Indicators of economy in 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 country's gross debt increased by 0.2 percent. The inflation rate fell from 2.2 percent previously to 1.3 percent by the end of 2020.

In 2021, there was already a recovery and the gross domestic product increased to 482.17 billion US dollars (=119.1% of 2019).

Income and purchasing power

The average monthly income in Norway is 6,990 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of daily necessities are also around 13.0 percent higher compared to the USA. If you compare incomes and price levels, life in Norway is cheaper than in the USA. In the end, the higher incomes cancel out the price disadvantage and one receives about 4.7 percent more for the typical income in the country.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2022

Economic performance 2021

In the Global Innovation Index, Norway ranked 22nd in 2022 with 48.8 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. 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 2021

Imports and Exports 2022

Development of imports and exports in billions of USD 1975 - 2022