Norway's Macroeconomic Analysis:
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.
Sector Analysis
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.Main Economic Indicators
Economic growthThe 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.
Economic situation in Norway
Norway's seasonally adjusted GDP fell 1.8% quarter on quarter in Q3 (Q2: +2.0 s.a. qoq)—the worst print since Q2 2020—due to gas facilities maintenance. Conversely, the mainland economy grew by 0.5% (Q2: +0.3% s.a. qoq), beating both market and Norges Bank projections. The nationwide quarterly downturn was due to exports swinging to a sharp contraction; moreover, household and government spending growth slowed. Moving to Q4, our panelists expect the economy to enter a recession with another quarter-on-quarter decline; that said, available data allows for cautious optimism. Consumer sentiment was still downbeat in Q4, likely restrained by elevated interest rates; however, inflation waned in October–November, which bodes well for the private spending outturn in Q4. Additionally, industrial output growth hit an eight-year high in October.Norway Economic Forecasts
Projections out to 2034.44 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 26 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 26 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.