Browse a full set of economic indicators

Norway

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)

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

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