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Norway Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Norway Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

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 (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
1.4% (2017 est.) 1.1% (2016 est.) 1.6% (2015 est.)
country comparison to the world: 179
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$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
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 44.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 24.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 23.8%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 4%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 36.4%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -33.5% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 2.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 31.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 66.5% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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: 169
[see also: Industrial production growth rate country ranks ]

Labor force:
2.797 million (2017 est.)
country comparison to the world: 108
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 78.6% (2016 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
4% (2017 est.) 4.7% (2016 est.)
country comparison to the world: 52
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 21.2% (2014)

Distribution of family income - Gini index:
26.8 (2010) 25.8 (1995)
country comparison to the world: 139
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $214.3 billion
[see also: Budget - revenues country ranks ]
expenditures: $198 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
54.7% of GDP (2017 est.)
country comparison to the world: 9
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
4.2% of GDP (2017 est.)
country comparison to the world: 8
[see also: Budget surplus (+) or deficit (-) country ranks ]

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: 143
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
2.1% (2017 est.) 3.6% (2016 est.)
country comparison to the world: 95
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.25% (31 December 2010) 1.75% (31 December 2009)
country comparison to the world: 67
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
1.5% (31 December 2017 est.) 1.5% (31 December 2016 est.)
country comparison to the world: 184
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$236.7 billion (31 December 2017 est.) $214 billion (31 December 2016 est.)
country comparison to the world: 23
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$272.9 billion (31 December 2017 est.) $234.3 billion (31 December 2016 est.)
country comparison to the world: 35
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$650.5 billion (31 December 2017 est.) $571.7 billion (31 December 2016 est.)
country comparison to the world: 23
[see also: Stock of domestic credit country ranks ]

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
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$21.73 billion (2017 est.) $18.43 billion (2016 est.)
country comparison to the world: 15
[see also: Current account balance country ranks ]

Exports:
$102.8 billion (2017 est.) $88.88 billion (2016 est.)
country comparison to the world: 36
[see also: Exports country ranks ]

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
[see also: Imports country ranks ]

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
[see also: Reserves of foreign exchange and gold country ranks ]

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
[see also: Debt - external country ranks ]

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
[see also: Stock of direct foreign investment - at home country ranks ]

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
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Norwegian kroner (NOK) per US dollar - 8.308 (2017 est.) 8.3978 (2016 est.) 8.3978 (2015 est.) 8.0646 (2014 est.) 6.3021 (2013 est.)


NOTE: 1) The information regarding Norway on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Norway Economy 2018 information contained here. All suggestions for corrections of any errors about Norway Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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