Norway skyline at night

Norway Economy

Norway's economy in numbers:

Nominal GDP of USD 593 billion in 2022.

GDP per capita of USD 108,325 compared to the global average of USD 10,589.

Average real GDP growth of 1.7% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 63% of overall GDP, manufacturing 6%, other industrial activity 29%, and agriculture 2%. Looking at GDP by expenditure, private consumption accounted for 39% of GDP in 2021, government consumption 23%, fixed investment 25%, and net exports 13%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 14% of total merchandise exports, mineral fuels 67%, food 9%, ores and metals 6% and agricultural raw materials 1%, with other categories accounting for 3% of the total. In the same period, manufactured products made up 75% of total merchandise imports, mineral fuels 6%, food 10%, ores and metals 6% and agricultural raw materials 1%, with other goods accounting for 2% of the total. Total exports were worth USD 276 billion in 2022, while total imports were USD 106 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 1.7% in the decade to 2022. To read more about GDP growth in Norway, go to our dedicated page.

Fiscal policy:

Norway's fiscal surplus averaged 8.8% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 4.0% in the decade to 2022. For more information on Norway's unemployment click here.

Inflation:

Inflation averaged 2.5% in the decade to 2022. Go to our Norway inflation page for extra insight.

Monetary Policy:

Norway's monetary policy rate ended 2022 at 2.75%, up from 1.50% a decade earlier. See our Norway monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the krone weakened by 43.4% vs the U.S. dollar. For more info on the krone, click here.
Monthly GDP growth waned to 1.2% in November from October’s 2.2%. November’s moderation chiefly reflected growth in private consumption slowing from October and flatlining, likely due to higher inflation, and waning growth in exports of goods and services. Meanwhile, oil and gas output rebounded month on month in October–November from Q3, and in December, natural gas output hit a record high, while oil output beat expectations. Less positively, the manufacturing PMI averaged below Q3 in Q4, with conditions deteriorating on average. Nonetheless, these data suggest that the economy should have expanded quarter on quarter in Q4—thus exiting a technical recession—in line with our Consensus. In other news, the country became the first in the world to approve commercial deep-sea mining—despite criticism of its potential environmental impact—on 9 January.
Projections out to 2033.

46 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 27 expert analysts.

Want to get insight on the economic outlook for Norway in the coming years? FocusEconomics collects projections out to 2033 on 46 economic indicators for Norway from a panel of 27 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Norway economy. To download a sample report on the Norway's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Norway Economic Data

2018 2019 2020 2021 2022
Population (million) 5.3 5.4 5.4 5.4 5.5
GDP (USD bn) 439 409 368 503 593
GDP per capita (USD) 82,522 76,291 68,304 92,870 108,394
GDP (EUR bn) 372 365 323 425 565
GDP per capita (EUR) 69,942 68,159 59,916 78,563 103,123
GDP (NOK bn) 3,577 3,597 3,462 4,324 5,708
Economic Growth (Nominal GDP, ann. var. %) 7.6 0.6 -3.8 24.9 32.0
Economic Growth (GDP, ann. var. %) 1.2 1.1 -1.8 4.0 3.0
Economic Growth (Mainland GDP, ann. var. %) 2.3 2.4 -3.4 4.5 3.7
Domestic Demand (ann. var. %) 1.9 2.2 -3.9 2.7 5.4
Private Consumption (ann. var. %) 1.4 1.0 -6.2 5.1 6.2
Government Consumption (ann. var. %) 0.6 1.1 -0.5 3.6 1.1
Fixed Investment (ann. var. %) 2.2 9.5 -4.1 0.7 5.2
Exports (G&S, ann. var. %) -1.5 2.1 -2.3 6.1 4.5
Imports (G&S, ann. var. %) 1.4 5.3 -9.9 1.8 12.5
Industrial Production (ann. var. %) -1.9 -4.1 6.2 2.5 -0.4
Wages (ann. var. %) 2.7 3.6 3.2 3.3 3.7
Unemployment (% of active population, aop) 3.9 3.7 4.6 4.4 3.2
Fiscal Balance (% of GDP) 7.8 6.5 -2.6 10.3 25.6
Public Debt (% of GDP) 38.9 39.9 45.2 42.5 37.4
Money (ann. var. of M2 %) 5.3 4.2 12.1 10.4 5.6
Inflation (CPI, ann. var. %, eop) 3.5 1.4 1.4 5.3 5.9
Inflation (CPI, ann. var. %, aop) 2.8 2.2 1.3 3.5 5.8
Inflation (HICP, ann. var. %, aop) 3.0 2.3 1.2 3.9 6.2
Inflation (Core, ann. var. %, aop) 1.5 2.2 3.0 1.7 3.9
Inflation (PPI, ann. var. %, aop) 14.8 -3.6 -10.2 37.8 51.9
Sight Deposit Rate (%, eop) 0.75 1.50 0.00 0.50 2.75
3-Month NIBOR (%, eop) 1.27 1.84 0.49 0.95 3.26
10-Year Bond Yield (%, eop) 1.79 1.55 0.96 1.71 3.20
Stock Market (ann. var. of OSEBX %) -2.0 16.4 4.2 23.3 -0.4
Exchange Rate (NOK per USD, eop) 8.66 8.79 8.56 8.82 9.85
Exchange Rate (NOK per USD, aop) 8.14 8.80 9.41 8.60 9.62
Exchange Rate (NOK per EUR, eop) 9.90 9.86 10.48 10.03 10.51
Exchange Rate (NOK per EUR, aop) 9.60 9.85 10.73 10.16 10.11
Current Account Balance (EUR bn) 33.3 13.8 3.6 63.3 170.3
Current Account Balance (% of GDP) 9.0 3.8 1.1 14.9 30.2
Merchandise Trade Balance (EUR bn) 29.7 14.6 -0.8 61.2 160.9
Foreign Direct Investment (EUR bn) 0.2 14.9 -7.2 1.5 -3.3

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