Source
Central bank

Central Bank of Norway

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

Real GDP growth
2017 2018 2019 2020* 2021*
2.3% 1.1% 0.9% –0.8% 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)
 
 
Source
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 2018 2019 2020* 2021*
1.9% 2.8% 2.2% 1.3% 2.6%

*Estimate

Unemployment rate
2017 2018 2019 2020* 2021*
4.2% 3.9% 3.7% 4.6% 4.3%

*Estimate

Household saving rates

15.4% (2020)

 

Public debt (General government gross debt as a % of GDP)
2017 2018 2019 2020* 2021*
38.6% 39.7% 40.9% 41.4% 42.7%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2017 2018 2019 2020* 2021*
2.6% 5.7% 4.3% –8.1% –8%

*Estimate

Government bond ratings

Standard & Poor's: AAA

Moody's: Aaa

Standard & Poor's / Moody's (January 2022)

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)

 
 
Source
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

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)

 
 
Source
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)

FDI inflows
2019 2020 2021
USD 226 million USD 16.3 billion USD –2.4 billion
FDI outflows
2019 2020 2021
USD 11.4 million USD 5.6 million USD 1.1 billion
Value of cross-border M&A, by country of purchaser
2018 2019 2020 2021
USD 1.2 billion USD 119 million USD 5.8 billion 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

 
 
Source
Time zone

UTC+1

Total area

323,802 sq km

Capital

Oslo 

Currency

Norwegian kroner (NOK) 

Government type

Parliamentary constitutional monarchy

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

 
 
Source
Urban population as % of total population
1960 1980 2000 2018
49.9% 70.5% 76% 82.2%
Population median age

39.3 years (2018 estimate)

Population growth rate

0.94% (2018 estimate)

Life expectancy

82 years (2018 estimate)

Literacy

N/A

% 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)

Source
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)

Mercer Cost of living index

Oslo: 61st (2019)

CO2 emissions

9.27 metric tons per capita (2014)

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