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Indicators of economy in Norway

The essential economic performance of a country is reflected by the gross domestic product. So the total of all goods and services sold. Worldwide gross domestic product in 2020 was at about 10.915 US Dollar per capita. In contrast, the GDP in Norway reached 67.330 US dollars per inhabitant, or 362.20 bn US Dollar in the whole country. Norway is therefore currently ranked 31 of the major economies. If this is calculated per inhabitant taking into account the purchasing power parity, then Norway is in the list of the world's richest countries in place 11.

Inflation in Norway was in 2021 at around 3.48%. Within the EU, the average in the same year was 2.62%. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 23.8% higher.
The Corruption Perceptions Index for the public sector counts 67 and is compared to other countries moderate.


Back to overview: Norway

Impact of the Covid-19 pandemic in 2020

The consequences of the Covid pandemic in 2020 were considerable in Norway. Overall, gross domestic product in 2020 fell from 404.94 billion US Dollar auf 362.20 billion US Dollar. 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 has fallen from 2.2 percent previously to 1.3 percent by the end of 2020.

Unemployment rates in percent 1991 - 2021

Economic performance 2020

 Norway
Total
Norway
per capita
EU
Total
EU
per capita
GDP362.20 bn USD67,329.68 USD15,291.93 tn USD29,692.11 USD
Gross national product421.18 bn USD78,294.55 USD15,330.84 tn USD29,767.66 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. 8 of the 2000 largest listed companies in the world originate from Norway. This is determined annually in the Forbes Global 2000 list. The 8 largest companies in the country were in 2021:

Rank 344: DNB (Oslo)
Rank 441: Equinor (Stavanger)
Rank 488: Telenor (Fornebu)
Rank 931: Yara International (Oslo)
Rank 996: Norsk Hydro (Oslo)
Rank 1252: Storebrand (Lysaker)
Rank 1585: Sparebanken Nord-Norge (Tromsø)
Rank 1855: Gjensidige Forsikring (Oslo)

Development of the Gross domestic product in billion US Dollar 1960 - 2020


Household debt and deficits 2015


 Norway
Total
Norway
per capita
EU
Total
EU
per capita
Gross debt114.61 bn USD21,305.63 USD13,783.28 tn USD26,762.78 USD
Budget deficit-22.26 bn USD-4,138.26 USD1,053.73 bn USD2,046.02 USD

Please note: A negative budget deficit equivalents to a surplus


Im- and Exports 2020

 Norway
Total
Norway
per capita
EU
Total
EU
per capita
Imports119.31 bn USD22,178.83 USD7,340.01 bn USD14,251.98 USD
Exports117.81 bn USD21,899.71 USD7,939.04 bn USD15,415.11 USD


Development of imports and exports in billion US dollars 1975 - 2020

Exports
Imports



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