Pension Fund Global.

Implementation occurs through the budget process each year: the government proposes the budget for the coming year, sets the budget targets, and Parliament approves the budget law reflecting the budget goals. The targets operate alongside Norway’s fiscal rule, which guides how much of oil wealth can be spent over time. Together, the budsjettmålene and the fiscal rule aim to ensure intergenerational equity and macroeconomic stability while maintaining sustainable public finances.