Norway Economy - 2024

Economic overview

high-income non-EU European economy; aging labor force; large state-owned energy company constrains budget and spending; largest oil sovereign wealth fund; major fishing, forestry, and extraction industries; large welfare system

Real GDP (purchasing power parity)

$368.151 billion (2022 est.)
$355.122 billion (2021 est.)
$341.855 billion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

3.3% (2022 est.)
3.88% (2021 est.)
-0.72% (2020 est.)

Real GDP per capita

$67,500 (2022 est.)
$65,700 (2021 est.)
$63,500 (2020 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$405.695 billion (2019 est.)

Inflation rate (consumer prices)

3.48% (2021 est.)
1.29% (2020 est.)
2.17% (2019 est.)

Credit ratings

Fitch rating: AAA (1995)

Moody's rating: Aaa (1997)

Standard & Poors rating: AAA (1975)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 2.3% (2017 est.)

industry: 33.7% (2017 est.)

services: 64% (2017 est.)

GDP - composition, by end use

household consumption: 44.8% (2017 est.)

government consumption: 24% (2017 est.)

investment in fixed capital: 24.1% (2017 est.)

investment in inventories: 4.8% (2017 est.)

exports of goods and services: 35.5% (2017 est.)

imports of goods and services: -33.2% (2017 est.)

Agricultural products

milk, barley, wheat, potatoes, oats, pork, poultry, beef, eggs, rye

Industries

petroleum and gas, shipping, fishing, aquaculture, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles

Industrial production growth rate

2.19% (2021 est.)

Labor force

2.971 million (2021 est.)

Unemployment rate

4.99% (2021 est.)
4.42% (2020 est.)
3.69% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 13% (2021 est.)

male: 13.5%

female: 12.5%

Population below poverty line

12.7% (2018 est.)

Gini Index coefficient - distribution of family income

27.7 (2019 est.)

Average household expenditures

on food: 11.7% of household expenditures (2018 est.)

on alcohol and tobacco: 4.1% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 3.8%

highest 10%: 21.2% (2014)

Remittances

0.14% of GDP (2021 est.)
0.16% of GDP (2020 est.)
0.15% of GDP (2019 est.)

Budget

revenues: $185.338 billion (2020 est.)

expenditures: $210.522 billion (2020 est.)

Budget surplus (+) or deficit (-)

4.4% (of GDP) (2017 est.)

Public debt

36.5% of GDP (2017 est.)
36.4% of GDP (2016 est.)

note: data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data exclude treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions

Taxes and other revenues

21.09% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

$71.551 billion (2021 est.)
$4.223 billion (2020 est.)
$11.919 billion (2019 est.)

Exports

$199.074 billion (2021 est.) note: data are in current year dollars
$116.718 billion (2020 est.) note: data are in current year dollars
$146.28 billion (2019 est.) note: data are in current year dollars

Exports - partners

United Kingdom 21%, Germany 19%, Sweden 8%, Netherlands 7%, China 6% (2021)

Exports - commodities

natural gas, crude petroleum, salmon, refined petroleum, aluminum (2021)

Imports

$140.444 billion (2021 est.) note: data are in current year dollars
$119.632 billion (2020 est.) note: data are in current year dollars
$140.211 billion (2019 est.) note: data are in current year dollars

Imports - partners

Sweden 18%, Germany 12%, China 10%, Denmark 6%, United States 5% (2021)

Imports - commodities

cars, refined petroleum, broadcasting equipment, computers, ships, nickel (2021)

Reserves of foreign exchange and gold

$84.271 billion (31 December 2021 est.)
$75.259 billion (31 December 2020 est.)
$66.946 billion (31 December 2019 est.)

Debt - external

$651.04 billion (2019 est.)
$648.878 billion (2018 est.)

note: Norway is a net external creditor

Exchange rates

Norwegian kroner (NOK) per US dollar -

Exchange rates:
8.59 (2021 est.)
9.416 (2020 est.)
8.8 (2019 est.)
8.133 (2018 est.)
8.272 (2017 est.)