Norway - Economic Indicators

Europe Daily Briefing: BoE Hikes by 50

Sep 22, 2022

Download the full European Daily Briefing The Bank of England hiked its key interest rate by 50 basis points to 2.25% at its meeting on Thursday. Five members of the committee voted for the 50-basis point hike, three voted for a 75-basis point hike, and one voted for a 25-basis point hike. Concern about inflation has only risen since the last meeting when eight of the members voted for a 50-basis point hike and one voted for a 25-basis point hike....

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GDP Reference Last Previous Units Frequency
Real Private Consumption 2022 Q2 392,373 380,372 Mil. Ch. 2019 NOK, CDASA Quarterly
Real Government Consumption 2022 Q2 228,781 228,251 Mil. Ch. 2019 NOK, CDASA Quarterly
Real Fixed Investment (gross fixed capital formation) 2022 Q2 224,431 226,838 Mil. Ch. 2019 NOK, CDASA Quarterly
Investment 2022 Q2 314,546 273,479 Mil. NOK, CDASA Quarterly
Real Investment 2022 Q2 269,034 265,995 Mil. Ch. 2019 NOK, CDASA Quarterly
Private Consumption 2022 Q2 427,127 404,047 Mil. NOK, CDASA Quarterly
Nominal Gross Domestic Product 2022 Q2 1,270,649 1,245,335 Mil. NOK, CDASA Quarterly
Government Consumption 2022 Q2 451,981 427,823 Mil. NOK, CDASA Quarterly
Real Gross Domestic Product 2022 Q2 936,532 929,927 Mil. Ch. 2019 NOK, CDASA Quarterly
Nominal Fixed Investment (gross fixed capital formation) 2022 Q2 254,929 251,171 Mil. NOK, CDASA Quarterly
Price Reference Last Previous Units Frequency
Consumer Price Index (CPI) Aug 2022 123.9 123.4 Index 2015=100, SA Monthly
Producer Price Index (PPI) Aug 2022 257.19 238.96 Index 2015=100, SA Monthly
Wholesale Price Index 2016 100.22 108.93 Index 2010 = 100 Annual
Labor Reference Last Previous Units Frequency
Labor Force Employment Jul 2022 2,847 2,855 Ths. # 3-mo MA, SA Monthly
Labor Force Jul 2022 2,938 2,949 Ths. # 3-mo MA, SA Monthly
Unemployment Rate Jul 2022 3.1 3.2 % 3-mo MA, SA Monthly
Unemployment Jul 2022 91 94 Ths. 3-mo MA, SA Monthly
Agriculture Employment 2017 57,611 57,869 # Annual
Trade Reference Last Previous Units Frequency
Imports of Goods Aug 2022 90,151,672 75,534,617 Ths. NOK, NSA Monthly
Balance of Goods Aug 2022 197,696,789 153,304,424 Ths. NOK, NSA Monthly
Exports of Goods Aug 2022 287,848,461 228,839,041 Ths. NOK, NSA Monthly
Exports of Goods and Services 2022 Q2 631,261 643,514 Mil. NOK, CDASA Quarterly
Real Imports of Goods and Services 2022 Q2 310,514 297,644 Mil. Ch. 2019 NOK, CDASA Quarterly
Imports of Goods and Services 2022 Q2 381,323 351,595 Mil. NOK, CDASA Quarterly
Real Exports of Goods and Services 2022 Q2 333,956 331,061 Mil. Ch. 2019 NOK, CDASA Quarterly
Current Account Balance 2022 Q2 276,801 335,156 Mil. NOK, NSA Quarterly
Net Exports 2020 Q3 -12,046 -11,484 Mil. NOK, CDASA Quarterly
Real Net Exports 2019 Q1 -1,224 -611 Mil. Ch. 2016 NOK, CDASA Quarterly
Government Reference Last Previous Units Frequency
Government Revenues 2022 Q2 633,690 527,551 Mil. NOK, NSA Quarterly
Government Expenditures 2022 Q2 430,879 432,567 Mil. NOK, NSA Quarterly
Government Budget Balance 2022 Q2 202,811 94,984 Mil. NOK, NSA Quarterly
Outstanding Public Debt 2022 Q2 708,589 797,324 Mil. NOK, NSA Quarterly
Gross External Debt 2022 Q1 0 0 USD, NSA Quarterly
Markets Reference Last Previous Units Frequency
Lending Rate 26 Sep 2022 2.25 2.25 % p.a., NSA Business Daily
Stock Market Index 26 Sep 2022 1,282 Index, NSA Daily
Average Long-term Government Bond 26 Sep 2022 3.52 3.41 % p.a., NSA Business Daily
Money Market Rate Dec 2016 1.16 1.1 % Monthly
Real Estate Reference Last Previous Units Frequency
Dwelling Stocks 2022 1,582,747 1,573,172 # Annual
Residential Housing Starts Aug 2022 1,587 2,169 #, NSA Monthly
Residential Building Completions Aug 2022 1,683 1,922 #, NSA Monthly
House Price Index 2022 Q2 145.7 140.1 Index 2015=100, NSA Quarterly
Non-residential Building Completions 2022 Q2 101 125 #, NSA Quarterly
Building Permits 2022 Q2 7,465 8,006 #, NSA Quarterly
Non-residential Building Permits 2022 Q2 37 119 #, NSA Quarterly
Building Completions 2022 Q2 7,101 6,155 #, NSA Quarterly
Housing Starts 2022 Q2 7,423 8,049 #, NSA Quarterly
Non-residential Housing Starts 2022 Q2 89 99 #, NSA Quarterly
Consumer Reference Last Previous Units Frequency
Retail Sales Jul 2022 131.7 142.1 Index 2015=100, NSA Monthly
Personal Income 2020 2,192,090 2,115,812 Mil. NOK, NSA Annual
Business Reference Last Previous Units Frequency
Industrial Production Jul 2022 92.2 90.8 Index 2005=100, SA Monthly
Change in Inventories 2022 Q2 59,480 22,188 Mil. NOK, CDASA Quarterly
Capacity Utilization 2022 Q2 80.8 81.7 % WA, SA Quarterly
Business Confidence 2022 Q2 3.3 7.9 Balance of opinion, SA Quarterly
Real Change in Inventories 2019 Q1 31,468 32,631 Mil. Ch. 2016 NOK, CDASA Quarterly
Demographics Reference Last Previous Units Frequency
Births 2022 Q2 13,289 12,869 #, NSA Quarterly
Deaths 2022 Q2 10,911 11,936 #, NSA Quarterly
Population 2020 5,421,242 5,378,859 # Annual
Net Migration 2017 140,000 # Annual
Birth Rate 2016 11.2 11.3 # per Ths. pop. Annual
Death Rate 2015 7.8 7.9 # per Ths. pop. Annual

Factbook

Background

Background:
Two centuries of Viking raids into Europe tapered off following the adoption of Christianity by King Olav TRYGGVASON in 994; conversion of the Norwegian kingdom occurred over the next several decades. In 1397, Norway was absorbed into a union with Denmark that lasted more than four centuries. In 1814, Norwegians resisted the cession of their country to Sweden and adopted a new constitution. Sweden then invaded Norway but agreed to let Norway keep its constitution in return for accepting the union under a Swedish king. Rising nationalism throughout the 19th century led to a 1905 referendum granting Norway independence. Although Norway remained neutral in World War I, it suffered heavy losses to its shipping. Norway proclaimed its neutrality at the outset of World War II, but was nonetheless occupied for five years by Nazi Germany (1940-45). In 1949, Norway abandoned neutrality and became a member of NATO. Discovery of oil and gas in adjacent waters in the late 1960s boosted Norway's economic fortunes. In referenda held in 1972 and 1994, Norway rejected joining the EU. Key domestic issues include immigration and integration of ethnic minorities, maintaining the country's extensive social safety net with an aging population, and preserving economic competitiveness.

Geography

Location:
Northern Europe, bordering the North Sea and the North Atlantic Ocean, west of Sweden
Geographic coordinates:
62 00 N, 10 00 E
Map references:
Europe
Area:
total: 323,802 sq km
land: 304,282 sq km
water: 19,520 sq km
country comparison to the world: 69
Area - comparative:
slightly larger than twice the size of Georgia; slightly larger than New Mexico
Area comparison map:
Land boundaries:
total: 2,566 km
border countries (3): Finland 709 km, Sweden 1,666 km, Russia 191 km
Coastline:
25,148 km (includes mainland 2,650 km, as well as long fjords, numerous small islands, and minor indentations 22,498 km; length of island coastlines 58,133 km)
Maritime claims:
territorial sea: 12 nm
contiguous zone: 10 nm
exclusive economic zone: 200 nm
continental shelf: 200 nm
Climate:
temperate along coast, modified by North Atlantic Current; colder interior with increased precipitation and colder summers; rainy year-round on west coast
Terrain:
glaciated; mostly high plateaus and rugged mountains broken by fertile valleys; small, scattered plains; coastline deeply indented by fjords; arctic tundra in north
Elevation:
mean elevation: 460 m
elevation extremes: lowest point: Norwegian Sea 0 m
highest point: Galdhopiggen 2,469 m
Natural resources:
petroleum, natural gas, iron ore, copper, lead, zinc, titanium, pyrites, nickel, fish, timber, hydropower
Land use:
agricultural land: 2.7%
arable land 2.2%; permanent crops 0%; permanent pasture 0.5%
forest: 27.8%
other: 69.5% (2011 est.)
Irrigated land:
900 sq km (2012)
Population - distribution:
most Norwegians live in the south where the climate is milder and there is better connectivity to mainland Europe; population clusters are found all along the North Sea coast in the southwest, and Skaggerak in the southeast; the interior areas of the north remain sparsely populated
Natural hazards:
rockslides, avalanches
volcanism: Beerenberg (2,227 m) on Jan Mayen Island in the Norwegian Sea is the country's only active volcano
Environment - current issues:
water pollution; acid rain damaging forests and adversely affecting lakes, threatening fish stocks; air pollution from vehicle emissions
Environment - international agreements:
party to: Air Pollution, Air Pollution-Nitrogen Oxides, Air Pollution-Persistent Organic Pollutants, Air Pollution-Sulfur 85, Air Pollution-Sulfur 94, Air Pollution-Volatile Organic Compounds, Antarctic-Environmental Protocol, Antarctic-Marine Living Resources, Antarctic Seals, Antarctic Treaty, Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Environmental Modification, Hazardous Wastes, Law of the Sea, Marine Dumping, Ozone Layer Protection, Ship Pollution, Tropical Timber 83, Tropical Timber 94, Wetlands, Whaling
signed, but not ratified: none of the selected agreements
Geography - note:
about two-thirds mountains; some 50,000 islands off its much-indented coastline; strategic location adjacent to sea lanes and air routes in North Atlantic; one of the most rugged and longest coastlines in the world

People & Society

Population:
5,320,045 (July 2017 est.)
country comparison to the world: 120
Nationality:
noun: Norwegian(s)
adjective: Norwegian
Ethnic groups:
Norwegian 83.2% (includes about 60,000 Sami), other European 8.3%, other 8.5% (2017 est.)
Languages:
Bokmal Norwegian (official), Nynorsk Norwegian (official), small Sami- and Finnish-speaking minorities
note: Sami has three dialects: Lule, North Sami, and South Sami; Sami is an official language in nine municipalities in Norway's three northernmost countries: Finnmark, Nordland, and Troms
Religions:
Church of Norway (Evangelical Lutheran - official) 71.5%, Roman Catholic 2.8%, other Christian 3.9%, Muslim 2.8%, other 2%, unspecified 7.5% (2016 est.)
Age structure:
0-14 years: 18% (male 490,915/female 466,515)
15-24 years: 12.58% (male 343,103/female 326,053)
25-54 years: 41.01% (male 1,125,334/female 1,056,330)
55-64 years: 11.71% (male 315,223/female 307,639)
65 years and over: 16.71% (male 409,057/female 479,876) (2017 est.)
population pyramid:
Dependency ratios:
total dependency ratio: 52.1
youth dependency ratio: 27.3
elderly dependency ratio: 24.8
potential support ratio: 4
note: data include Svalbard and Jan Mayen Islands (2015 est.)
Median age:
total: 39.2 years
male: 38.4 years
female: 40 years (2017 est.)
country comparison to the world: 57
Population growth rate:
1.01% (2017 est.)
country comparison to the world: 113
Birth rate:
12.2 births/1,000 population (2017 est.)
country comparison to the world: 164
Death rate:
8.1 deaths/1,000 population (2017 est.)
country comparison to the world: 87
Net migration rate:
5.9 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 17
Population distribution:
most Norweigans live in the south where the climate is milder and there is better connectivity to mainland Europe; population clusters are found all along the North Sea coast in the southwest, and Skaggerak in the southeast; the interior areas of the north remain sparsely populated
Urbanization:
urban population: 81% of total population (2017)
rate of urbanization: 1.31% annual rate of change (2015-20 est.)
note: data include Svalbard and Jan Mayen Islands
Major urban areas - population:
OSLO (capital) 986,000 (2015)
Sex ratio:
at birth: 1.05 male(s)/female
0-14 years: 1.05 male(s)/female
15-24 years: 1.05 male(s)/female
25-54 years: 1.06 male(s)/female
55-64 years: 1.02 male(s)/female
65 years and over: 0.84 male(s)/female
total population: 1.02 male(s)/female (2017 est.)
Mother's mean age at first birth:
28.9 years
note: data is calculated based on actual age at first births (2015 est.)
Maternal mortality ratio:
5 deaths/100,000 live births (2015 est.)
country comparison to the world: 174
Infant mortality rate:
total: 2.5 deaths/1,000 live births
male: 2.8 deaths/1,000 live births
female: 2.2 deaths/1,000 live births (2017 est.)
country comparison to the world: 221
Life expectancy at birth:
total population: 81.9 years
male: 79.8 years
female: 84 years (2017 est.)
country comparison to the world: 18
Total fertility rate:
1.85 children born/woman (2017 est.)
country comparison to the world: 145
Health expenditures:
9.7% of GDP (2014)
country comparison to the world: 27
Physicians density:
4.39 physicians/1,000 population (2015)
Hospital bed density:
3.8 beds/1,000 population (2015)
Drinking water source:
improved:
urban: 100% of population
rural: 100% of population
total: 100% of population
unimproved:
urban: 0% of population
rural: 0% of population
total: 0% of population (2015 est.)
Sanitation facility access:
improved:
urban: 98% of population
rural: 98.3% of population
total: 98.1% of population
unimproved:
urban: 2% of population
rural: 1.7% of population
total: 1.9% of population (2015 est.)
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Obesity - adult prevalence rate:
23.1% (2016)
country comparison to the world: 67
Education expenditures:
7.7% of GDP (2014)
country comparison to the world: 21
School life expectancy (primary to tertiary education):
total: 18 years
male: 17 years
female: 18 years (2015)
Unemployment, youth ages 15-24:
total: 11.1%
male: 13%
female: 9.3% (2016 est.)
country comparison to the world: 118

Government

Country name:
conventional long form: Kingdom of Norway
conventional short form: Norway
local long form: Kongeriket Norge
local short form: Norge
etymology: derives from the Old Norse words "nordr" and "vegr" meaning "northern way" and refers to the long coastline of western Norway
Government type:
parliamentary constitutional monarchy
Capital:
name: Oslo
geographic coordinates: 59 55 N, 10 45 E
time difference: UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October
Administrative divisions:
18 counties (fylker, singular - fylke); Akershus, Aust-Agder, Buskerud, Finnmark, Hedmark, Hordaland, More og Romsdal, Nordland, Oppland, Oslo, Ostfold, Rogaland, Sogn og Fjordane, Telemark, Troms, Trondelag, Vest-Agder, Vestfold
Dependent areas:
Bouvet Island, Jan Mayen, Svalbard
Independence:
7 June 1905 (declared the union with Sweden dissolved); 26 October 1905 (Sweden agreed to the repeal of the union)
National holiday:
Constitution Day, 17 May (1814)
Constitution:
history: drafted spring 1814, adopted 16 May 1814, signed by Constituent Assembly 17 May 1814
amendments: proposals submitted by members of Parliament or by the government within the first three years of Parliament's four-year term; passage requires two-thirds majority vote of a two-thirds quorum in the next elected Parliament; amended over 400 times, last in 2015 (2016)
Legal system:
mixed legal system of civil, common, and customary law; Supreme Court can advise on legislative acts
International law organization participation:
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Citizenship:
citizenship by birth: no
citizenship by descent only: at least one parent must be a citizen of Norway
dual citizenship recognized: no
residency requirement for naturalization: 7 years
Suffrage:
18 years of age; universal
Executive branch:
chief of state: King HARALD V (since 17 January 1991); Heir Apparent Crown Prince HAAKON MAGNUS, son of the monarch (born 20 July 1973)
head of government: Prime Minister Erna SOLBERG (since 16 October 2013)
cabinet: State Council appointed by the monarch, approved by Parliament
elections/appointments: the monarchy is hereditary; following parliamentary elections, the leader of the majority party or majority coalition usually appointed prime minister by the monarch with the approval of the parliament
Legislative branch:
description: unicameral Parliament or Storting (169 seats; members directly elected in multi-seat constituencies by proportional representation vote; members serve 4-year terms)
elections: last held on 11 September 2017 (next to be held in September 2021)
election results: percent of vote by party - Ap 27.4%, H 25%, FrP 15.2%, SP 10.3%, SV 6%, V 4.4%, KrF 4.2%, MDG 3.2%, R 2.4%, other/invalid 1.9%; seats by party - Ap 49, H 45, FrP 27, SP 19, SV 11, V 8, KrF 8, MDG 1, R 1
Judicial branch:
highest court(s): Supreme Court or Hoyesterett (consists of the chief justice and 18 associate justices)
judge selection and term of office: justices appointed by the monarch (King in Council) upon the recommendation of the Judicial Appointments Board; justice retirement mandatory at age 70
subordinate courts: Courts of Appeal or Lagmensrett; regional and district courts; Conciliation Boards; ordinary and special courts; note - in addition to professionally trained judges, elected lay judges sit on the bench with professional judges in the Courts of Appeal and district courts
Political parties and leaders:
Center Party or Sp [Trygve Slagsvold VEDUM]
Christian Democratic Party or KrF [Knut Arild HAREIDE]
Conservative Party or H [Erna SOLBERG]
Green Party or MDG [Rasmus HANSSON and Une Aina BASTHOLM]
Labor Party or Ap [Jonas Gahr STORE]
Liberal Party or V [Trine SKEI GRANDE]
Progress Party or FrP [Siv JENSEN]
Red Party or R [Bionar MOXNES]
Socialist Left Party or SV [Audun LYSBAKKEN]
Political pressure groups and leaders:
Confederation of Norwegian Enterprise or NHO [Tore ULSTEIN, Kristin SKOGEN LUND]
Norwegian Confederation of Trade Unions or LO [Hans-Christian GABRIELSEN]
other: environmental groups; media; digital privacy movements
International organization participation:
ADB (nonregional member), AfDB (nonregional member), Arctic Council, Australia Group, BIS, CBSS, CD, CE, CERN, EAPC, EBRD, EFTA, EITI (implementing country), ESA, FAO, FATF, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IGAD (partners), IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINUSMA, NATO, NC, NEA, NIB, NSG, OAS (observer), OECD, OPCW, OSCE, Paris Club, PCA, Schengen Convention, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNITAR, UNMISS, UNRWA, UNTSO, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Kare Reidar AAS (since 17 September 2013)
chancery: 2720 34th Street NW, Washington, DC 20008
telephone: [1] (202) 333-6000
FAX: [1] (202) 459-3990
consulate(s) general: Houston, New York, San Francisco
Diplomatic representation from the US:
chief of mission: Ambassador Kenneth BRAITHWAITE (since 8 February 2018)
embassy: Morgedalsvegen 36, 0378 Oslo;
mailing address: PSC 69, Box 1000, APO AE 09707
telephone: [47] 21-30-85-40
FAX: [47] 22-44-33-63, 22-56-27-51
Flag description:
red with a blue cross outlined in white that extends to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag); the colors recall Norway's past political unions with Denmark (red and white) and Sweden (blue)
National symbol(s):
lion; national colors: red, white, blue
National anthem:
name: "Ja, vi elsker dette landet" (Yes, We Love This Country)
lyrics/music: lyrics/music: Bjornstjerne BJORNSON/Rikard NORDRAAK
note: adopted 1864; in addition to the national anthem, "Kongesangen" (Song of the King), which uses the tune of "God Save the Queen," serves as the royal anthem

Economy

Economy - overview:
Norway has a stable economy with a vibrant private sector, a large state sector, and an extensive social safety net. Norway opted out of the EU during a referendum in November 1994. However, as a member of the European Economic Area, Norway partially participates in the EU’s single market and contributes sizably to the EU budget.
The country is richly endowed with natural resources such as oil and gas, fish, forests, and minerals. Norway is a leading producer and the world’s second largest exporter of seafood, after China. The government manages the country’s petroleum resources through extensive regulation. The petroleum sector provides about 9% of jobs, 12% of GDP, 13% of the state’s revenue, and 37% of exports, according to official national estimates. Norway is one of the world's leading petroleum exporters, although oil production is close to 50% below its peak in 2000. Gas production, conversely, has more than doubled since 2000. Although oil production is historically low, it rose in 2016 for the third consecutive year due to the higher production of existing oil fields and to new fields coming on stream. Norway’s domestic electricity production relies almost entirely on hydropower.
In anticipation of eventual declines in oil and gas production, Norway saves state revenue from petroleum sector activities in the world's largest sovereign wealth fund, valued at over $1 trillion at the end of 2017. To help balance the federal budget each year, the government follows a “fiscal rule,” which states that spending of revenues from petroleum and fund investments shall correspond to the expected real rate of return on the fund, an amount it estimates is sustainable over time. In February 2017, the government revised the expected rate of return for the fund downward from 4% to 3%.
After solid GDP growth in the 2004-07 period, the economy slowed in 2008, and contracted in 2009, before returning to modest, positive growth from 2010 to 2017. The Norwegian economy has been adjusting to lower energy prices, as demonstrated by growth in labor force participation and employment in 2017. GDP growth was about 1.5% in 2017, driven largely by domestic demand, which has been boosted by the rebound in the labor market and supportive fiscal policies. Economic growth is expected to remain constant or improve slightly in the next few years.
GDP (purchasing power parity):
$375.9 billion (2017 est.)
$370.9 billion (2016 est.)
$366.9 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 49
GDP (official exchange rate):
$392.1 billion (2017 est.)
GDP - real growth rate:
1.4% (2017 est.)
1.1% (2016 est.)
1.6% (2015 est.)
country comparison to the world: 178
GDP - per capita (PPP):
$70,600 (2017 est.)
$70,600 (2016 est.)
$70,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 12
Gross national saving:
34.4% of GDP (2017 est.)
34.1% of GDP (2016 est.)
36.9% of GDP (2015 est.)
country comparison to the world: 16
GDP - composition, by end use:
household consumption: 44.7%
government consumption: 24.6%
investment in fixed capital: 23.8%
investment in inventories: 4%
exports of goods and services: 36.4%
imports of goods and services: -33.5% (2017 est.)
GDP - composition, by sector of origin:
agriculture: 2.4%
industry: 31.1%
services: 66.5% (2017 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:
1% (2017 est.)
country comparison to the world: 168
Labor force:
2.797 million (2017 est.)
country comparison to the world: 108
Labor force - by occupation:
agriculture: 2.1%
industry: 19.3%
services: 78.6% (2016 est.)
Unemployment rate:
4% (2017 est.)
4.7% (2016 est.)
country comparison to the world: 50
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: 3.8%
highest 10%: 21.2% (2014 est.)
Distribution of family income - Gini index:
26.8 (2010 est.)
25.8 (1995 est.)
country comparison to the world: 143
Budget:
revenues: $214.3 billion
expenditures: $198 billion (2017 est.)
Taxes and other revenues:
54.7% of GDP (2017 est.)
country comparison to the world: 9
Budget surplus (+) or deficit (-):
4.2% of GDP (2017 est.)
country comparison to the world: 8
Public debt:
37% of GDP (2017 est.)
35.7% of GDP (2016 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: 144
Fiscal year:
calendar year
Inflation rate (consumer prices):
2.1% (2017 est.)
3.6% (2016 est.)
country comparison to the world: 96
Central bank discount rate:
6.25% (31 December 2010 est.)
1.75% (31 December 2009 est.)
country comparison to the world: 67
Commercial bank prime lending rate:
1.5% (31 December 2017 est.)
1.5% (31 December 2016 est.)
country comparison to the world: 184
Stock of narrow money:
$236.7 billion (31 December 2017 est.)
$214 billion (31 December 2016 est.)
country comparison to the world: 23
Stock of broad money:
$272.9 billion (31 December 2017 est.)
$234.3 billion (31 December 2016 est.)
country comparison to the world: 35
Stock of domestic credit:
$650.5 billion (31 December 2017 est.)
$571.7 billion (31 December 2016 est.)
country comparison to the world: 23
Market value of publicly traded shares:
$193.9 billion (31 December 2015 est.)
$219.4 billion (31 December 2014 est.)
$265.4 billion (31 December 2013 est.)
country comparison to the world: 34
Current account balance:
$21.73 billion (2017 est.)
$18.43 billion (2016 est.)
country comparison to the world: 15
Exports:
$102.8 billion (2017 est.)
$88.88 billion (2016 est.)
country comparison to the world: 36
Exports - commodities:
petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Exports - partners:
UK 21%, Germany 14.4%, Netherlands 10.7%, France 6.9%, Sweden 6.5%, Belgium 4.4%, US 4.3%, Denmark 4% (2016)
Imports:
$79.9 billion (2017 est.)
$73.62 billion (2016 est.)
country comparison to the world: 39
Imports - commodities:
machinery and equipment, chemicals, metals, foodstuffs
Imports - partners:
Germany 12.2%, Sweden 12.2%, China 11.2%, US 6.6%, Denmark 5.7%, UK 5.2%, Netherlands 4.1% (2016)
Reserves of foreign exchange and gold:
$60.45 billion (31 December 2016 est.)
$57.46 billion (31 December 2015 est.)
country comparison to the world: 35
Debt - external:
$642.3 billion (31 March 2016 est.)
$640.1 billion (31 March 2015 est.)
note: Norway is a net external creditor
country comparison to the world: 19
Stock of direct foreign investment - at home:
$217.2 billion (31 December 2017 est.)
$219.1 billion (31 December 2016 est.)
country comparison to the world: 28
Stock of direct foreign investment - abroad:
$205.9 billion (31 December 2017 est.)
$191.7 billion (31 December 2016 est.)
country comparison to the world: 26
Exchange rates:
Norwegian kroner (NOK) per US dollar -
8.31 (2017 est.)
8.4 (2016 est.)
8.4 (2015 est.)
8.06 (2014 est.)
6.3 (2013 est.)

Energy

Electricity access:
electrification - total population: 100% (2016)
Electricity - production:
149.5 billion kWh (2016 est.)
country comparison to the world: 28
Electricity - consumption:
133.1 billion kWh (2016 est.)
country comparison to the world: 28
Electricity - exports:
15.53 billion kWh (2016 est.)
country comparison to the world: 13
Electricity - imports:
5.7 billion kWh (2016 est.)
country comparison to the world: 36
Electricity - installed generating capacity:
33.85 million kW (2015 est.)
country comparison to the world: 31
Electricity - from fossil fuels:
4.1% of total installed capacity (2015 est.)
country comparison to the world: 207
Electricity - from nuclear fuels:
0% of total installed capacity (2015 est.)
country comparison to the world: 155
Electricity - from hydroelectric plants:
88.4% of total installed capacity (2015 est.)
country comparison to the world: 11
Electricity - from other renewable sources:
3.3% of total installed capacity (2015 est.)
country comparison to the world: 109
Crude oil - production:
1.648 million bbl/day (2016 est.)
country comparison to the world: 15
Crude oil - exports:
1.395 million bbl/day (2016 est.)
country comparison to the world: 11
Crude oil - imports:
10,630 bbl/day (2016 est.)
country comparison to the world: 74
Crude oil - proved reserves:
6.611 billion bbl (1 January 2017 est.)
country comparison to the world: 21
Refined petroleum products - production:
282,400 bbl/day (2016 est.)
country comparison to the world: 42
Refined petroleum products - consumption:
227,700 bbl/day (2016 est.)
country comparison to the world: 53
Refined petroleum products - exports:
353,100 bbl/day (2016 est.)
country comparison to the world: 22
Refined petroleum products - imports:
124,500 bbl/day (2016 est.)
country comparison to the world: 53
Natural gas - production:
117.2 billion cu m (2015 est.)
country comparison to the world: 8
Natural gas - consumption:
9.428 billion cu m (2015 est.)
country comparison to the world: 55
Natural gas - exports:
112 billion cu m (2015 est.)
country comparison to the world: 3
Natural gas - imports:
0 cu m (2014 est.)
country comparison to the world: 166
Natural gas - proved reserves:
1.856 trillion cu m (1 January 2017 est.)
country comparison to the world: 19
Carbon dioxide emissions from consumption of energy:
53.9 million Mt (2015 est.)
country comparison to the world: 58

Communications

Telephones - fixed lines:
total subscriptions: 806,264
subscriptions per 100 inhabitants: 16 (July 2016 est.)
country comparison to the world: 87
Telephones - mobile cellular:
total: 5,729,569
subscriptions per 100 inhabitants: 108 (July 2016 est.)
country comparison to the world: 114
Telephone system:
general assessment: modern in all respects; one of the most advanced telecommunications networks in Europe
domestic: Norway has a domestic satellite system; the prevalence of rural areas encourages the wide use of mobile-cellular systems
international: country code - 47; 2 buried coaxial cable systems; submarine cables provide links to other Nordic countries and Europe; satellite earth stations - NA Eutelsat, NA Intelsat (Atlantic Ocean), and 1 Inmarsat (Atlantic and Indian Ocean regions); note - Norway shares the Inmarsat earth station with the other Nordic countries (Denmark, Finland, Iceland, and Sweden) (2016)
Broadcast media:
state-owned public radio-TV broadcaster operates 3 nationwide TV stations, 3 nationwide radio stations, and 16 regional radio stations; roughly a dozen privately owned TV stations broadcast nationally and roughly another 25 local TV stations broadcasting; nearly 75% of households have access to multi-channel cable or satellite TV; 2 privately owned radio stations broadcast nationwide and another 240 stations operate locally; Norway is the first country in the world to phase out FM radio in favor of Digital Audio Broadcasting (DAB), a process scheduled for completion in late 2017 (2017)
Internet country code:
.no
Internet users:
total: 5,122,904
percent of population: 97.3% (July 2016 est.)
country comparison to the world: 76

Transportation

National air transport system:
number of registered air carriers: 3
inventory of registered aircraft operated by air carriers: 106
annual passenger traffic on registered air carriers: 12,277,220
annual freight traffic on registered air carriers: 0 mt-km (2015)
Civil aircraft registration country code prefix:
LN (2016)
Airports:
95 (2013)
country comparison to the world: 61
Airports - with paved runways:
total: 67
2,438 to 3,047 m: 14
1,524 to 2,437 m: 10
914 to 1,523 m: 22
under 914 m: 21 (2017)
Airports - with unpaved runways:
total: 28
914 to 1,523 m: 6
under 914 m: 22 (2013)
Heliports:
1 (2013)
Pipelines:
gas 8,520 km; oil/condensate 1,304 km (2017)
Railways:
total: 4,250 km
standard gauge: 4,250 km 1.435-m gauge (2,518 km electrified) (2014)
country comparison to the world: 43
Roadways:
total: 93,870 km (includes 393 km of expressways)
paved: 75,754 km
unpaved: 18,116 km (2013)
country comparison to the world: 53
Waterways:
1,577 km (2010)
country comparison to the world: 51
Merchant marine:
total: 1,585
by type: bulk carrier 99, general cargo 240, oil tanker 80, other 1,166 (2017)
country comparison to the world: 16
Ports and terminals:
major seaport(s): Bergen, Haugesund, Maaloy, Mongstad, Narvik, Sture
LNG terminal(s) (export): Kamoy, Kollsnes, Melkoya Island
LNG terminal(s) (import): Fredrikstad, Mosjoen

Military & Security

Military expenditures:
1.62% of GDP (2016)
1.5% of GDP (2015)
1.47% of GDP (2014)
1.41% of GDP (2013)
1.4% of GDP (2012)
country comparison to the world: 65
Military branches:
Norwegian Army (Haeren), Royal Norwegian Navy (Kongelige Norske Sjoeforsvaret; includes Coastal Rangers and Coast Guard (Kystvakt)), Royal Norwegian Air Force (Kongelige Norske Luftforsvaret), Home Guard (Heimevernet, HV) (2017)
Military service age and obligation:
19-35 years of age for male and female compulsory military service; 16 years of age in wartime; 17 years of age for male volunteers; 18 years of age for women; 19-month service obligation (2017)

Transnational Issues

Disputes - international:
Norway asserts a territorial claim in Antarctica (Queen Maud Land and its continental shelf); Denmark (Greenland) and Norway have made submissions to the Commission on the Limits of the Continental Shelf (CLCS) and Russia is collecting additional data to augment its 2001 CLCS submission; Norway and Russia signed a comprehensive maritime boundary agreement in 2010
Refugees and internally displaced persons:
refugees (country of origin): 15,062 (Eritrea); 11,537 (Syria); 8,379 (Somalia); 6,568 (Afghanistan) (2016)
stateless persons: 3,251 (2016)

Economic Indicators for Norway including actual values, historical data, and latest data updates for the Norway economy.



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