Economy - overview:
The Norwegian economy is a prosperous mixed economy, with a vibrant private sector, a large state sector, and an extensive social safety net. The government controls key areas, such as the vital petroleum sector, through extensive regulation and large-scale state-majority-owned enterprises. The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on the petroleum sector, which accounts for the largest portion of export revenue and about 30% of government revenue. Norway is the world's third-largest natural gas exporter; and seventh largest oil exporter, making one of its largest offshore oil finds in 2011. Norway opted to stay out of the EU during a referendum in November 1994; nonetheless, as a member of the European Economic Area, it contributes sizably to the EU budget. In anticipation of eventual declines in oil and gas production, Norway saves state revenue from the petroleum sector in the world's largest sovereign wealth fund, valued at over $870 billion in December 2014 and annually uses up to 4% of the fund, it’s projected long term return, to help finance public expenses. After solid GDP growth in 2004-07, the economy slowed in 2008, and contracted in 2009, before returning to positive growth in 2010-14. Nevertheless, the government budget remains in surplus. Lower oil prices in 2015 may cause the economy to contract as higher costs production costs in the North Sea deter investment.
GDP (purchasing power parity):
$345.2 billion (2014 est.)
$337.6 billion (2013 est.)
$335.1 billion (2012 est.)
note: data are in 2014 US dollars
country comparison to the world: 50
GDP (official exchange rate):
$500.2 billion (2014 est.)
GDP - real growth rate:
2.2% (2014 est.)
0.7% (2013 est.)
2.7% (2012 est.)
country comparison to the world: 156
GDP - per capita (PPP):
$66,900 (2014 est.)
$65,500 (2013 est.)
$65,000 (2012 est.)
note: data are in 2014 US dollars
country comparison to the world: 12
Gross national saving:
37.2% of GDP (2014 est.)
38.3% of GDP (2013 est.)
39% of GDP (2012 est.)
country comparison to the world: 15
GDP - composition, by end use:
household consumption: 41.1%
government consumption: 21.3%
investment in fixed capital: 22.3%
investment in inventories: 3.8%
exports of goods and services: 39%
imports of goods and services: -27.6%
(2014 est.)
GDP - composition, by sector of origin:
agriculture: 1.7%
industry: 41.8%
services: 56.5% (2014 est.)
Agriculture - products:
barley, wheat, potatoes; pork, beef, veal, milk; fish
Industries:
petroleum and gas, shipping, fishing, aquaculture, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles
Industrial production growth rate:
0.8% (2014 est.)
country comparison to the world: 157
Labor force:
2.724 million (2014 est.)
country comparison to the world: 110
Labor force - by occupation:
agriculture: 2.2%
industry: 20.2%
services: 77.6% (2012)
Unemployment rate:
3.5% (2014 est.)
3.5% (2013 est.)
country comparison to the world: 28
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: 3.9%
highest 10%: 21% (2008)
Distribution of family income - Gini index:
26.8 (2010)
25.8 (1995)
country comparison to the world: 135
Budget:
revenues: $294.3 billion
expenditures: $230.5 billion (2014 est.)
Taxes and other revenues:
57.5% of GDP (2014 est.)
country comparison to the world: 5
Budget surplus (+) or deficit (-):
12.5% of GDP (2014 est.)
country comparison to the world: 4
Public debt:
29.6% of GDP (2014 est.)
29.7% of GDP (2013 est.)
note: data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data exclude treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions
country comparison to the world: 129
Fiscal year:
calendar year
Inflation rate (consumer prices):
2% (2014 est.)
2.1% (2013 est.)
country comparison to the world: 98
Central bank discount rate:
6.25% (31 December 2010)
1.75% (31 December 2009)
country comparison to the world: 60
Commercial bank prime lending rate:
2.5% (31 December 2014 est.)
2.5% (31 December 2013 est.)
country comparison to the world: 179
Stock of narrow money:
$146.1 billion (31 December 2014 est.)
$144.2 billion (31 December 2013 est.)
country comparison to the world: 29
Stock of broad money:
$323.9 billion (31 December 2014 est.)
$310 billion (31 December 2013 est.)
country comparison to the world: 32
Stock of domestic credit:
$731.1 billion (31 December 2014 est.)
$689.2 billion (31 December 2013 est.)
country comparison to the world: 21
Market value of publicly traded shares:
$252.9 billion (31 December 2012 est.)
$219.2 billion (31 December 2011)
$250.9 billion (31 December 2010 est.)
country comparison to the world: 33
Current account balance:
$42.33 billion (2014 est.)
$57.39 billion (2013 est.)
country comparison to the world: 10
Exports:
$150.2 billion (2014 est.)
$158.3 billion (2013 est.)
country comparison to the world: 32
Exports - commodities:
petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Exports - partners:
UK 22.9%, Germany 16.9%, Netherlands 12.9%, France 6%, Sweden 5.7%, Belgium 4.8% (2014)
Imports:
$91.03 billion (2014 est.)
$92.83 billion (2013 est.)
country comparison to the world: 37
Imports - commodities:
machinery and equipment, chemicals, metals, foodstuffs
Imports - partners:
Sweden 12.3%, Germany 11.9%, China 9.4%, UK 6.5%, US 6.2%, Denmark 6.1% (2014)
Reserves of foreign exchange and gold:
$58.28 billion (31 December 2013 est.)
country comparison to the world: 38
Debt - external:
$720.6 billion (31 December 2012 est.)
$595.7 billion (31 December 2011)
note: Norway is a net external creditor
country comparison to the world: 19
Stock of direct foreign investment - at home:
$294.2 billion (31 December 2014 est.)
$282.5 billion (31 December 2013 est.)
country comparison to the world: 21
Stock of direct foreign investment - abroad:
$279.6 billion (31 December 2014 est.)
$271.6 billion (31 December 2013 est.)
country comparison to the world: 20
Exchange rates:
Norwegian kroner (NOK) per US dollar -
6.163 (2014 est.)
5.876 (2013 est.)
5.82 (2012 est.)
5.6065 (2011 est.)
6.0442 (2010 est.)