Economy of Norway. Statistics, Data and Indicators
Norway
| 99AAA | Credit rank #9 |
| 176.27 | Quality of life #12 |
| 4 | Corruption rank#7 |
| 9 | Ease of doing business#7 |
Norway Major Economic Indicators
| Indicator | Data | Period |
|---|---|---|
| GDP Value | 579 USD Billion | 2022 |
| GDP Annual Growth Rate | 0.7 % | 2Q/23 |
| GDP Growth Rate | 0 % | 2Q/23 |
| GDP per capita | 79639 USD | 2022 |
| Inflation Rate YoY | 4.8 % | Aug/23 |
| Interest Rate | 4.25 % | Sep/23 |
| Unemployment Rate | 3.5 % | Jul/23 |
| Wages | 54000 NOK/Month | 5024.611 USD/Month | 2Q/23 |
| Balance of Trade | 61369 NOK Million | 5.71 B USD | Aug/23 |
| Current Account | 171339 NOK Million | 15.943 B USD | 2Q/23 |
| Foreign Exchange Reserves | 844895 NOK Million | 78.616 B USD | Aug/23 |
| Government Debt | 682331 NOK Million | 682.331 B USD | 2Q/23 |
GDP Indicators
| Indicator | Data | Period |
|---|---|---|
| GDP Value | 579 USD Billion | 2022 |
| GDP Annual Growth Rate | 0.7 % | 2Q/23 |
| GDP Growth Rate | 0 % | 2Q/23 |
| GDP per capita | 79639 USD | 2022 |
| Gross National Product | 1189865 NOK Million | 110.715 USD Billion | 2Q/23 |
| GDP Constant Prices | 937430 NOK Million | 87.226 B USD | 2Q/23 |
| GDP per capita PPP | 67462 USD | 2022 |
| GDP From Agriculture | 5681 NOK Million | 0.529 B USD | 2Q/23 |
| GDP From Construction | 56575 NOK Million | 5.264 B USD | 2Q/23 |
| GDP From Manufacturing | 59858 NOK Million | 5.57 B USD | 2Q/23 |
| GDP From Mining | 1638 NOK Million | 0.152 B USD | 2Q/23 |
| GDP From Public Administration | 60535 NOK Million | 5.633 B USD | 2Q/23 |
| GDP From Utilities | 6605 NOK Million | 0.615 B USD | 2Q/23 |
Budget Indicators
| Indicator | Data | Period |
|---|---|---|
| Government Debt to GDP | 37.4 % | 2022 |
| Government Budget Value | 295938 NOK Million | 27.537 USD Billion | 2Q/23 |
| Government Spending | 244040 NOK Million | 22.708 USD Billion | 2Q/23 |
| Government Debt | 682331 NOK Million | 682.331 USD Billion | 2Q/23 |
| Government Revenues | 765719 NOK Million | 71.249 USD Billion | 2Q/23 |
| Fiscal Expenditure | 469781 NOK Million | 43.712 B USD | 2Q/23 |
| Government Budget to GDP | 26 % | 2022 |
| Government Spending to GDP | 39.2 % | 2022 |
| Military Expenditure | 8388 USD Million | 8.388 B USD | 2022 |
Inflation Indicators
| Indicator | Data | Period |
|---|---|---|
| Consumer Price Index (CPI) | 130 index points | Aug/23 |
| Export Prices | 204 index points | 2Q/23 |
| Food Inflation | 8.95 % | Aug/23 |
| Gasoline Prices | 2.16 USD/Liter | Jul/23 |
| GDP Deflator | 132 index points | 2Q/23 |
| Import Prices | 209 index points | 2Q/23 |
| Inflation Rate YoY | 4.8 % | Aug/23 |
| Producer Prices | 157 index points | Aug/23 |
| Inflation Rate Mom | -0.8 % | Aug/23 |
| Core Consumer Prices | 126 Index Points | Aug/23 |
| Core Inflation Rate | 6.3 % | Aug/23 |
| CPI Housing Utilities | 130 Index Points | Aug/23 |
| CPI Transportation | 136 Index Points | Aug/23 |
| Harmonised Consumer Prices | 132 Index Points | Aug/23 |
| Producer Prices Change | -37.4 % | Aug/23 |
Trade Indicators
| Indicator | Data | Period |
|---|---|---|
| Current Account to GDP | 30.3 % | 2022 |
| Weapons Sales | 88 USD Million | 2022 |
| Balance of Trade | 61369 NOK Million | 5.71 USD Billion | Aug/23 |
| Capital Flows | 264961 NOK Million | 24.654 USD Billion | 2Q/23 |
| Current Account | 171339 NOK Million | 15.943 USD Billion | 2Q/23 |
| Exports | 140325 NOK Million | 13.057 USD Billion | Aug/23 |
| External Debt | 7901916 NOK Million | 735.26 USD Billion | 2Q/23 |
| Foreign Exchange Reserves | 844895 NOK Million | 78.616 USD Billion | Aug/23 |
| Imports | 78956 NOK Million | 7.347 USD Billion | Aug/23 |
| Terms of Trade | 97.33 Index Points | 2Q/23 |
Money Indicators
| Indicator | Data | Period |
|---|---|---|
| Interbank Rate | 4.72 % | Sep/23 |
| Interest Rate | 4.25 % | Sep/23 |
| Loans to Private Sector | 2234715 NOK Million | 207.937 USD Billion | Jul/23 |
| Money Supply M0 | 83906 NOK Million | 7.807 USD Billion | Jul/23 |
| Money Supply M1 | 2795721 NOK Million | 260.137 USD Billion | Jul/23 |
| Money Supply M2 | 3114064 NOK Million | 289.759 USD Billion | Jul/23 |
| Central Bank Balance Sheet | 16277784 NOK Million | 1514.621 B USD | Aug/23 |
| Deposit Interest Rate | 3.25 % | Sep/23 |
| Foreign Direct Investment | -18872 NOK Million | -1.756 B USD | 2Q/23 |
Labor Indicators
| Indicator | Data | Period |
|---|---|---|
| Retirement Age Men | 62 | 2022 |
| Retirement Age Women | 62 | 2022 |
| Unemployment Rate | 3.5 % | Jul/23 |
| Wages | 54000 NOK/Month | 5024.611 USD/Month | 2Q/23 |
| Youth Unemployment Rate | 10.7 % | Jul/23 |
| Employed Persons | 2880 Thousand Person | 2.88 Million Person | Jul/23 |
| Employment Change | 0.1 % | 2Q/23 |
| Employment Rate | 70.1 % | 2Q/23 |
| Full Time Employment | 2046 Thousand Person | 1Q/23 |
| Job Vacancies | 128100 | 128.1 K | 2Q/23 |
| Labor Force Participation Rate | 72.6 % | 2Q/23 |
| Long Term Unemployment Rate | 0.4 % | 2Q/23 |
| Part Time Employment | 672 Thousand Persons | 1Q/23 |
| Unemployed Persons | 66031 Persons | 0.066 Million Persons | Aug/23 |
| Wage Growth | 5.06 % | 2Q/23 |
Taxes
| Indicator | Data | Period |
|---|---|---|
| Corporate Tax Rate | 22 % | 2023 |
| Personal Income Tax Rate | 38.2 % | 2021 |
| Sales Tax Rate | 25 % | 2023 |
| Social Security Rate | 22.1 % | 2022 |
| Social Security Rate For Companies | 14.1 % | 2023 |
| Social Security Rate For Employees | 7.9 % | 2023 |
Production Indicators
| Indicator | Data | Period |
|---|---|---|
| Crude Oil Production | 1792 BBL/D/1K | May/23 |
| Electricity Production | 12199 GWh | Aug/23 |
| Industrial Production | -1.5 % | Jul/23 |
| Mining Production | 5.7 % | Jul/23 |
| Steel Production | 41.2 Thousand Tonnes | Dec/20 |
| Industrial Production (MoM) | 2.3 % | Jul/23 |
Business Indicators
| Indicator | Data | Period |
|---|---|---|
| Bankruptcies | 225 companies | Jul/23 |
| Business Confidence | -5.3 index points | 2Q/23 |
| Corruption Index | 84 index points | 2022 |
| Corruption Rank | 4 place | 2022 |
| Ease of Doing Business | 9 place | 2019 |
| Manufacturing PMI | 51.4 index points | Aug/23 |
| Manufacturing Production | -2.3 % | Jul/23 |
| Competitiveness Index | 78.05 Index Points | 2019 |
| Competitiveness Rank | 17 | 2019 |
| Leading Economic Index | 0.2 % | Jul/23 |
Consumer Indicators
| Indicator | Data | Period |
|---|---|---|
| Consumer Confidence | -30.2 index points | 3Q/23 |
| Private Debt To GDP | 239 % | 2022 |
| Retail Sales MoM | -0.8 % | Jul/23 |
| Retail Sales YoY | -1.4 % | Jul/23 |
| Consumer Credit | 4240569 NOK Million | 394.578 USD Billion | Jul/23 |
| Consumer Spending | 416780 NOK Million | 38.781 USD Billion | 2Q/23 |
| Disposable Personal Income | 344210 NOK Million | 32.028 B USD | 2Q/23 |
| Household Spending | -2 % | Jul/23 |
| Households Debt To GDP | 78.7 % | 1Q/23 |
| Households Debt To Income | 205 % | 2021 |
Housing Market
| Indicator | Data | Period |
|---|---|---|
| New Home Sales | 9270 Units | Aug/23 |
