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GDP
2023: 0.2% growth in Q1
In the first quarter of 2023, the Norwegian economy continued to grow, which indicates that it remains more resistant to a sharp increase in prices and the cost of loans than the Central Bank predicted.
Mainland GDP grew 0.2% from the previous quarter, ahead of forecasts.
2022: GDP size - $0.54 trillion
2021
GDP size - $0.45 trillion
Agriculture's share of GDP - 1.6%
Financial system
Non-financial debt
2022: Aggregate non-financial debt
National debt
2023: State debt - 40% of GDP
2017: State debt - 36% of GDP
Pension (stabilization) fund
Inflation
2023: Inflation rises to a record 7%
Inflation in Norway accelerated to a record high of 7% in June 2023.
Inflation in Norway accelerated in March 2023 to 6.5%, exceeding forecasts.
2022
Inflation 7.5% - maximum for 35 years
Inflation in Norway in October 2022 reached a 35-year high, jumping to 7.5%.
Inflation in July - 6.8%
July
Consumer price growth in June by 6.3%
Inflation in Norway in June 2022 accelerated more than expected to a 33-year high, spurring speculation that the Central Bank will continue to accelerate the pace of interest rate increases.
Consumer prices rose 6.3% from a year earlier, the fastest pace since October 1988.
Key rate
2023: Rate increase to 4% - highest since 2008
On August 17, 2023, the Central Bank of Norway raised the cost of borrowing to the highest level since the 2008 financial crisis and made it clear that it plans another quarter-point rate increase as part of the current tightening cycle. Norges Bank raised its benchmark rate by 25 bps to 4%, its 12th increase from September 2021.
Earlier on March 23, 2023, Norges Bank raised the rate by 25 bp to 3%, says it will reach about 3.5% in the summer.
2020: 0%
Oil and gas production
Main article: Import of gas, coal, oil and petroleum products in Europe
Trade
2023: Share of 30% in EU gas imports
2022: Germany is the biggest export destination
2019: Computer Device Exports
Bankruptcies
2023: Rising bankruptcies
Labour market
2022: Proportion of workers aged 65 or over - above 10%
Unemployment
2023: Youth unemployment - 10.2%
2020: Unemployment rate - 4.5%
Incomes of the population
2022: A 0.6% decline in real income per worker in the third quarter
in
2017: Average monthly salary - €3,405
R&D
2020: R&D spending - $5.8 billion
Power
2022: Rise in electricity prices due to pressure on Russia
2021: HPP is the main source of energy in the country
2020: Energy consumption per capita
and
Agriculture
2019: Low use of pesticides in agriculture
Consumption
Tea
2018: Per capita tea consumption per kg per year
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Milk
2018: Milk consumption in litres per year per person
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Meat
2023: Fish consumption is higher than meat consumption
2019: Pork is the most consumed type of meat
Beer
2019: Beer consumption in litres per year per person
Transport
Electric vehicles
2022: Minimum age to drive - 16
Ecology
The world's first commercial carbon dioxide storage facility has been opened. It traps CO2 and cleans the air
In early October 2024, a consortium of oil companies backed by the Norwegian government launched the world's first commercial carbon dioxide storage project called Northern Lights. The goal of the project is to capture CO2 emissions from industrial sources across Europe and collect them deep beneath the seabed in geological reservoirs to clear the air. The construction of a new CO2 storage facility is 80% subsidized by the Norwegian government. Read more here.
Tourism
2019: More than 70% of the population went on tourist trips. Spain is the most popular country
2018: Tourism revenue
Alcohol market
Minimum age to purchase alcoholic beverages
Food industry
2021: Cheese production - 18.4 kg per capita
See also
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