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 .

Economic situation in Norway. Norway's seasonally adjusted GDP fell 1.8% quarter on quarter in Q3 (Q2: +2.0 s.a. qoq)—the worst print since Q2 2020—due to gas facilities maintenance. Conversely, the mainland economy grew by 0.5% (Q2: +0.3% s.a. qoq), beating both market and Norges Bank projections.

Norway’s economy is slowing as inflation and higher interest rates weigh on consumption and investment. The labour market is tight and wage growth robust, while labour shortages and job mismatches are high and rising.

Jan 20, 2024 · • Norway is a modern, energy-rich country with a population of 5.5 million. It is considered one of the world’s wealthiest countries with a GDP per capita of USD 106,148. Incomes are also more evenly distributed, making every person a consumer. • Norway is located in Northern Europe and is part of the Scandinavian Peninsula.

Norway's GDP is estimated to be $573,371,517,664 by the end of 2024 by World Economics. This estimate for Norway GDP takes into account values based on PPP, the countries base year age and size of it's informal economy.

After a sharp slowdown in 2023, growth will pick up in 2024 as oil and gas prices stabilise at a high level, and loosening monetary policy supports the consumer and residential property sectors. In the medium term, growth will remain more resilient than in most European peer countries. Read more: Norway authorises exploration for deep-sea mining.

Data ranges from -3.9 to 5.51. Data Source: World Development Indicators | Download Dataset. For Regional and Income Group breakdowns, visit: World Bank Country and Lending Groups. Explore Norway economic data on Prosperity Data360.

Norway gdp for 2021 was $503.37B, a 36.92% increase from 2020. Norway gdp for 2020 was $367.63B, a 10.06% decline from 2019. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products.

Norway Includes historical data for Norway’s Gross Domestic Product growth, debt-to-GDP ratio and more, as well as information on trade, banking and financial sector leadership. Economic Strength Based On Oil And Diverse Industries

Norway's claimed economic zones Members of the European Free Trade Association (green) participate in the European Single Market and are part of the Schengen Area. Norwegians enjoy the second-highest GDP per capita among European countries (after Luxembourg), and the sixth-highest GDP (PPP) per capita in the world.