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Norway

Headline economic indicators for Norway, with the most recent official readings.

Prices

Prices — Norway
Indicator Value Change
Inflation rate · 3.0% -0.14 (-4.4%)
Consumer price index · 149.6 +4.41 (+3.0%)
Inflation rate (monthly) · 3.4% +0.20 (+6.2%)
Harmonised consumer price index · 144.7 +0.82 (+0.6%)
House price index (quarterly) · 210.8 +5.88 (+2.9%)
House price inflation, year on year (quarterly) · 4.4% +0.56 (+14.6%)
Real house price index (quarterly) · 137.0 +2.78 (+2.1%)
Real house price growth, year on year (quarterly) · 1.3% +0.77 (+148.3%)
Producer prices, year on year (monthly) · 48.8% +18.70 (+62.1%)
GDP deflator inflation · 1.4% +1.37 (+3,634.9%)

GDP

GDP — Norway
Indicator Value Change
GDP growth rate · 1.1% -0.34 (-23.8%)
GDP per capita · 94,594.19 +4,705 (+5.2%)
GDP growth, quarter on quarter · 0.7% +0.30 (+75.0%)
GDP growth, year on year (quarterly) · 1.6% -0.30 (-15.8%)
Industrial production, year on year (monthly) · -0.6% +1.20 (+66.7%)
Retail sales volume, year on year (monthly) · -1.4% -0.50 (-55.6%)
GDP per capita, long-run history · 88,366 +2,032 (+2.4%)
GDP · 530,755,719,438.88 +29,869,391,405 (+6.0%)
GDP, PPP · 583,775,486,658 -4,974,984,648 (-0.8%)
GDP per capita, PPP · 104,044 -1,613 (-1.5%)
GDP per capita growth · 0.4% -0.07 (-16.1%)
GNI per capita · 97,310 -2,720 (-2.7%)
Agriculture to GDP · 1.6% -0.06 (-3.4%)
Industry to GDP · 34.5% -1.51 (-4.2%)
Manufacturing to GDP · 6.1% +0.35 (+6.0%)
Services to GDP · 55.0% +1.53 (+2.9%)
Household consumption to GDP · 42.5% +1.43 (+3.5%)
Gross capital formation to GDP · 23.2% -0.45 (-1.9%)
Gross savings to GDP · 37.3% -1.37 (-3.6%)

Labour

Labour — Norway
Indicator Value Change
Unemployment rate · 4.6% +0.64 (+15.9%)
Unemployment rate (monthly) · 5.0% +0.40 (+8.7%)
Labour force participation rate · 65.6% -0.23 (-0.3%)
Female labour force participation rate · 62.1% -0.21 (-0.3%)
Youth unemployment rate · 13.4% +1.29 (+10.7%)
Employment to population ratio · 62.6% -0.64 (-1.0%)
Employment in agriculture · 2.5% -0.06 (-2.4%)
Employment in industry · 17.8% -0.23 (-1.2%)
Employment in services · 79.7% +0.29 (+0.4%)

Money

Money — Norway
Indicator Value Change
Real interest rate · 4.4% -1.71 (-27.9%)
Central bank policy rate · 4.5% +0.25 (+5.9%)
Real effective exchange rate (monthly) · 103.2 +1.21 (+1.2%)
Nominal effective exchange rate (monthly) · 104.1 +1.23 (+1.2%)
Private sector credit to GDP (quarterly) · 224.2% +1.08 (+0.5%)
Credit-to-GDP gap (quarterly) · -11.70 pp +1.49 (+11.3%)
Debt service ratio, private sector (quarterly) · 28.3% +0.20 (+0.7%)
Debt service ratio, households (quarterly) · 20.9% +0.20 (+1.0%)
Debt service ratio, non-financial corporations (quarterly) · 36.2% +0.20 (+0.6%)
Broad money to GDP · 59.3% +1.14 (+2.0%)
Private sector credit to GDP · 124.4% +1.84 (+1.5%)
Lending rate · 5.9% -0.27 (-4.4%)
Bank deposit rate · 3.2% -0.05 (-1.7%)
Stock market capitalization to GDP · 69.7% +10.85 (+18.4%)
Bank nonperforming loans · 0.4% -0.01 (-2.6%)
Official exchange rate · 10.4 -0.35 (-3.3%)

Trade

Trade — Norway
Indicator Value Change
Current account to GDP · 14.1% -0.95 (-6.3%)
Exports to GDP · 45.4% -1.01 (-2.2%)
Imports to GDP · 33.7% +0.48 (+1.4%)
Trade to GDP · 79.1% -0.53 (-0.7%)
Exports of goods and services · 240,819,559,118.24 +8,511,005,415 (+3.7%)
Imports of goods and services · 178,757,867,735.47 +12,462,900,694 (+7.5%)
Trade balance, goods and services (annual) · 61,987,826,482.11 -3,997,084,650 (-6.1%)
Current account balance (annual) · 74,794,965,763.69 -547,334,700 (-0.7%)
Foreign direct investment to GDP · -1.3% -3.76 (-155.1%)
Remittances received to GDP · 0.2% +0.01 (+2.8%)
Total reserves, including gold · 85,494,772,693.9 +4,253,213,032 (+5.2%)
Reserves in months of imports · 4.4 +0.02 (+0.5%)

Government

Government — Norway
Indicator Value Change
Government debt to GDP · 30.9% -0.81 (-2.5%)
Government debt to GDP (quarterly) · 60.8% +11.70 (+23.8%)
Government revenue to GDP · 51.5% -0.81 (-1.5%)
Government expense to GDP · 34.5% +6.22 (+22.0%)
Tax revenue to GDP · 24.5% -1.57 (-6.0%)
Government budget balance to GDP · 13.6% -3.13 (-18.7%)
Government consumption to GDP · 22.6% +0.51 (+2.3%)
Education spending to GDP · 5.4% -1.53 (-22.0%)
Health spending to GDP · 9.4% +1.52 (+19.2%)

Demography

Demography — Norway
Indicator Value Change
Population · 5,610,870 +38,591 (+0.7%)
Population, long-run history · 5,458 +49.01 (+0.9%)
Population growth · 0.7% -0.26 (-27.3%)
Life expectancy · 83.2 +0.15 (+0.2%)
Fertility rate · 1.45 +0.05 (+3.6%)
Birth rate · 9.7 +0.30 (+3.2%)
Death rate · 7.9 +0.00 (+0.0%)
Urban population share · 83.6% +0.24 (+0.3%)
Population aged 65 and over · 19.1% +0.29 (+1.6%)
Under-five mortality rate · 2.5 +0.10 (+4.2%)
Population density · 15.3 +0.14 (+1.0%)
Net migration · 29,798 -14,558 (-32.8%)
Gini index · 26.5 -0.40 (-1.5%)

Source: Bank for International Settlements (BIS). Translated titles are not official BIS translations.

Source: Bolt, J. and van Zanden, J.L. (2024), Maddison style estimates of the evolution of the world economy: A new 2023 update, Journal of Economic Surveys, 1-41, DOI 10.1111/joes.12618. Licensed under CC BY 4.0. The original sources are listed on each page.

All data sources

Original sources of these estimates

GDP pc: 2008 - 2022: Total Economy Database the Conference Board for all countries included in TED. Otherwise UN national accounts statistics

Norway

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