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 (2021): Germany, United Kingdom, 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) | $428,345,597,568 (2021) |
| GDP Growth Rate (annual %) | 3.881% (2021) |
| GDP Per Capita, PPP (current international) | $79,201 (2021) |
GDP Country Rank 50/197 (2021)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 3.484% (2021) |
| External debt stocks, total (DOD, current US$) | Data unavailable |
| Total tax rate (% of commercial profits) | 36.2% (2019) |
| Real Interest Rate (5 year average %) | -12.52% (2021) |
| Manufacturing, value added (% of GDP) | 5.495% (2021) |
| Current Account Balance (BoP, current US$) | $71,551,065,671 (2021) |
Labor and Employment [1]
| Labor Force, Total | 2,971,470 (2021) |
| Employment in Agriculture (% of total employment) | 2.006% (2020) |
| Employment in Industry (% of total employment) | 19.104% (2020) |
| Employment in Services (% of total employment) | 78.89% (2020) |
| Unemployment Rate | 4.985% (2021) |
Trade [1]
| Imports of goods and services (current US$) | $141,350,523,865 (2021) |
| Exports of goods and services (current US$) | $200,451,455,180 (2021) |
| Total Merchandise Trade (% of GDP) | 53.481% (2021) |
| FDI, net inflows (BoP, current US$) | $10,696,791,834 (2021) |
| Commercial Service Exports (current US$) | $40,158,882,540 (2021) |
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.