Norsko
Stunning fjords, breathtaking mountains and spectcular wildlife combine with a high quality of life make Norway a unique place to live.
Total area: 323,802 sq km (roughly the size of Montana)
Population: 5.5 million
Government type: Constitutional monarchy with a parliamentary system
Administrative division: 19 counties (called “fylker”)
Capital + other major cities: Oslo (580,000) + Bergen (214,000), Trondheim (147,000), Stavanger (122,000)
Currency: Norwegian kroner (NOK)
Languages: Norwegian (Bokmål and Nynorsk), Sami
Ethnicity: Norwegian (81.5%), other European (8.9%), other 9.6% (2021 est.)
Religion: Evangelical Lutheran (67.5%), Muslim (3.1%), Roman Catholic 3.1%, other Christian 3.8%, other 2.6%, unspecified 19.9%
King: Harald V.
Prime Minister: (Mr.) Jonas Gahr Støre (since 2021)
Date of EU accession: Not an EU Member
KEY FEATURES
- Part of the European Economic Area (EEA)
- Founding Member of NATO
- The largest European oil & gas producer
- Ranks first in the World Press Freedom
- Boasts the highest electric vehicle adoption rate in the world
MACROECONOMIC OVERVIEW
Norway is an open economy with high standards of living, ranking as one of the world’s wealthiest countries with a GDP per capita of USD 108,730, placing it 5th in the World Bank’s ranking. The economic boom dates back to the 1970s with the discovery of large oil and gas reserves in the North Sea, making the country the most important European producer of these raw materials.
The pandemic has had mild consequences on its economy; Norway experienced a slight contraction followed by steady growth. Inflation has remained below 6%, and long-term unemployment rates have hovered around 4%. Persistent challenges for the economy include a shortage of skilled labor in certain sectors, competitiveness gaps, and heavy reliance on the robust petroleum industry.
Selected economic indicators, Norway, 2017 - 2023
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ||
| GDP |
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| Real GDP growth |
%
|
2.5 | 0.8 | 1.1 | -1.3 | 3.9 | 3.0 | 0.5 |
| GDP at current prices |
€ bn
|
356.2 | 372.6 | 365.1 | 322.8 | 425.4 | 565.0 | 448.7 |
| Foreign trade |
|
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|
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|
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| Exports |
€ bn
|
130.8 | 142.4 | 133.7 | 103.9 | 183.0 | 313.3 | 211.7 |
| Imports |
€ bn
|
115.3 | 118.4 | 125.0 | 106.9 | 119.9 | 153.3 | 145.6 |
| Balance |
€ bn
|
15.5 | 24 | 8.7 | -3 | 63.1 | 160 | 66.1 |
| Prices |
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| CPI – average inflation rate |
%
|
1.9 | 2.8 | 2.2 | 1.3 | 3.5 | 5.8 | 5.5 |
| PPI – industry – average |
%
|
2.9 | 8.6 | 3.2 | -2.1 | 12.5 | 25.9 | 6.5 |
| Employment |
|
|||||||
| Registered unemployment |
%
|
4.4 | 4.0 | 3.9 | 4.7 | 4.4 | 3.2 | 3.6 |
| Average monthly gross wage |
€
|
4,802 | 4,793 | 4,869 | 4,556 | 5,029 | 5,262 | 4,944 |
| Exchange rates* |
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| USD/NOK average (NOK per USD) |
|
8.2 | 8.1 | 8.8 | 9.4 | 8.5 | 9.6 | 10.5 |
| EUR/NOK |
|
9.3 | 9.6 | 9.8 | 10.7 | 10.1 | 10.1 | 11.4 |
Source: IMF, OECD, World Bank, Eurostat, ECB, 2017-2023
* For the current exchange rate, please see www.xe.com
KEY SECTORS
Norway’s economy derives its largest source of national income from the extraction and export of offshore oil and gas. Other significant industries include fishing, steel, shipping, and tourism. The three main ocean industry sectors — petroleum, seafood, and maritime — collectively employ approximately 225,000 Norwegians.
While smaller compared to other sectors, manufacturing is diverse, ranging from advanced machinery and equipment to chemicals and processed metals. Key manufacturing sectors encompass aluminum production, chemicals, and industrial machinery.
Oil and Gas Industry
The country is one of the world's leading producers and exporters of oil and natural gas. Equinor (formerly Statoil) is the largest energy operator in this sector. Exports of crude oil, natural gas, and refined petroleum products constitute nearly 70% of the country’s total exports and contribute 20% to GDP. Since 1990, revenues from these exports have funded the Government Pension Fund Global (GPFG), commonly known as the Norwegian Oil Fund, which aims to ensure that the income will be used to benefit both current and future generations. It stands as the wealthiest fund in the world.
Maritime Industry
Norway excels globally in shipping, shipbuilding and marine technology, ranking as the world’s fifth-largest shipping nation after China, Japan, Greece and Germany. The industry employs around 90,000 people. Norway is at the forefront of maritime innovation, focusing on green technology and automation, and developing hybrid and fully electric ships, as well as autonomous vessel technology. Major shipyards include Ulstein Group, Vard Group, and Kleven Maritime.
Aquaculture
Leveraging its extensive coastline, Norway holds a significant position in the seafood industry, notably in salmon farming. In 2022, Norwegian exports of farmed salmon reached 1.2 million tons, solidifying its global leadership in this sector.
Renewables and Cleantech
Norway is a pioneer in renewable energy, particularly hydroelectric power, which provides the bulk of the country’s electricity. The country has set high environmental goals and invests in renewable energy projects, energy-efficient technologies, and sustainable infrastructure. Norway is, for example, investing in Carbon Capture and Storage (CCS) technologies to mitigate greenhouse gas emissions.
ICT and technology
Norway has a growing technology sector, with a focus on digitalization, software development, cybersecurity data centers and IT services. Key technology hubs are situated in Oslo, Bergen, and Trondheim, driving innovation and economic growth in these areas.
EXPORTS & IMPORTS
Norway typically runs a trade surplus due to its substantial export revenues from petroleum and natural gas.
2023 export and import data:
Main import partners:
Germany – 11.4%
China – 11.1%
Sweden – 10.8%
USA – 7.6%
Netherlands – 4.8%
Main export partners:
United Kingdom – 19%
Germany – 19%
Netherlands – 8.3%
Sweden – 7.7%
Poland – 6.1%
France – 5.9%
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