Countries
Norway
Key Economic Indicators
$568.58 billion
$102,038
2.1%
3.15%
4.64%
$483.727 billion (2024 est.)
<strong>note:</strong> data cover general government debt and include debt instr
$71.65 billion
Economic Overview
<p>high-income, non-EU economy with trade links via European Economic Area (EEA); key role in European energy security as leader in oil, gas, and electricity exports; major fishing, forestry, and oil(?) extraction industries; oil sovereign fund supports generous welfare system; low unemployment; inflation moderating but remains above target level</p>
All Economic Data
Agricultural products
milk, barley, potatoes, oats, wheat, pork, chicken, beef, eggs, carrots/turnips (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
3.9% of household expenditures (2023 est.)
On food:
11.7% of household expenditures (2023 est.)
Budget
Expenditures:
$178.156 billion (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$261.945 billion (2023 est.)
Currency
code:
NOK
name:
Norwegian krone (NOK) [kr]
Current account balance
$71.65 billion
Current account balance 2022:
$170.714 billion (2022 est.)
Current account balance 2023:
$84.104 billion (2023 est.)
Current account balance 2024:
$82.511 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
Currency:
Norwegian kroner (NOK) per US dollar -
Exchange rates 2020:
9.416 (2020 est.)
Exchange rates 2021:
8.59 (2021 est.)
Exchange rates 2022:
9.614 (2022 est.)
Exchange rates 2023:
10.563 (2023 est.)
Exchange rates 2024:
10.746 (2024 est.)
Exports
$229.67 billion
Exports 2022:
$323.875 billion (2022 est.)
Exports 2023:
$230.882 billion (2023 est.)
Exports 2024:
$229.205 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
natural gas, crude petroleum, fish, refined petroleum, aluminum (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
Germany 18%, UK 17%, Sweden 9%, Denmark 7%, Netherlands 6% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$12.04 billion
GDP - composition, by end use
Exports of goods and services:
47.9% (2023 est.)
Government consumption:
22% (2023 est.)
Household consumption:
37.7% (2023 est.)
Imports of goods and services:
-32.5% (2023 est.)
Investment in fixed capital:
21.7% (2023 est.)
Investment in inventories:
2.6% (2023 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
2% (2024 est.)
Industry:
37% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
51.8% (2024 est.)
GDP (official exchange rate)
$483.727 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$86,785
Gini Index coefficient - distribution of family income
27.6 (2018)
Gini Index coefficient - distribution of family income 2022:
26.9 (2022 est.)
Note:
<strong>note:</strong> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$505.79 billion
GNI per capita
$98,170
Gross domestic investment
24 % of GDP
Household income or consumption by percentage share
Highest 10%:
22% (2022 est.)
Lowest 10%:
3.5% (2022 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$163.8 billion
Imports 2022:
$160.649 billion (2022 est.)
Imports 2023:
$156.11 billion (2023 est.)
Imports 2024:
$162.467 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
cars, refined petroleum, ships, nickel, garments (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Sweden 11%, Germany 11%, China 11%, USA 7%, Netherlands 5% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
2.4% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
petroleum and gas, shipping, fishing, aquaculture, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles
Inflation rate (consumer prices)
3.15%
Inflation rate (consumer prices) 2022:
5.8% (2022 est.)
Inflation rate (consumer prices) 2023:
5.5% (2023 est.)
Inflation rate (consumer prices) 2024:
3.1% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
3.042 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
3.09 million persons
Labor force - by occupation
agriculture:
2.5%
industry:
17.84%
services:
79.66%
Population below poverty line
12.2% (2021 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Note:
<strong>note:</strong> data cover general government debt and include debt instruments issued (or owned) by government entities other than the treasury; the data exclude treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as intragovernmental debt; intragovernmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at
Public debt 2017:
36.5% of GDP (2017 est.)
Real GDP (purchasing power parity)
$568.58 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$496.877 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$497.236 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$507.68 billion (2024 est.)
Real GDP growth rate
2.1%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
3.2% (2022 est.)
Real GDP growth rate 2023:
0.1% (2023 est.)
Real GDP growth rate 2024:
2.1% (2024 est.)
Real GDP per capita
$102,038
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$91,100 (2022 est.)
Real GDP per capita 2023:
$90,100 (2023 est.)
Real GDP per capita 2024:
$91,100 (2024 est.)
Remittances
$947.02 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
0.1% of GDP (2022 est.)
Remittances 2023:
0.1% of GDP (2023 est.)
Remittances 2024:
0.1% of GDP (2024 est.)
Reserves of foreign exchange and gold
$81.24 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$72.077 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$80.459 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$81.242 billion (2024 est.)
Revenue (excl grants)
54 % of GDP
Tax revenue
27 % of GDP
Taxes and other revenues
27.1% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
4.64%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
3.3% (2022 est.)
Unemployment rate 2023:
3.6% (2023 est.)
Unemployment rate 2024:
4% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
10.8% (2024 est.)
Male:
12.3% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
11.6% (2024 est.)
World Bank Indicators
Currency
Norwegian krone (NOK) kr (2025)
Gini Index
27.60 (2018)
Languages
Norwegian Nynorsk, Norwegian Bokml, Sami (2025)
Economic Rankings
GDP per Capita
#7
Exports
#28
GDP (Nominal)
#31
Reserves
#32
Imports
#35
GDP (PPP)
#49
Unemployment Rate
#113
Inflation Rate
#148
GDP Growth Rate
#149
Gini Index
#162
Quick Facts
Industries
petroleum and gas, shipping, fishing, aquaculture, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles
Agricultural products
milk, barley, potatoes, oats, wheat, pork, chicken, beef, eggs, carrots/turnips (2023)
Labor force
3.042 million (2024 est.)
Exports - partners
Germany 18%, UK 17%, Sweden 9%, Denmark 7%, Netherlands 6% (2023)
Imports - partners
Sweden 11%, Germany 11%, China 11%, USA 7%, Netherlands 5% (2023)
Exchange rates
Norwegian kroner (NOK) per US dollar -
Explore More
Our Partners
Trusted partner applications powering global data and insights