Norway


Norway Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in Norway; country and population overview

DATA ON GDP AND ECONOMIC INFORMATION
Central bank Central Bank of Norway
International Reserves US$ 49.397 billion (Source: IMF; Data updated: 2012)
Gross Domestic Product - GDP US$ 501.582 billion (2011 estimate)
GDP (Purchasing Power Parity) 274.177 billion of International dollars (2011 estimate)
Real GDP growth
2001 2002 2003 2004 2005 2006 2007 2008
2% 1.5% 1% 3.9% 2.7% 2.3% 2.7% 0%
2009 2010 2011 2012*
-1.7% 0.7% 1.7% 1.8%

*Estimate

GDP per capita - current prices US$ 99,665 (2011 estimate)
GDP per capita - PPP $54,479 International Dollars (2011 estimate)
GDP (PPP) - share of world total
1980 1990 2000 2010 2015**
0.45% 0.43% 0.42% 0.34% 0.31%

**Forecast

GDP - composition by sector
  • agriculture: 2.7% 
  • industry: 38.3% 
  • services: 59% (2011 estimate)
  • (Data released on February 2012)

Gross domestic expenditure on R&D (% of GDP) 1.69% (2010)

(Data released on March 2012)

Inflation
2009 2010 2011 2012*
2.2%(2008) 2.4% 1.3% 1.5%

*Estimate

Unemployment rate
2009 2010 2011 2012*
3.2% 3.6% 3.3%(2009) 3.6%

*Estimate

Household saving rates 8.5% (Net saving; 2012 forecast)

(Data released on December 2011)

Public debt (General government gross debt as a % of GDP)
2008 2009 2010 2011 2012*
54.3% 48.9% 49.6% 49.6% 49.6%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2008 2009 2010 2011* 2012**
18.8% 10.6% 10.5% 13.1% 14.2%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: AAA

Moody's rating: Aaa

Moody's outlook: STA

(Foreign Currency Government Bond Ratings; Data last updated Dec 2011 and Nov 2012)

Market value of publicly traded shares
2009 2010 2011
US$227.2 billion US$250.9 billion US$219.2 billion
Largest companies in Norway Norsk Hydro (Aluminum), Orkla (Conglomerates), Aker Solutions (Construction Service), Storebrand (Diversified Insurance), Gjensidige Forsikring (Diversified Insurance), Statoil (Oil & Gas Operations), DNB (Regional Banks), Yara International (Specialized Chemicals), Telenor (Telecommunications Services) (2012)
DATA ON TRADE AND COMPETITIVENESS
Current account balance US$ 74.3 billion (2011 estimate)(After 2008)
Current account balance by percentage of GDP 14.8% of GDP (2011 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

41.1% (2010)

(Data released on April 2012)

Shares in world total merchandising export 0.87%(2007)

(Data were released in 2012 and refer to 2011)

Shares in world total commercial services export 1% (2011)(2007)

(Data were released in 2012)

Total exports US$162.7 billion (2012 estimate) 
Export commodities petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Total imports US$86.78 billion (2012 estimate) 
Import commodities machinery and equipment, chemicals, metals, foodstuffs
Exports - major partners UK 27.2%, Netherlands 11.6%, Germany 11.1%, France 7.2%, Sweden 6.5%, US 5.6% (2011)
Imports - major partners Sweden 13.4%, Germany 12%, China 9%, Denmark 6.3%, UK 5.6%, US 5.4%, Netherlands 4.2% (2011)
FDI inflows
2009 2010 2011
US$13,403 million US$17,519 million(2009) US$3,569 million(2009)
FDI outflows
2009 2010 2011
US$34,400 million US$23,086 million US$19,999 million
Value of cross-border M&A, by country of purchaser
2008 2009 2010 2011
US$6,102 million US$611 million(2009) US$-3,940 million(2009) US$1,415 million
Cross-border M&A deals worth over $3 billion completed in 2010

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A click here )

Cross-border M&A deals worth over $3 billion completed in 2011

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

Norsk Hydro ASA, Vale SA, Brazil, $4.9 billion(2008 estimate)

(for a monthly update on M&A click here )

Best countries for doing business

World Bank/IFC Doing Business Project

(Economies are ranked on their ease of doing business, from 1 - 185. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 6 out of 185 countries(2009) (2013)

Subcategories:

Starting a business: 43 out of 185 countries(2009)

Enforcing Contracts: 4 out of 185 countries

Registering Property: 7 out of 185 countries

Getting credit: 70 out of 185 countries

Protecting investors: 25 out of 185 countries

Trading across border: 21 out of 185 countries

Paying Taxes: 19 out of 185 countries

Dealing with Construction Permits: 23 out of 185 countries

Getting Electricity: 14 out of 185 countries

Resolving Insolvency: 3 out of 185 countries

(2013)

Global competitiveness ranking
(ranking by country on a basis of 144, the first is the best)
15

(2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 40 Score: 68.8 (Moderately Free) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zone UTC+1
Total area 323,802 km2 (2006)
Capital Oslo (2009)
Currency Norwegian kroner (NOK) (2009)
Government type constitutional monarchy (2009)
Languages Bokmal Norwegian (official), Nynorsk Norwegian (official), small Sami- and Finnish-speaking minorities; note - Sami is official in six municipalities
Religions Church of Norway 85.7%, Pentecostal 1%, Roman Catholic 1%, other Christian 2.4%, Muslim 1.8%, other 8.1% (2004)
Total population
1980 1990 2000 2012* 2017**
4.09 million 4.25 million 4.5 million 5.03 million 5.32 million

*Estimate    **Forecast

Urban population as % of total population
1960 1980 2000 2011
49.9% 70.5% 76.1% 79.4%
Population median age 39 years (2010)
Population growth rate 1.3% (2011)
Life expectancy 81 years (2010)
Adult literacy N/A
% of population living on less than $2 a day N/A
Inequality of wealth distribution (Gini index)

25.79 (2000)

(Data were released in 2011, 0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:1
Civil Liberties:1 (2011)

(1 represents the most free, 7 the least free)

Total telephone subscribers as % of population

159.46% (2011)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population 93.97% (Data were released in 2012 and refer to 2011)
Cost of living - Mercer index

(ranking by city on a basis of 214; the 1st is the most expensive and the 214th is the least expensive)

Oslo: 15th (2011)

CO2 emissions
(Metric tons of CO2 per capita)

9.7387 (Data were released in 2012 and refer to 2009)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S BEST TRADE FINANCE BANKS & PROVIDERS

2013:
  • COUNTRY WINNERS Nordea (National, 2013)
2012:
  • COUNTRY WINNERS Nordea (National, 2012)
2011:
  • COUNTRY WINNERS DnB NOR (National, 2011)
2010:
  • COUNTRY WINNERS DnB NOR (National, 2010)
2009:
  • COUNTRY WINNERS DnB NOR (National, 2009)

WORLD'S BEST DEVELOPED MARKET BANKS

(ranking of the 50 safest banks in the world; the first is the safest)
2012:
  • DnB (National, 2012)
2011:
  • DnB NOR (2011)
2010:
  • DnB NOR (National, 2010)
2009:
  • DnB NOR (National, 2009)

WORLD'S BEST INTERNET BANKS

2010:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2010)
2009:
  • REGIONAL SUB-CATEGORY WINNERS / Best Consumer Internet Banks / Best Bill Payment & Presentment DnB Nor Bank ASA (National, 2009)
  • COUNTRY WINNERS / Best Consumer Internet Banks DnB Nor Bank ASA (National, 2009)
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2009)

WORLD'S SAFEST BANKS

2013:
  • OVERALL SAFEST DnB (Global, 2013)
2009:
  • OVERALL SAFEST DnB NOR Bank (National, 2009)

WORLD'S BEST SUB CUSTODIANS

2012:
  • COUNTRY WINNERS Nordea (National, 2012)
2011:
  • COUNTRY WINNERS Nordea (National, 2011)
2010:
  • COUNTRY WINNERS Nordea (National, 2010)
2009:
  • COUNTRY WINNERS SEB (2009)

WORLD'S BEST INVESTMENT BANKS

2012:
  • Best Investment Bank Pareto AS (National, 2012)
  • Best Equity Bank Pareto AS (National, 2012)
2011:
  • Best Debt Bank DnB NOR (National, 2011)

CENTRAL BANKER REPORT CARD

2012:
2011:
2010:
2009:

WORLD'S BEST FOREIGN EXCHANGE PROVIDERS

2013:
  • COUNTRY WINNERS SEB (National, 2013)
2012:
  • COUNTRY WINNERS SEB (National, 2012)
2011:
  • COUNTRY WINNERS DnB NOR (National, 2011)
  • COUNTRY WINNERS SEB (National, 2011)
2010:
  • COUNTRY WINNERS DnB NOR (National, 2010)
2009:
  • COUNTRY WINNERS DnB NOR (National, 2009)
ARTICLES AND COUNTRIES REPORTS FROM GLOBAL FINANCE ARCHIVE