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Economy of Norway

Population: 5.1 million in 2013¹

GDP: $513 billion in 2013²

GDP per capita: $100,819 nominal³ ($65,461 PPP⁴) in 2013

GDP growth rate: 0.6% in 2013⁵

Industries

GDP by Industry 2012⁶

Industry sector	Value added ($ billions) 2012	Percent of total
Other activities	174	39.7%
Mining and utilities	126	28.8%
Wholesale, retail trade, restaurants and hotels	39	8.9%
Transport, storage and communication	35	7.9%
Manufacturing	34	7.7%
Construction	24	5.5%
Agriculture, hunting, forestry, fishing	6	1.4%
Total value added	438	100%

Employment

Unemployment rate: 3.5% in 2013⁷

Employment by Industry 2013⁸

Employment sector	Employees (thousands) 2013	Percent of total
Human health and social work	534	20.5%
Wholesale trade, retail trade and repair of motor vehicles	356	13.7%
Manufacturing	229	8.8%
Education	220	8.4%
Construction	199	7.6%
Public administration and defence	159	6.1%
Professional, scientific and technical	149	5.7%
Transportation and storage	140	5.4%
Information and communication	106	4.1%
Administrative and support service	96	3.7%
Mining and quarrying	72	2.8%
Accommodation and food service	69	2.6%
Agriculture, forestry and fishing	57	2.2%
Finance and insurance	55	2.1%
Arts, entertainment and recreation	52	2.0%
Other service	49	1.9%
Real estate	24	0.9%
Electricity, gas, steam and air conditioning	15	0.6%
Water supply, sewerage and waste management	12	0.5%
Not elsewhere classified	8	0.3%
Activities of households as employers	1	0.0%
Extraterritorial organizations and bodies	0	0.0%
Total employment	2,602	100%

Corporations

Top 1 Corporation by Revenue 2013* ⁹

Rank	Corporation	Revenue ($ billions) 2013	Profit ($ billions) 2013	Assets ($ billions) 12/31/13	Industry
1	Statoil	83	5.1	116	Oil and gas

* Corporate data calculated using the exchange rate 7.630 NOK = 1 USD

Households

Household Wealth: $1.3 trillion (253% of GDP) in 2014¹⁰

Household Wealth per Adult: $358,655 in 2014¹⁰

Gini Coefficient: .268 in 2010¹¹

Government

Central Government

Central Government Revenue: $293 billion (57% of GDP) in 2013¹²

Central Government Expenditure: $225 billion (44% of GDP) in 2013¹²

Central Government Budget Balance: +$68 billion (+13% of GDP) in 2013¹²

Central Government Public Debt: $78 billion (15% of GDP) in Q2 2014* ¹³

Central Government 10 Year Bond Interest Rate: 1.42% on Jan 15, 2015¹⁴

* Public debt calculated using the exchange rate 7.630 NOK = 1 USD

Government Funds

Government Pension Fund Global: $898 billion (175% of GDP) in 2014¹⁵

Tax Structure

Individual Income Tax Rates and Thresholds in 2013* ¹⁶

13.75%: $0-$66,789
22.75%: $66,789-$108,558
25.75%: $108,558+

Corporate Tax Rate: 27% in 2014¹⁷

* Individual thresholds calculated using the exchange rate 7.630 NOK = 1 USD

Monetary Policy

Money Supply (M1): $115 billion (22% of GDP) in Q2 2013* ¹⁸

Benchmark Interest Rate: 1.25% in Jan 2015¹⁹

Total Reserves: $58 billion (11% of GDP) in 2013²⁰

Exchange Rate: 7.630 Norwegian Krones = 1 U.S. Dollar on Jan 15, 2015²¹

Inflation: 2.1% in 2013²²

* Money supply calculated using the exchange rate 7.630 NOK = 1 USD on Jan 15, 2015

Financial Institutions

Top 10 Financial Institution by Assets 2013²³

N/A (data not available at Relbanks.com)

International Accounts

Exports: $154 billion (30% of GDP) in 2013²⁴

Imports: $90 billion (18% of GDP) in 2013²⁴

Trade Balance: +$64 billion (+12% of GDP) in 2013²⁴

Foreign Direct Investment Inflow: $9.3 billion (2% of GDP) in 2013²⁵

Foreign Direct Investment Outflow: $7.9 billion (2% of GDP) in 2013²⁵

Foreign Aid Inflow: N/A

Foreign Aid Outflow: $5.5 billion (1% of GDP) in 2013²⁶

References