Economy of Norway
Population: 5.31 M (2018)
GDP per Capita: 81,697 USD (2018)
434,170 M.

GDP USD

(2018)

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166,900 M.

EXPORTS USD

(2018)

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141,680 M.

IMPORTS USD

(2018)

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40.60 %

PUBLIC DEBT

(2019)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 1.29 % (2018)
GDP of 2010 USD USD 489.30 B. (2018)
GDP Current USD USD 434.17 B. (2018)
GDP per Capita Current USD USD 81,697 (2018)
GDP per capita, PPP USD 65,389 (2018)
GDP per Capita, 2010 USD USD 92,078 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 23.42 % (2018)
Government Spending USD 101.66 B. (2018)
Government Debt % GDP 40.60 % (2019)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 133.47 (2018)
Trade Openness 71.07 % (2018)
Exports of Goods and Services % GDP 38.44 % (2018)
Exports Goods & Services USD 166.90 B. (2018)
Exports Annual Growth 1.70 % (2017)
Imports as % GDP 32.63 % (2018)
Total Imports USD 141.68 B. (2018)
Foreign Direct Investment % GDP 1.48 % (2017)
Foreign Direct Investment USD 6.01 B. (2017)
Current Account Balance % GDP USD 7.23 % (2018)
Current Account Balance USD 31.37 B. (2018)
Trade Balance % GDP 5.81 % (2018)
Trade Balance USD 25.22 B. (2018)
Foreign Exchange Reserves incl Gold USD 63.15 B. (2018)
Remittances % GDP 0.15 % (2018)
Remittances 0.15 % (2018)
Balance of Payments USD 925 M. (2018)

Labor Market

Indicator Value
Labor Force 2.81 M. (2019)
Unemployment Rate 3.97 % (2019)
Unemployment Rate Females 3.24 % (2019)
Unemployment Rate Males 3.44 % (2019)
Youth Unemployment (ages 15-24) 10.34 % (2019)
Labor Force Participation Rate 63.36 % (2019)
Labor Force (Percent Female) 47.01 % (2019)
Female Labor Force Participation Rate 60.19 % (2019)
Male Labor Force Participation Rate 66.49 % (2019)
Dependent People 52.90 % (2018)

Agriculture Sector

Indicator Value
Forest Area 33.20 % (2016)
Forest Area km² 121,140 km² (2016)
Agricultural Land 2.69 % (2016)
Agricultural Land km² 9,837 km² (2016)
Employment 2.02 % (2019)
Value added % GDP 1.88 % (2018)
Agriculture Value added USD 8.18 B. (2018)
Crop Production Index 101.60 (2016)
Precipitation 1,414 mm (2014)
Arable Land 2 % (2016)
Cereal Yield 4,492 kg/hectare (2017)
Food production index 107 (2016)
Rural Population 18 % (2018)
Fertilizer use of Arable Land 204 kg/hectare (2016)
Livestock Production Index 109 (2016)
Economy of Norway

According to the World Bank and its latest published data, the economy of the Norway presents a growth rate of 1.29 % (2018) to the previous year.

With a population that reaches 5.31 M (2018) and a gross domestic product of USD 434.17 B. (2018), it translates a Gross Domestic Product per Capita of USD 81,697 placing its inhabitants on the threshold of an High-income country (according to the World Bank's updated classification).

Norway also has a workforce of 2.81 M. (2019) with an unemployment rate of 3.97 % (2019), where women represent 3.24 % (2019) and men 3.44 % (2019), the unemployment rate for young people between 15-24 years old stood at 10.34 % (2019). The total number of dependent people stands at 52.90 % (2018).

The central government spent 23.42 % (2018) of its gross domestic product that year, which in absolute terms is USD 101.66 B. (2018). Its consolidated public debt reached 40.60 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Norway exported USD 166.90 B. (2018), which represents 38.44 % (2018) of its gross domestic product, in that same sense its imports reached USD 141.68 B. (2018) with a direct foreign investment of USD 6.01 B. (2017).

Norway has a forest area of 121,140 km² (2016), which represents 33.20 % (2016) of its total area, an average rainfall of 1,414 mm (2014) per year and a population of 18 % (2018) living in rural areas. With a total area of 9,837 km² (2016) available for agriculture and 2.02 % (2019) of its employments, the agricultural sector contributes to the economy of the Norway about USD 8.18 B. (2018) (1.88 % (2018) of its GDP).