The economic architecture of Norway is substantial, anchored by a Gross Domestic Product (GDP) of approximately $485.31B
2023
. This places it as the 31st largest economy out of 192 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $87.93K
2023
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $557.08B, offering a clearer picture of the population's domestic purchasing power. The economy is navigating a period of modest growth, recorded at 0.5%
2023
, while managing moderate inflation, with a CPI of 3.1%.
2024
On the global stage, Norway's trade and financial dynamics reveal a complex interplay of international and domestic factors. The country maintains a strong export-oriented economy, reflected in a significant trade surplus, with exports representing 47.2% of GDP compared to imports at 32.5%
2023
. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting 2.41% of the economy
2023
. This performance positions the country 77th globally out of 187 nations, confirming its status as a competitive destination for foreign capital. Furthermore, personal remittances from its diaspora are a vital component of the economy, amounting to a substantial $599.36M annually
2023
. The government's fiscal position is underpinned by a robust tax base, with tax revenue accounting for 26.9% of GDP, enabling significant public expenditure.
2023
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $102,910
2023
, ranking the nation 2nd out of 191. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The labor market demonstrates considerable strength, with a low unemployment rate of 4.0%, suggesting conditions close to full employment.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 78.5% of total employment
2023
. Despite its economic standing, poverty remains a salient issue, with 12.2% of the population living below the national poverty line
2021
. The country achieves a relatively equitable distribution of income, reflected in a low Gini index of 26.9.
2022
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 4,649.296 kg of oil equivalent
2023
, a metric that often correlates with industrial activity and living standards. The country is at the forefront of the global green transition, with renewable sources constituting a remarkable 61.4% of total final energy consumption
2021
. This commitment places it 156th among 191 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 56.72K tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

Balancing growth, inflation, and employment remains the core challenge for economic stewardship.

Trade & Investment Profile

The orientation towards global trade and foreign investment is a defining feature of the economic landscape.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

A global leader in the green transition, the country leverages its strong commitment to renewable energy as a key economic and diplomatic advantage.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.