Norway Economy

Europe & Central Asia · High income · Capital: Oslo

Updated 17 Oct 2026

GDP Annual Growth Rate in Norway decreased to 1.60 percent in Q2 2026 from 1.91 percent in Q1 2026. Inflation Rate in Norway increased to 3.29 percent in Aug 2026 from 2.98 percent in Jul 2026.

GDP Growth
1.6%
▼ −0.3 pp Q2 2026 · OECD
Inflation Rate
3.3%
▲ +0.3 pp Aug 2026 · BIS
Interest Rate
4.50%
▲ +0.25 pp Sep 2026 · BIS
Unemployment
4.5%
▲ +0.3 pp Aug 2026 · OECD

GDP Growth Rate

Real GDP, annual % change. Hatched bars are IMF projections.

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Inflation vs Interest Rate

Monthly data, %. Source: BIS.

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Key Highlights

  • Real GDP grew 1.6% in Q2 2026 (previous year: 1.9%).
  • Consumer price inflation was 3.3% in Aug 2026, compared with 3.0% in the previous period.
  • The central bank policy rate stood at 4.50% at the end of Sep 2026 (previous: 4.25%).
  • The unemployment rate was 4.5% in Aug 2026 (previous: 4.2%).
  • General government debt was 54.0% of GDP in 2025.
  • The IMF projects real GDP growth of 1.5% for 2026 (World Economic Outlook projection).

Main Indicators

IndicatorLastPreviousPeriodTrendSource
GDP Annual Growth Rate1.6%1.9%Q2 2026OECD
Interest Rate4.50%4.25%Sep 2026BIS
Inflation Rate3.3%3.0%Aug 2026BIS
Unemployment Rate4.5%4.2%Aug 2026OECD
Government Debt to GDP54.0%52.8%2025IMF
Balance of Trade$62.1B$66.0B2025World Bank
Current Account to GDP14.1%15.0%2025World Bank
GDP$530.8B$500.9B2025World Bank

GDP

IndicatorLastPreviousPeriodTrendSource
GDP per Capita$94,594$89,8892025World Bank
GDP per Capita PPP$104,044$105,6572025World Bank
Gross National Income$549.8B$516.5B2025World Bank
GDP from Agriculture1.6%1.7%2025World Bank
GDP from Industry34.5%36.0%2025World Bank
GDP from Manufacturing6.1%5.8%2025World Bank
GDP from Services55.0%53.5%2025World Bank
Gross Fixed Capital Formation23.4%22.9%2025World Bank
Household Consumption to GDP42.5%41.1%2025World Bank
GDP Growth Rate0.67%0.35%Q2 2026OECD

Labour

IndicatorLastPreviousPeriodTrendSource
Youth Unemployment Rate13.4%12.1%2025World Bank
Labour Force Participation Rate65.6%65.8%2025World Bank
Employment Rate62.6%63.2%2025World Bank
Population5.61M5.57M2025World Bank

Prices

IndicatorLastPreviousPeriodTrendSource
GDP Deflator Growth1.4%0.0%2025World Bank
Core Inflation Rate2.9%2.8%Dec 2025OECD
Inflation Rate MoM0.14%0.14%Dec 2025OECD
Food Inflation5.2%4.7%Dec 2025OECD

Money

IndicatorLastPreviousPeriodTrendSource
Lending Rate5.88%6.15%2025World Bank
Deposit Interest Rate3.21%3.26%2025World Bank
Broad Money Growth3.4%0.4%2024World Bank
Foreign Exchange Reserves$85.5B$81.2B2025World Bank
Private Debt to GDP224.2%223.1%Q1 2026BIS
Government Bond 10Y Yield4.41%4.29%Sep 2026OECD
Interbank Rate4.80%4.51%Sep 2026OECD

Trade

IndicatorLastPreviousPeriodTrendSource
Current Account$74.8B$75.3B2025World Bank
Exports$240.8B$232.3B2025World Bank
Imports$178.8B$166.3B2025World Bank
Foreign Direct Investment-$7.08B$12.13B2025World Bank
Remittances$1.03B$0.95B2025World Bank
Terms of Trade115.5123.92024World Bank
Tourist Arrivals1.40M5.88M2020World Bank
Tourism Revenues$2.20B$7.04B2020World Bank

Government

IndicatorLastPreviousPeriodTrendSource
Government Budget10.6%12.9%2025IMF
Government Revenues to GDP61.7%62.5%2024IMF
Government Spending to GDP48.5%45.9%2024IMF
Tax Revenue to GDP24.5%26.1%2024World Bank
Military Expenditure3.28%2.23%2025World Bank

Business

IndicatorLastPreviousPeriodTrendSource
Industrial Production-0.8%8.2%Jul 2026OECD
Business Confidence99.9899.91Jun 2026OECD

Consumer

IndicatorLastPreviousPeriodTrendSource
Retail Sales YoY-1.1%-2.0%Aug 2026OECD

Housing

IndicatorLastPreviousPeriodTrendSource
Residential Property Prices4.4%3.8%Q2 2026BIS

Norway economy explained in simple words

Size of the economy

The economy of Norway produced goods and services worth $530.8B in 2025, making it the 31st largest of 214 economies with data.

With a population of about 5.6 million, GDP per person is $94,594. The World Bank classifies Norway as a “high income” economy.

Economic growth

Real GDP grew 1.6% in 2026, compared with world growth of 3.5% (IMF).

Over the last 10 years growth averaged 1.4% a year, ranging from 0.1% to 2.5%.

The IMF projects growth of 1.5% in 2026.

Prices and interest rates

Consumer price inflation was 3.3% in Aug 2026 (reference: Norges Bank’s 2% target).

The central bank policy rate was 4.50% at the end of Sep 2026.

The difference between the two — the real interest rate — is about 1.21%.

Jobs

The unemployment rate was 4.5% in Aug 2026 (world: 4.8%).

About 65.6% of people aged 15 and over are in the labour force (working or looking for work).

Government finances

General government debt was 54.0% of GDP in 2025, compared with a median of 52.9% across 191 economies.

The government budget balance was 10.6% of GDP (2025) — a surplus, meaning revenue exceeded spending.

Trade and external position

The current account was 14.1% of GDP in 2025 — a surplus with the rest of the world.

Exports of goods and services were $240.8B and imports $178.8B.

Foreign exchange reserves (including gold) stood at $85.5B.

Structure of the economy

By sector, value added is split roughly as: services 55.0%, industry 34.5%, agriculture 1.6% of GDP.

How to read this page

The four boxes at the top show the most-watched numbers: GDP growth (how fast the economy is expanding), inflation (how fast prices are rising), the central bank policy rate (the base cost of borrowing) and unemployment (the share of job-seekers without work). The small arrow shows the change from the previous reading.

The tabs group all available indicators by topic — GDP, labour, prices, money, trade, government and housing. Each row shows the latest value, the previous value, the period it refers to, a small trend line and the source. Click any indicator to open its full history, chart, statistics and comparison with other countries.

Monthly and quarterly figures come from national statistics offices and central banks — via the OECD, the Bank for International Settlements (BIS) and, for India, the Ministry of Statistics (MoSPI); annual figures come from the World Bank and the IMF. Different indicators are published at different times, so the periods shown can differ.

Frequently asked questions

What is the GDP growth rate of Norway?
The latest GDP growth rate of Norway is 1.6% (Q2 2026), compared with 1.9% in the previous period. Source: OECD — Organisation for Economic Co-operation and Development.
What is the inflation rate of Norway?
The latest inflation rate of Norway is 3.3% (Aug 2026), compared with 3.0% in the previous period. Source: Bank for International Settlements (BIS).
What is the interest rate of Norway?
The latest interest rate of Norway is 4.50% (Sep 2026), compared with 4.25% in the previous period. Source: Bank for International Settlements (BIS).
What is the unemployment rate of Norway?
The latest unemployment rate of Norway is 4.5% (Aug 2026), compared with 4.2% in the previous period. Source: OECD — Organisation for Economic Co-operation and Development.
What is the government debt to GDP ratio of Norway?
The latest government debt to GDP ratio of Norway is 54.0% (2025), compared with 52.8% in the previous period. Source: IMF — World Economic Outlook.

Data are sourced from official international organisations (IMF, World Bank, BIS) and national authorities, and are shown for educational and informational purposes only. They are not investment advice and no recommendation is made. Figures may be revised by the source; IMF figures for the current and future years are projections. This page was last updated on Saturday, October 17, 2026.