Norway's economy in numbers:
Nominal GDP of USD 593 billion in 2022.
Nominal GDP of USD 485 billion in 2023.
GDP per capita of USD 87,676 compared to the global average of USD 10,589.
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.
Average real GDP growth of 1.5% over the last decade.
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%.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.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.
44 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 2034 on 44 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.