Norway: Economy
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Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
High Income |
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Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
Developed |
| Economic Trivia | Norway is the world's third-largest natural gas exporter; and seventh largest oil exporter. |
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Trade
Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. |
Top 3 Trade Partners (2018): United Kingdom, Germany, and Sweden |
| Top Industries Source: CIA World Factbook | Petroleum and Gas; Food Processing; Shipbuilding; Pulp and Paper Products |
Gross Domestic Product (GDP) [1]
| GDP, PPP (current international) | $348,145,261,704 (2018) |
| GDP Growth Rate (annual %) | 1.29% (2018) |
| GDP Per Capita, PPP (current international) | $65,511 (2018) |
GDP Country Rank 53/196 (2018)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 2.765% (2018) |
| External debt stocks, total (DOD, current US$) | Data unavailable |
| Total tax rate (% of commercial profits) | 36.2% (2019) |
| Real Interest Rate (5 year average %) | 10.006% (2009) |
| Manufacturing, value added (% of GDP) | 5.899% (2018) |
| Current Account Balance (BoP, current US$) | $31,372,952,650 (2018) |
Labor and Employment [1]
| Labor Force, Total | 2,809,515 (2019) |
| Employment in Agriculture (% of total employment) | 2.023% (2019) |
| Employment in Industry (% of total employment) | 19.088% (2019) |
| Employment in Services (% of total employment) | 78.888% (2019) |
| Unemployment Rate | 3.967% (2019) |
Trade [1]
| Imports of goods and services (current US$) | $141,679,557,332 (2018) |
| Exports of goods and services (current US$) | $166,900,830,003 (2018) |
| Total Merchandise Trade (% of GDP) | 48.506% (2018) |
| FDI, net inflows (BoP, current US$) | ($19,061,359,861) (2018) |
| Commercial Service Exports (current US$) | $44,402,121,061 (2018) |
Economic Snapshot [1]
Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.
How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Norway’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.