What is the most common attribute amongst the world's wealthiest countries as measured by GDP per capita (adjusted for purchasing power parity) in 2016?

Author: Jonathan Gregson
Project Coordinator: Edith Updike

8. Norway

Current International Dollars:  69,031 | Click To View GDP & Economic Data

As western Europe’s top oil and gas producer, Norway has inevitably been hit by the fall in crude prices. The Norwegian government’s response has been to spend a record amount of its petroleum wealth on supporting the economy, reaching for the first time directly into the country’s massive $890 billion sovereign wealth fund.  As it seeks to diversify away from hydro-carbons the government is focussing on a budget for ‘labor, activity and reorganisation’. The structural oil corrected deficit (in other words, oil money spending) is expected to grow from this year’s estimate of over 200 billion kroner. Following the recent recovery in global oil prices, however, the government is expected to roll back some of this financial stimulus. While Norwegian citizens remain on average among the world’s wealthiest with GDP per head (PPP) nearing $70,000 in 2016, there are some signs of unemployment rising amidst weaker consumer confidence.
 


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