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 (2019): 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) | $340,454,099,712 (2020) |
| GDP Growth Rate (annual %) | -0.762% (2020) |
| GDP Per Capita, PPP (current international) | $63,288 (2020) |
GDP Country Rank 53/197 (2020)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 1.287% (2020) |
| External debt stocks, total (DOD, current US$) | Data unavailable |
| Total tax rate (% of commercial profits) | 36.2% (2019) |
| Real Interest Rate (5 year average %) | 6.54% (2020) |
| Manufacturing, value added (% of GDP) | 6.661% (2020) |
| Current Account Balance (BoP, current US$) | $7,184,835,201 (2020) |
Labor and Employment [1]
| Labor Force, Total | 2,836,708 (2020) |
| Employment in Agriculture (% of total employment) | 2.006% (2020) |
| Employment in Industry (% of total employment) | 19.104% (2020) |
| Employment in Services (% of total employment) | 78.89% (2020) |
| Unemployment Rate | 4.62% (2020) |
Trade [1]
| Imports of goods and services (current US$) | $119,513,691,477 (2020) |
| Exports of goods and services (current US$) | $117,886,326,224 (2020) |
| Total Merchandise Trade (% of GDP) | 45.489% (2020) |
| FDI, net inflows (BoP, current US$) | $17,055,995,016 (2019) |
| Commercial Service Exports (current US$) | $35,413,666,730 (2020) |
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.