Norway - Economy
How is the economy of Norway? Based on the information we have, Norway has a high-income, non-EU economy with trade links via European Economic Area (EEA); key European energy security role as leader in oil, gas, and electricity exports; major fishing, forestry, and extraction industries; oil sovereign fund supports generous welfare system; low unemployment; inflation and response hampering growth in non-energy sectors. Key agricultural products in this country include: milk, barley, wheat, potatoes, oats, pork, chicken, beef, eggs, rye (2022).
More about the economy of Norway
| Labor force | 2.981 million (2022 est.) |
|---|---|
| Industrial production growth rate | 0.61% (2022 est.) |
| Industries | petroleum and gas, shipping, fishing, aquaculture, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles |
| Population below poverty line | 12.7% (2019 est.) |
| Taxes and other revenues | 25.08% (of GDP) (2021 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Norwegian kroner (NOK) per US dollar - |
| Exchange rates 2022 | 9.614 (2022 est.) |
| Exchange rates 2021 | 8.59 (2021 est.) |
| Exchange rates 2020 | 9.416 (2020 est.) |
| Exchange rates 2019 | 8.8 (2019 est.) |
| Exchange rates 2018 | 8.133 (2018 est.) |
| Debt - external | |
| Debt - external 2019 | $651.04 billion (2019 est.) |
| Debt - external 2018 | $648.878 billion (2018 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $72.077 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $84.271 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $75.259 billion (2020 est.) |
| Current account balance | |
| Current account balance 2022 | $174.555 billion (2022 est.) |
| Current account balance 2021 | $66.254 billion (2021 est.) |
| Current account balance 2020 | $4.212 billion (2020 est.) |
| Public debt | |
| Public debt 2017 | 36.5% of GDP (2017 est.) |
| Public debt 2016 | 36.4% of GDP (2016 est.) |
| Budget | |
| Revenues | $185.338 billion (2020 est.) |
| Expenditures | $210.522 billion (2020 est.) |
| Budget surplus (+) or deficit (-) | 4.4% (of GDP) (2017 est.) |
| Remittances | |
| Remittances 2022 | 0.11% of GDP (2022 est.) |
| Remittances 2021 | 0.13% of GDP (2021 est.) |
| Remittances 2020 | 0.16% of GDP (2020 est.) |
| Household income | |
| Lowest 10% | 3.4% |
| Highest 10% | 22.4% (2019 est.) |
| Average household expenditures | |
| On food | 12.5% of household expenditures (2021 est.) |
| On alcohol and tobacco | 4.2% of household expenditures (2021 est.) |
| Imports | |
| Imports 2022 | $156.892 billion (2022 est.) |
| Imports 2021 | $140.331 billion (2021 est.) |
| Imports 2020 | $121.662 billion (2020 est.) |
| Imports (partners) | Sweden 18%, Germany 11%, China 10%, Denmark 6%, Netherlands 6% (2022) |
| Comodities Imports force | cars, refined petroleum, ships, garments, nickel (2022) |
| Exports | |
| Imports 2022 | $156.892 billion (2022 est.) |
| Imports 2021 | $140.331 billion (2021 est.) |
| Imports 2020 | $121.662 billion (2020 est.) |
| Exports (partners) | Germany 27%, UK 21%, France 9%, Belgium 7%, Sweden 6% (2022) |
| Comodities Exports force | natural gas, crude petroleum, fish, refined petroleum, aluminum (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2022 | $368.139 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $356.457 billion (2021 est.) |
| Real GDP (purchasing power parity) 2020 | $343.082 billion (2020 est.) |
| GDP (official exchange rate) | $579.422 billion (2022 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2022 | $67,500 (2022 est.) |
| Real GDP per capita 2021 | $65,900 (2021 est.) |
| Real GDP per capita 2020 | $63,800 (2020 est.) |
| 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.) |
| Unemployment rate | |
| Unemployment rate 2022 | 3.23% (2022 est.) |
| Unemployment rate 2021 | 4.37% (2021 est.) |
| Unemployment rate 2020 | 4.42% (2020 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 13% (2021 est.) |
| Male | 13.5% |
| Female | 12.5% |
All Important Facts about Norway
Want to know more about Norway? Check all different factbooks for Norway below.
