Norway: economy

What is Norway's GDP growth rate?

Mainland Norway GDP grew by 0.3% in the second quarter of 2026 from the first quarter, seasonally adjusted, according to Statistics Norway's national accounts. Total GDP, which includes oil and gas extraction and ocean transport, rose 0.7%. For the full year 2025, mainland GDP grew 1.7% and total GDP 1.1%.

SSB reports mainland GDP separately because output from the petroleum sector swings with production. Monthly national accounts are currently published together with the quarterly figures every three months. The next update is due on 26 November 2026, according to SSB.

Official sources: SSB: National accounts

What is the inflation rate in Norway?

Consumer prices rose 3.4% in the 12 months to September 2026, according to Statistics Norway. The CPI adjusted for tax changes and excluding energy products (CPI-ATE), which Norges Bank watches as a measure of underlying inflation, rose 3.0%. From August to September the CPI rose 0.5%.

Prices of food and non-alcoholic beverages were up 2.4% over the year, and housing, water, electricity and fuel 3.5%, according to SSB's CPI table. Norges Bank's inflation target is 2%. SSB publishes the CPI around the 10th of each month; the next release is due on 10 November 2026.

Official sources: SSB: CPI up 3.4 per cent last 12 months · SSB: Consumer price index

What is the interest rate in Norway?

Norges Bank's policy rate is 4.50%. The Monetary Policy and Financial Stability Committee raised it from 4.25% at its meeting on 23 September 2026, according to Norges Bank. Governor Ida Wolden Bache said inflation has been above target for several years and that the committee is prepared to raise the rate further if needed to bring inflation to the 2% target.

The policy rate is the interest rate on banks' deposits at Norges Bank, and it feeds through to mortgage and deposit rates at Norwegian banks. The committee decides on the rate eight times a year. The next decision will be announced on 5 November 2026, according to Norges Bank.

Official sources: Norges Bank: Rate decision September 2026 · Norges Bank: Policy rate

What does Norway export?

Norway exported goods worth NOK 207.7 billion in September 2026, of which natural gas was NOK 79.4 billion and crude oil NOK 56.3 billion, according to Statistics Norway's external trade statistics. Mainland exports, which exclude oil, gas, ships and platforms, were NOK 70.9 billion, including NOK 17.0 billion of fish and seafood.

From January to September 2026, exports totalled NOK 1,560.9 billion, 15.8% more than a year earlier, and the trade surplus was NOK 713.9 billion. The mainland trade balance was a deficit of NOK 252.0 billion. Monthly figures for ships and oil platforms are often incomplete and can be revised substantially, SSB notes. The next release is due on 16 November 2026.

Official sources: SSB: External trade in goods

How fast is Norway's economy growing?

The World Bank puts real GDP growth in Norway at 1.1% in 2025. The peak was 4.1% in 2021 and the low -1.6% in 2009. Across Europe & Central Asia the middle value was 2.1%, and Norway placed 36th highest of 49. Of 180 countries with 2025 data, 150th highest.

What is GDP per capita in Norway?

The World Bank puts GDP per person in Norway at $94,594 in 2025. The peak was $113,122 in 2022 and the low $67,358 in 2005. It is 5th highest of 49 in Europe & Central Asia, where the median is $28,420. World rank, highest first: 6th of 180.

What is Norway's GDP per person adjusted for prices?

In 2025, GDP per person at purchasing power parity in Norway was $104,044 in international dollars, according to the World Bank. Its high point since 2005 was 2022, at $129,914 in international dollars; its low point was 2005, at $48,189 in international dollars. Across Europe & Central Asia the middle value was $50,946 in international dollars, and Norway placed 3rd highest of 49. World rank, highest first: 5th of 179.

What share of Norway's economy is exports?

The latest figure from the World Bank, for 2025, is 45.4% of GDP. The peak was 53.6% of GDP in 2022 and the low 31.3% of GDP in 2020. Across Europe & Central Asia the middle value was 47.7% of GDP, and Norway placed 25th highest of 46. World rank, highest first: 44th of 133.

Does Norway have a current account surplus or deficit?

In 2025, the current account balance in Norway was 14.1% of GDP, according to the IMF. Since 2005 it has ranged from 1.1% of GDP (2020) to 27.9% of GDP (2022). Europe & Central Asia median: -0.3% of GDP; Norway is 3rd highest of 47. Worldwide: 7th of 132.

What is FDI in Norway?

In 2025, net inflows of foreign direct investment in Norway was -1.3% of GDP, according to the IMF. Its high point since 2005 was 2007, at 6.1% of GDP; its low point was 2016, at -4.9% of GDP. Across Europe & Central Asia the middle value was 1.9% of GDP, and Norway placed 43rd highest of 49. Of 179 countries with 2025 data, 169th highest.

How high are loan rates in Norway?

5.9%: that is the average bank lending rate in Norway for 2025, according to the IMF. Since 2013 it has ranged from 2.3% (2021) to 6.1% (2024). Europe & Central Asia median: 8.0%; Norway is 11th highest of 17. Of 73 countries with 2025 data, 58th highest.