Economy of Norway

Economy of Norway
Calendar year
Trade organisations
EFTA, OECD, WTO, EEA and others
Country group
Statistics
Population5,367,580 (1 January 2020)[3]
GDP
GDP rank
GDP growth
  • 3.3% (2022)[4]
  • 2.1% (2023)[4]
  • 1.5% (2024)[4]
GDP per capita
  • Increase $103,446 (nominal; 2023)[4]
  • Increase $90,433 (PPP; 2024)[4]
GDP per capita rank
GDP by sector
3.3% (2024 est.)[4]
Population below poverty line
  • NA[5]
  • 15.8% at risk of poverty or social exclusion (AROPE, 2023)[6]
24.7 low (2023)[7]
Steady 84 out of 100 points (2023)[10] (4th)
Labour force
  • 2.8 million (Q2 2020)[11]
  • Decrease 80.4% employment rate (2023)[12]
Labour force by occupation
Unemployment
  • 3.9% (Jan. 2024) [13]
  • 12.8% youth unemployment (15 to 24-year-olds; June 2020)[14]
  • 129,000 unemployed (Q2 2020)[11]
Average gross salary
€55,200 annual
€40,500 annual
Main industries
External
Exports$102.8 billion (2017 est.)[5]
Export goods
petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Main export partners
Imports$95.06 billion (2017 est.)[5]
Import goods
machinery and equipment, chemicals, metals, foodstuffs
Main import partners
FDI stock
  • $236.5 billion (31 December 2017 est.)[5]
  • Abroad: $196.3 billion (31 December 2017 est.)[5]
$73.13 billion (2024 est.)[4]
  • $642.3 billion (31 March 2016 est.)[5]
Public finances
36.5% of GDP (2017 est.)[5][note 1]
+4.4% (of GDP) (2017 est.)[5]
Revenues217.1 billion (2017 est.)[5]
Expenses199.5 billion (2017 est.)[5]
Economic aid$4.0 billion (donor), 1.1% of GDP (2017) [1]
$65.92 billion (31 December 2017 est.)[5]
All values, unless otherwise stated, are in US dollars.
Norway bonds
  10 year
  5 year
  1 year
  6 month
  3 month
Norway's GDP, 1979 to 2004. Source: Statistics Norway.

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. Norway's modern manufacturing and welfare system rely on a financial reserve produced by exploitation of natural resources, particularly North Sea oil.[19][20][21][22][23] Among OECD nations, Norway has a highly efficient and strong social security system; social expenditure stood at roughly 22.6% of GDP.[24][25][26]

  1. ^ "World Economic Outlook Database, April 2024". IMF.org. International Monetary Fund.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Population on 1 January". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.
  4. ^ a b c d e f g h i "World Economic Outlook (October 2024)". imf.org. International Monetary Fund.
  5. ^ a b c d e f g h i j k l m "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 29 June 2019.
  6. ^ "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat.
  7. ^ "Gini coefficient of equivalised disposable income – EU-SILC survey". ec.europa.eu/eurostat. Eurostat.
  8. ^ "Human Development Index (HDI)" (PDF). hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 13 March 2024.
  9. ^ "Human Development Reports: Norway. IHDI–Inequality-adjusted HDI". hdr.undp.org. UNDP. Retrieved 13 March 2024.
  10. ^ "Corruption Perceptions Index". Transparency International. 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.
  11. ^ a b "Labor Force Survey". ssb.no. Statistics Norway. Retrieved 29 September 2020.
  12. ^ "Employment rate by sex, age group 20-64". ec.europa.eu/eurostat. Eurostat. Retrieved 20 July 2024.
  13. ^ "Arbeidsledighet i Norge".
  14. ^ "Unemployment rate by age group". data.oecd.org. OECD. Retrieved 8 September 2020.
  15. ^ a b SSB, https://www.ssb.no/utenriksokonomi/utenrikshandel/statistikk/utenrikshandel-med-varer/artikler/norges-viktigste-handelspartnere, 2023
  16. ^ "Sovereigns rating list". Standard & Poor's. Archived from the original on 28 September 2011. Retrieved 26 May 2011.
  17. ^ a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Archived from the original on 1 August 2013. Retrieved 31 May 2011.
  18. ^ "Scope affirms the Kingdom of Norway's AAA rating with Stable Outlook". Scope Ratings. Retrieved 6 September 2024.
  19. ^ The economic effects of north sea oil on the manufacturing sector Archived 2 February 2014 at the Wayback Machine Hilde Christiane Bjørnland
  20. ^ Overview of the Norwegian oil and gas sector Archived 23 May 2013 at the Wayback Machine Embassy of Denmark, Oslo
  21. ^ "Archived copy" (PDF). Archived from the original (PDF) on 20 June 2013. Retrieved 28 December 2012.{{cite web}}: CS1 maint: archived copy as title (link)
  22. ^ The Oil Industry and Government Strategy in the North Sea Øystein Noreng
  23. ^ "The rich cousin". The Economist. 1 February 2013. Archived from the original on 1 February 2013. Retrieved 1 February 2013.
  24. ^ Kenworthy, Lane (1999). "Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment" (PDF). Social Forces. 77 (3): 1119–1139. doi:10.2307/3005973. JSTOR 3005973. Archived (PDF) from the original on 10 August 2013.
  25. ^ Moller, Stephanie; Huber, Evelyne; Stephens, John D.; Bradley, David; Nielsen, François (2003). "Determinants of Relative Poverty in Advanced Capitalist Democracies". American Sociological Review. 68 (1): 22–51. doi:10.2307/3088901. JSTOR 3088901.
  26. ^ "Social Expenditure – Aggregated data". Organisation for Economic Co-operation and Development.


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