Includes Norway real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Norway economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Norway best banks and safest banks are also available.
Basic Information
Government Type: Parliamentary constitutional monarchy
Capital City: Oslo
GDP & Economic Information
Macroeconomy & Sovereign Data
Central Bank |
Central Bank of Norway |
---|---|
Currency |
Norwegian kroner (NOK) |
International Reserves |
USD 75.26 billion (2020) World Bank, last updated 12/16/2021 |
Gross Domestic Product – GDP |
USD 445.51 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP (Purchasing Power Parity) |
USD 378.42 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP Data
Real GDP growth |
2017 2.3% 2018 1.1% 2019 0.9% 2020 –0.8% (Estimate) 2021 3% (Estimate) |
---|---|
GDP per capita – current prices |
USD 82,244.23 (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP per capita – PPP |
USD 69,858.90 (2021 estimate) IMF – World Economic Outlook, October 2021 |
GDP (PPP) – share of world total | 0.26% (2021 estimate) |
GDP – composition by sector |
agriculture: 1.9% industry: 25.9% services: 60.4% (2021 estimate) |
Gross domestic expenditure on R&D; (% of GDP) | 2.2% (2019) |
Inflation |
2017 1.9% 2018 2.8% 2019 2.2% 2020 1.3% (Estimate) 2021 2.6% (Estimate) |
Norway
Inflation & Debt
Inflation |
2017 1.9% 2018 2.8% 2019 2.2% 2020 1.3% (Estimate) 2021 2.6% (Estimate) |
---|---|
Government Bond Ratings |
Standard & Poor’s: AAA Moody’s: Aaa Standard & Poor’s / Moody’s (January 2022) |
Unemployment rate |
2017 4.2% 2018 3.9% 2019 3.7% 2020 4.6% (Estimate) 2021 4.3% (Estimate) |
Household saving rates |
15.4% (2020) |
Public debt (General government gross debt as a % of GDP) |
2017 38.6% 2018 39.7% 2019 40.9% 2020 41.4% (Estimate) 2021 42.7% (Estimate) |
Public deficit (General government net lending/borrowing as a % of GDP) |
2017 2.6% 2018 5.7% 2019 4.3% 2020 –8.1% (Estimate) 2021 –8% (Estimate) |
Market value of publicly traded shares |
USD 295.5 billion (2019) |
Largest Companies |
DNB, Equinor, Telenor, Yara International, Norsk Hydro, Storebrand, Sparebanken Nord-Norge, Gjensidige Forsikring Forbes Global 2000 (2021) |
Import/Export
Exports as percent of GDP (Exports of goods and services) |
32.2% (2020) World Bank – World Development Indicators (updated Feb 2022) |
---|---|
Shares in world total merchandising export | 0.48% (2020) |
Shares in world total commercial services export | 0.7% (2020) |
Total exports | USD 116.9 billion (2020 estimate) |
Export commodities |
Crude petroleum, natural gas, fish, refined petroleum, aluminum (2019) |
Total imports |
USD 119.3 billion (2020 estimate) |
Import commodities |
Cars, refined petroleum, broadcasting equipment, natural gas, crude petroleum (2019) |
Exports – major partners |
United Kingdom 18%, Germany 14%, Netherlands 10%, Sweden 9%, France 6%, United States 5% (2019) |
Imports – major partners |
Sweden 17%, Germany 12%, China 8%, Denmark 7%, United States 6%, United Kingdom 5%, Netherlands 5% (2019) |
Competitiveness & Trade
Current account balance |
USD 32 billion (2021 estimate) IMF – World Economic Outlook, October 2021 |
---|---|
Current account balance by percentage of GDP |
7.2% (2021 estimate) IMF – World Economic Outlook, October 2021 |
FDI inflows |
2019 USD 226 million 2020 USD 16.3 billion 2021 USD -2.4 billion |
FDI Outflows |
2019 USD 11.4 million 2020 USD 5.6 million 2021 USD 1.1 billion |
Value of cross-border M&A, by country of purchaser |
2018 USD 1.2 billion 2019 USD 119 million 2020 USD 5.8 billion 2021 USD 4.1 billion |
Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 9 out of 190 countries Subcategories: Starting a Business: 25 out of 190 countries Dealing with Construction Permits: 22 out of 190 countries Getting Electricity: 44 out of 190 countries Registering Property: 15 out of 190 countries Getting Credit: 94 out of 190 countries Protecting Minority Investors: 21 out of 190 countries Paying Taxes: 34 out of 190 countries Trading across Borders: 22 out of 190 countries Enforcing Contracts: 3 out of 190 countries Resolving Insolvency: 5 out of 190 countries World Bank – Doing Business 2020 |
Global competitiveness ranking |
53 out of 141 countries (2019) |
Index of Economic Freedom |
Ranking: 14 / Score: 76.9 (Mostly Free) The Heritage Foundation – 2022 Index of Economic Freedom |
Population & Geographic Data
Time Zone |
UTC+1 |
---|---|
Total Area | 323,802 sq km |
Total Population |
1990 4.25 million 2000 4.5 million 2010 4.91 million 2015 5.21 million 2020 5.39 million (Estimate) |
Urban population as % of total population |
1960 49.9% 1980 70.5% 2000 76% 2018 82.2% |
Population median age |
39.3 years (2018 estimate) |
Population growth rate |
0.94% (2018 estimate) |
Life expectancy |
82 years (2018 estimate) CIA World Factbook / Life expectancy |
% of population living on less than $3.10 a day |
0.2% (last available estimate, 2015) |
Inequality of wealth distribution (Gini index) |
27.5 (last available estimate, 2015) (0=perfect equality, 100=absolute inequality) |
Freedom House rating |
Free Political Rights: 1 Civil Liberties: 1 (2019) (1 represents the most free, 7 the least free rating) |
Total telephone subscribers as % of population |
Fixed: 10.6% Mobile: 107.2% (2018) (fixed-telephone subscribers and mobile-cellular subscribers) |
Internet users as % of total population |
96.49 % (2018) |
Language & Religon
Languages |
Bokmal Norwegian (official), Nynorsk Norwegian (official), small Sami- and Finnish-speaking minorities |
---|---|
Literacy | N/A |
Religions |
Church of Norway (Evangelical Lutheran – official) 70.6%, Muslim 3.2%, Roman Catholic 3%, other Christian 3.7%, other 2.5%, unspecified 17% (2016 est.) |
World Rankings
Population | 5.39 M |
---|---|
Mercer Cost of living index |
Oslo: 61st (2019) |
C02 Emissions per capita |
9.27 metric tons per capita (2014) |
Global Finance Rankings & Awards: Norway
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000