Economy of Norway information

Economy of Norway
Fiscal year	Calendar year
Trade organisations	EFTA, OECD, WTO, EEA and others
Country group	Developed/Advanced; High-income economy;
Statistics
Population	5,367,580 (1 January 2020)
GDP	$547 Billion (nominal; 2023); $425 billion (PPP; 2023);
GDP rank	30th (nominal; 2023); 52nd (PPP; 2023);
GDP growth	3.3% (2022); 2.1% (2023f); 2.5% (2024f);
GDP per capita	$92,646 (nominal; 2023); $78,128 (PPP; 2023);
GDP per capita rank	3rd (nominal; 2023); 7th (PPP; 2023);
GDP by sector	agriculture: 1.6%; industry: 34.7%; services: 63.5%; (2016 est.);
Inflation (CPI)	4.5% (Feb. 2024 est.)
Population below poverty line	NA; 16.2% at risk of poverty or social exclusion (AROPE, 2018);
Gini coefficient	24.8 low (2018, Eurostat)
Human Development Index	0.961 very high (2021) (2nd); 0.908 very high IHDI (2021);
Labour force	2.8 million (Q2 2020); 66.9% employment rate (Q2 2020);
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	€55,200 annual
Average net salary	€40,500 annual
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	$22.01 billion (2017 est.)
Gross external debt	$642.3 billion (31 March 2016 est.); Norway is a net external creditor;
Public finances
Government debt	36.5% of GDP (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) [1]
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;
Foreign reserves	$65.92 billion (31 December 2017 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

Norway bonds

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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, and a strongly integrated welfare system. Norway's modern manufacturing and welfare system rely on a financial reserve produced by exploitation of natural resources, particularly North Sea oil.^[21]^[22]^[23]^[24]^[25]

^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
^ "Population on 1 January". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.
^ ^a ^b ^c ^d "Report for Selected Countries and Subjects: April 2023". imf.org. International Monetary Fund.
^ ^a ^b ^c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. 11 April 2023.
^ ^a ^b ^c ^d ^e ^f ^g ^h ⁱ ^j ^k ^l ^m ⁿ "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 29 June 2019.
^ https://www.ssb.no/priser-og-prisindekser/konsumpriser/statistikk/konsumprisindeksen
^ "World Economic Outlook Database, April 2020". IMF.org. International Monetary Fund. Retrieved 15 April 2020.
^ "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Retrieved 13 January 2020.
^ "Gini coefficient of equivalised disposable income – EU-SILC survey". ec.europa.eu/eurostat. Eurostat. Retrieved 3 October 2019.
^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 October 2022.
^ "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 11 October 2022.
^ ^a ^b ^c "Labor Force Survey". ssb.no. Statistics Norway. Retrieved 29 September 2020.
^ https://www.ssb.no/arbeid-og-lonn/sysselsetting/artikler/arbeidsledighet-i-norge
^ "Unemployment rate by age group". data.oecd.org. OECD. Retrieved 8 September 2020.
^ SSB, https://www.ssb.no/utenriksokonomi/utenrikshandel/statistikk/utenrikshandel-med-varer/artikler/norges-viktigste-handelspartnere, 2023
^ SSB, https://www.ssb.no/utenriksokonomi/utenrikshandel/statistikk/utenrikshandel-med-varer/artikler/norges-viktigste-handelspartnere, 2023
^ "Sovereigns rating list". Standard & Poor's. Archived from the original on 28 September 2011. Retrieved 26 May 2011.
^ ^a ^b ^c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Archived from the original on 1 August 2013. Retrieved 31 May 2011.
^ "Scope affirms Norway's AAA rating with Stable Outlook". Scope Ratings. Retrieved 30 September 2023.
^ The economic effects of north sea oil on the manufacturing sector Archived 2 February 2014 at the Wayback Machine Hilde Christiane Bjørnland
^ Overview of the Norwegian oil and gas sector Archived 23 May 2013 at the Wayback Machine Embassy of Denmark, Oslo
^ "Archived copy" (PDF). Archived from the original (PDF) on 20 June 2013. Retrieved 28 December 2012.{{cite web}}: CS1 maint: archived copy as title (link)
^ The Oil Industry and Government Strategy in the North Sea Øystein Noreng
^ "The rich cousin". The Economist. 1 February 2013. Archived from the original on 1 February 2013. Retrieved 1 February 2013.

Cite error: There are <ref group=note> tags on this page, but the references will not show without a {{reflist|group=note}} template (see the help page).

[1] "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.

[2] "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.

[3] "Population on 1 January". ec.europa.eu/eurostat. Eurostat. Retrieved 13 July 2020.

[IMFWEONO-4] "Report for Selected Countries and Subjects: April 2023". imf.org. International Monetary Fund.

[IMF_forecast-5] "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. 11 April 2023.

[CIAWFNO-6] ^ ^a ^b ^c ^d ^e ^f ^g ^h ⁱ ^j ^k ^l ^m ⁿ "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 29 June 2019.

[7] ttps://www.ssb.no/priser-og-prisindekser/konsumpriser/statistikk/konsumprisindeksen

[2020/01-8] "World Economic Outlook Database, April 2020". IMF.org. International Monetary Fund. Retrieved 15 April 2020.

[9] "People at risk of poverty or social exclusion". ec.europa.eu/eurostat. Eurostat. Retrieved 13 January 2020.

[10] "Gini coefficient of equivalised disposable income – EU-SILC survey". ec.europa.eu/eurostat. Eurostat. Retrieved 3 October 2019.

[11] "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Retrieved 11 October 2022.

[12] "Inequality-adjusted HDI (IHDI)". hdr.undp.org. UNDP. Retrieved 11 October 2022.

[SSBLFS-13] "Labor Force Survey". ssb.no. Statistics Norway. Retrieved 29 September 2020.

[14] ttps://www.ssb.no/arbeid-og-lonn/sysselsetting/artikler/arbeidsledighet-i-norge

[15] "Unemployment rate by age group". data.oecd.org. OECD. Retrieved 8 September 2020.

[16] SSB, https://www.ssb.no/utenriksokonomi/utenrikshandel/statistikk/utenrikshandel-med-varer/artikler/norges-viktigste-handelspartnere, 2023

[17] SSB, https://www.ssb.no/utenriksokonomi/utenrikshandel/statistikk/utenrikshandel-med-varer/artikler/norges-viktigste-handelspartnere, 2023

[19] "Sovereigns rating list". Standard & Poor's. Archived from the original on 28 September 2011. Retrieved 26 May 2011.

[guardian-20] Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Archived from the original on 1 August 2013. Retrieved 31 May 2011.

[Scope-21] "Scope affirms Norway's AAA rating with Stable Outlook". Scope Ratings. Retrieved 30 September 2023.

[22] The economic effects of north sea oil on the manufacturing sector Archived 2 February 2014 at the Wayback Machine Hilde Christiane Bjørnland

[23] Overview of the Norwegian oil and gas sector Archived 23 May 2013 at the Wayback Machine Embassy of Denmark, Oslo

[24] "Archived copy" (PDF). Archived from the original (PDF) on 20 June 2013. Retrieved 28 December 2012.{{cite web}}: CS1 maint: archived copy as title (link)

[25] The Oil Industry and Government Strategy in the North Sea Øystein Noreng

[the-economist-26] "The rich cousin". The Economist. 1 February 2013. Archived from the original on 1 February 2013. Retrieved 1 February 2013.

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