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Indicators of economy in Norway

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,230 USD per capita. GDP in Norway, on the other hand, reached USD 89,154 per capita, or 482.17 billion USD for the whole country. Norway is therefore currently ranked 28 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then Norway ranks 6th in the list of the richest countries.

Inflation in Norway in 2021 was around 3.48%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 24.6 percent higher.
The index for perceived corruption in the public sector is 85, which is above average by global standards.


Back to overview: Norway

Impact of the COVID-19 pandemic

The consequences of the COVID pandemic in 2020 were considerable in Norway. Overall, gross domestic product in 2020 fell from 404.94 billion US dollars to 362.20 billion US dollars. With a large drop of 10.56 percent, the economy in Norway has struggled significantly more than other countries. The tourism sector alone slumped by around 69 percent. The unemployment rate rose from 3.7 to 4.4 percent. The inflation rate fell from 2.2 percent previously to 1.3 percent by the end of 2020.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

 Norway
Total
Norway
per capita
EU
Total
EU
per capita
GDP482.17 bn USD89,154.28 USD17.177 tn USD33,384.92 USD
Gross national product453.63 bn USD83,875.42 USD16.895 tn USD32,835.37 USD


Norway ranked 15th in the Bloomberg Innovation Index in 2021. The index is calculated annually and most recently included 60 countries. The front-runner was South Korea. Out of the 2,000 largest listed companies in the world, 8 originate from Norway. This is determined annually in the Forbes Global 2000 list. The 8 largest companies in the country in 2022 were:

Rank 70: Equinor (Stavanger)
Rank 428: DNB Bank (Oslo)
Rank 748: Norsk Hydro (Oslo)
Rank 1064: Telenor (Fornebu)
Rank 1161: Storebrand (Lysaker)
Rank 1280: Yara International (Oslo)
Rank 1731: Var Energi ASA (Sandnes)
Rank 1790: Gjensidige Forsikring (Oslo)

Development of gross domestic product in billions of USD 1960 - 2021


Household debt and deficits 2015


 Norway
Total
Norway
per capita
EU
Total
EU
per capita
Gross debt114.61 bn USD21,192.00 USD15.068 tn USD29,285.70 USD
Budget deficit-22.26 bn USD-4,116.19 USD799.24 bn USD1,553.35 USD

Please note: A negative budget deficit equivalents to a surplus


Imports and Exports 2021

 Norway
Total
Norway
per capita
EU
Total
EU
per capita
Imports139.55 bn USD25,803.12 USD8.916 tn USD17,329.02 USD
Exports199.16 bn USD36,825.65 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 1975 - 2021

Exports
Imports



Norway: AirportsLargest airports and airlines in NorwayThe 30 biggest airports and 5 airlines in Norway with further information and data with further information on airlines and destinations
Norway: Public HolidaysPublic holidays in Norway 2023-2027Statutory and inofficial holidays in Norway for 2023 to 2027
Pariah StatesList of the 11 current Pariah States11 countries, that suffer from the sanctions of the international community because of their mostly autocratic government.