Norway: A Progressive Prime Minister
Millionaire Labor Party leader becomes Norway's prime minister.
Norway GDP and Economic Data
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.
Advertisement
Source
International Reserves
USD 63.1 billion (2018)
International Monetary Fund (IMF), data retrieved October 2019
Gross Domestic Product - GDP
USD 434.9 billion (2018, estimate)
GDP (Purchasing Power Parity)
Intl$ 395.9 billion (2018, estimate)
Real GDP growth
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 |
| 3% | 0.5% | -1.7% | -0.7% | 1 | 2.7% | 1% |
| 2014 | 2015 | 2016 | 2017* | 2018* | ||
| 2% | 2% | 1.2% | 2% | 1.4% |
*Estimate
GDP per capita - current prices
USD 81,694.6 (2018, estimate)
GDP (PPP) - share of world total
| 1980 | 1990 | 2000 | 2010 | 2019* |
| 0.48% | 0.44% | 0.43% | 0.34% | 0.29% |
*Estimate
Advertisement
Source
GDP - composition by sector
- agriculture: 1.8%
- industry: 31.4%
- services: 55.6%
(2018 estimate)
Gross domestic expenditure on R&D; (% of GDP)
2.1% (2017)
OECD, data retrieved October 2019
Inflation
| 2015 | 2016 | 2017 | 2018* | 2019* |
| 2.2% | 3.6% | 1.9% | 2.8% | 2.3% |
*Estimate
Unemployment rate
| 2015 | 2016 | 2017* | 2018* | 2019* |
| 4.5% | 4.7% | 4.2% | 3.9% | 3.6% |
*Estimate
Public debt (General government gross debt as a % of GDP)
| 2015 | 2016 | 2017* | 2018* | 2019* |
| 32.9% | 36.4% | 36.9% | 40% | 40% |
*Estimate
Public deficit (General government net lending/borrowing as a % of GDP)
| 2015 | 2016 | 2017 | 2018* | 2019* |
| 6.1% | 4% | 4.9% | 7.3% | 7.6% |
*Estimate
Government bond ratings
Standard & Poor's: AAA
Moody's: Aaa
Standard & Poor's / Moody's
Source
Market value of publicly traded shares
| 2016 | 2017 | 2018 |
| USD 231.3 billion | USD 287.2 billion | USD 267.4 billion |
Largest companies
Equinor, DNB, Telenor, Norsk Hydro, Yara International, Storebrand, Mowi ASA, Gjensidige Forsikring
Source
Source
Current account balance by percentage of GDP
8.1 % (2018 estimate)
Exports as percent of GDP (Exports of goods and services)
38.1% (2018)
Shares in world total merchandising export
0.63% (2018)
Shares in world total commercial services export
0.74% (2018)
Export commodities
Petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Advertisement
Source
Import commodities
Machinery and equipment, chemicals, metals, foodstuffs
Exports - major partners
UK 21.1%, Germany 15.5%, Netherlands 9.9%, Sweden 6.6%, France 6.4%, Belgium 4.8%, Denmark 4.7%, US 4.6% (2017)
Imports - major partners
Sweden 11.4%, Germany 11%, China 9.8%, US 6.8%, South Korea 6.7%, Denmark 5.4%, UK 4.7% (2017)
FDI inflows
| 2016 | 2017 | 2018 |
| USD -4,667 million | USD 4,495 million | USD -18,215 million |
FDI outflows
| 2016 | 2017 | 2018 |
| USD 2,656 million | USD -2,277 million | USD 908 million |
Value of cross-border M&A, by country of purchaser
| 2015 | 2016 | 2017 | 2018 |
| USD 1,132 million | USD 5,017 million | USD 1,194 million | USD 119 million |
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
Source
Global competitiveness ranking
17 out of 141 countries
(2019)
Index of Economic Freedom
Ranking: 26 / Score: 73 (Mostly free)
(100=totally free 0=totally repressed)
Source
Source
Languages
Bokmal Norwegian (official), Nynorsk Norwegian (official), small Sami- and Finnish-speaking minorities
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.)
Total population
| 1990 | 2000 | 2010 | 2015 | 2020* |
| 4.25 million | 4.5 million | 4.91 million | 5.21 million | 5.39 million |
*Estimate
Advertisement
Source
Urban population as % of total population
| 1960 | 1980 | 2000 | 2018 |
| 49.9% | 70.5% | 76% | 82.2% |
% 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)
Source
Freedom House rating
Free
Political Rights: 1
Civil Liberties: 1 (2019)
(1 represents the most free, 7 the least free rating)
Source
Total telephone subscribers as % of population
Fixed: 10.6% Mobile: 107.2% (2018)
(fixed-telephone subscribers and mobile-cellular subscribers)