Economy of Norway

Economy of Norway
Fiscal year	Calendar year
Trade organisations	EFTA, OECD, WTO, EEA and others
Country group	Advanced economy; High-income economy;
Statistics
Population	5,367,580 (1 January 2020)
GDP	$506.470 billion (nominal; 2025 est.); $597.420 billion (PPP; 2025 est.);
GDP rank	31st (nominal; 2023); 52nd (PPP; 2023);
GDP growth	3.3% (2022); 2.1% (2023); 1.5% (2024);
GDP per capita	$90,320 (nominal; 2025); $106,540 (PPP; 2025);
GDP per capita rank	4th (nominal; 2024); 5th (PPP; 2025);
GDP by sector	agriculture: 1.6%; industry: 34.7%; services: 63.5%; (2016 est.);
Inflation (CPI)	3.3% (2024 est.)
Population below poverty line	NA; 15.8% at risk of poverty or social exclusion (AROPE, 2023);
Gini coefficient	24.7 low (2023)
Human Development Index	0.966 very high (2022) (2nd); 0.903 very high IHDI (2nd) (2022);
Corruption Perceptions Index	84 out of 100 points (2023) (4th)
Labour force	2.8 million (Q2 2020); 80.4% employment rate (2023);
Labour force by occupation	agriculture: 2.1%; industry: 19.3%; services: 78.6%; (2016 est.);
Unemployment	3.9% (Jan. 2024) ; 12.8% youth unemployment (15 to 24-year-olds; June 2020); 129,000 unemployed (Q2 2020);
Average gross salary	63,644 kr / €5,401 monthly (2024)
Average net salary	45,772 kr / €3,882 monthly (2024)
Main industries	Petroleum; natural gas; shipping; fishing; aquaculture; food processing; shipbuilding; pulp and paper; metals; chemicals; timber; mining; textiles;
External
Exports	$102.8 billion (2017 est.)
Export goods	petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Main export partners	United Kingdom 19%; Germany 19%; Netherlands 8.3%; Sweden 7.7%; Poland 6.1%; France 5.9%; (2023);
Imports	$95.06 billion (2017 est.)
Import goods	machinery and equipment, chemicals, metals, foodstuffs
Main import partners	Germany 11.4%; China 11.2%; Sweden 10.8%; United States 7.6%; Netherlands 4.8%; Denmark 4.7%; (2023);
FDI stock	$236.5 billion (31 December 2017 est.); Abroad: $196.3 billion (31 December 2017 est.);
Current account	$73.13 billion (2024 est.)
Gross external debt	$642.3 billion (31 March 2016 est.);
Public finances
Government debt	36.5% of GDP (2017 est.)
Foreign reserves	$65.92 billion (31 December 2017 est.)
Budget balance	+4.4% (of GDP) (2017 est.)
Revenues	217.1 billion (2017 est.)
Expenses	199.5 billion (2017 est.)
Economic aid	$4.0 billion (donor), 1.1% of GDP (2017)
Credit rating	Standard & Poor's:; AAA (Domestic); AAA (Foreign); AAA (T&C Assessment); Outlook: Stable; Moody's:; Aaa; Outlook: Stable; Fitch:; AAA; Outlook: Stable; Scope:; AAA; Outlook: Stable;
	All values, unless otherwise stated, are in US dollars.

The economy of Norway is a highly developed mixed economy with state-ownership in strategic areas. Although sensitive to global business cycles, the economy of Norway has shown robust growth since the start of the industrial era. The country has a very high standard of living compared with other European countries. Norway's modern manufacturing and welfare system rely on a financial reserve produced by exploitation of natural resources, particularly North Sea oil. Among OECD nations, Norway has a relatively efficient and strong social security system; social expenditure in 2022 was below the OECD average and stood at roughly 20.7% of GDP.