Economy of Norway

Economy of Norway
Fiscal year	Calendar year
Trade organisations	EFTA, OECD, WTO, EEA and others
Country group	Developed/Advanced; High-income economy;
Statistics
Population	5,367,580 (1 January 2020)
GDP	$547 Billion (nominal; 2023); $425 billion (PPP; 2023);
GDP rank	30th (nominal; 2023); 52nd (PPP; 2023);
GDP growth	3.3% (2022); 2.1% (2023f); 2.5% (2024f);
GDP per capita	$92,646 (nominal; 2023); $78,128 (PPP; 2023);
GDP per capita rank	3rd (nominal; 2023); 7th (PPP; 2023);
GDP by sector	agriculture: 1.6%; industry: 34.7%; services: 63.5%; (2016 est.);
Inflation (CPI)	4.5% (Feb. 2024 est.)
Population below poverty line	NA; 16.2% at risk of poverty or social exclusion (AROPE, 2018);
Gini coefficient	24.8 low (2018, Eurostat)
Human Development Index	0.961 very high (2021) (2nd); 0.908 very high IHDI (2021);
Labour force	2.8 million (Q2 2020); 66.9% employment rate (Q2 2020);
Labour force by occupation	agriculture: 2.1%; industry: 19.3%; services: 78.6%; (2016 est.);
Unemployment	3.9% (Jan. 2024) ; 12.8% youth unemployment (15 to 24-year-olds; June 2020); 129,000 unemployed (Q2 2020);
Average gross salary	€55,200 annual
Average net salary	€40,500 annual
Main industries	Petroleum; natural gas; shipping; fishing; aquaculture; food processing; shipbuilding; pulp and paper; metals; chemicals; timber; mining; textiles;
External
Exports	$102.8 billion (2017 est.)
Export goods	petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Main export partners	United Kingdom 19%; Germany 19%; Netherlands 8.3%; Sweden 7.7%; Poland 6.1%; France 5.9%; (2023);
Imports	$95.06 billion (2017 est.)
Import goods	machinery and equipment, chemicals, metals, foodstuffs
Main import partners	Germany 11.4%; China 11.2%; Sweden 10.8%; United States 7.6%; Netherlands 4.8%; Denmark 4.7%; (2023);
FDI stock	$236.5 billion (31 December 2017 est.); Abroad: $196.3 billion (31 December 2017 est.);
Current account	$22.01 billion (2017 est.)
Gross external debt	$642.3 billion (31 March 2016 est.); Norway is a net external creditor;
Public finances
Government debt	36.5% of GDP (2017 est.)
Budget balance	+4.4% (of GDP) (2017 est.)
Revenues	217.1 billion (2017 est.)
Expenses	199.5 billion (2017 est.)
Economic aid	$4.0 billion (donor), 1.1% of GDP (2017)
Credit rating	Standard & Poor's:; AAA (Domestic); AAA (Foreign); AAA (T&C Assessment); Outlook: Stable; Moody's:; Aaa; Outlook: Stable; Fitch:; AAA; Outlook: Stable; Scope:; AAA; Outlook: Stable;
Foreign reserves	$65.92 billion (31 December 2017 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Norway is a highly developed mixed economy with state-ownership in strategic areas. Although sensitive to global business cycles, the economy of Norway has shown robust growth since the start of the industrial era. The country has a very high standard of living compared with other European countries, and a strongly integrated welfare system. Norway's modern manufacturing and welfare system rely on a financial reserve produced by exploitation of natural resources, particularly North Sea oil.

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