The Norwegian Labour Party, led by Prime Minister Jonas Gahr Støre, has declared victory in the general elections held on Monday, after the majority of votes were counted. The centrist-left bloc secured a narrow but clear lead over the right-wing parties.
Celebrations erupted in Oslo as supporters rejoiced after a tense campaign dominated by debate over the historic wealth tax, dating back to 1892.
In a public address, PM Gahr Støre thanked supporters and stated that the win demonstrates that social-democratic parties can prevail despite the rise of right-wing forces across Europe, reports VG.
Earlier, Conservative Party leader Erna Solberg apologized for her party’s poor showing, which saw them fall to third place behind the right-wing populist Progress Party, which achieved its best-ever national result. Progress Party leader Sylvi Listhaug expressed satisfaction with the outcome but warned of “four challenging years ahead for citizens and the economy.”
Approximately 4.3 million Norwegians were eligible to vote for the 169-seat Storting, with the centrist-left parties securing just over 85 seats, enough for a parliamentary majority. Final results are expected later Tuesday, after which coalition negotiations and ministerial allocations will begin before King Harald can appoint the new government.
Norway’s foreign policy is expected to remain stable, as the country is a strong NATO member and a steadfast supporter of Ukraine against Russia. While not an EU member, Norway maintains close economic ties with the bloc.
Norway is among the world’s wealthiest nations, with vast oil and gas reserves, a generous welfare system, and one of the largest sovereign wealth funds globally. According to the IMF, GDP per capita ranks sixth worldwide, just above the United States. The country also ranks among the most egalitarian nations, with a relatively fair distribution of wealth.
The Labour Party campaigned to maintain the wealth tax, which currently applies at 1.1% on assets and shares exceeding 1.76 million NOK (~$176,000) with various deductions. They warned that repealing the tax would cost the state 34 billion NOK (~$3.3 billion) annually. Conservatives advocate for a reduction, while the Progress Party seeks full abolition along with stricter immigration controls.
