Due to the coronavirus (COVID-19) outbreak in 2020, many Norwegian companies stated that they have experienced lower demand and cancellations. This is the result of a survey among member companies of the Confederation of Norwegian Enterprise (NHO), conducted regularly. In March 2020, 68 percent experienced lower demand or cancellations, which had sunk to 49 percent in January 2021. Furthermore, there was an improvement of the situation over the summer of 2021, with fewer companies in risk of bankruptcies, fewer companies experiencing liquidity problems, and fewer experiencing a lower turnover than usual. However, in December 2021, these numbers increased again after COVID-19-cases started to increase again over the winter.

The first case of COVID-19 in Norway was confirmed on February 26, 2020. For further information about the coronavirus (COVID-19) pandemic, please visit our dedicated Fact and Figures page.

After having dropped by 1.3 percent in 2020 due to the outbreak of COVID-19, Norway's gross domestic product (GDP) grew by nearly four percent in 2021 compared to the previous year and by over three percent in 2022. The Norwegian economy stagnated in 2023 amid high inflation rates, but continued to grow the following year.

The Gross Domestic Product (GDP) in Norway was worth 485.53 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Norway represents 0.46 percent of the world economy. This dataset provides the latest reported value for - Norway GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Norway NO: GDP: Growth: Double Hit Scenario data was reported at 5.475 % in Dec 2021. This records an increase from the previous number of 5.355 % for Sep 2021. Norway NO: GDP: Growth: Double Hit Scenario data is updated quarterly, averaging 7.793 % from Mar 1961 (Median) to Dec 2021, with 244 observations. The data reached an all-time high of 39.494 % in Mar 1980 and a record low of -41.453 % in Jun 2020. Norway NO: GDP: Growth: Double Hit Scenario data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Norway – Table NO.OECD.EO: GDP: Growth and Contribution to Growth: Forecast: OECD Member: Quarterly. GDP_ANNPCT - Gross domestic product, nominal value, growthExpenditure approach. Percentage change compared to the previous period. Quarterly growth expressed at annual rate.

After decreasing by three percent in 2020, the gross domestic product (GDP) of Norway increased by four percent in 2021. It continued to grow in 2022, before the increasing inflation slowed the growth.

Norway GDP: Chain Linked 2021p: Main Aggregates: Gross Domestic Product (GDP) data was reported at 380,517.000 NOK mn in Jun 2024. This records an increase from the previous number of 367,049.000 NOK mn for May 2024. Norway GDP: Chain Linked 2021p: Main Aggregates: Gross Domestic Product (GDP) data is updated monthly, averaging 357,274.000 NOK mn from Jan 2016 (Median) to Jun 2024, with 102 observations. The data reached an all-time high of 403,993.000 NOK mn in Nov 2023 and a record low of 288,236.000 NOK mn in Jul 2016. Norway GDP: Chain Linked 2021p: Main Aggregates: Gross Domestic Product (GDP) data remains active status in CEIC and is reported by Statistics Norway. The data is categorized under Global Database’s Norway – Table NO.A012: ESA 2010: GDP: by Expenditure: Chain Linked 2021 Price: Monthly.

GDP of Norway plummeted by 18.26% from 593,726,965,416 US dollars in 2022 to 485,310,823,604 US dollars in 2023. Since the 36.92% surge in 2021, GDP fell by 3.59% in 2023. Expenditure-based gross domestic product is total final expenditure at purchasers’ prices (including final consumption expenditure, gross fixed capital formation, changes in inventories, valuables and f.o.b. value of exports of goods and services), less the f.o.b. value of imports of goods and services.

Norway GDP: Chain Linked 2021p: swda: MN: at Basic Value: excl General Govt data was reported at 189,340.000 NOK mn in Jun 2024. This records a decrease from the previous number of 189,552.000 NOK mn for May 2024. Norway GDP: Chain Linked 2021p: swda: MN: at Basic Value: excl General Govt data is updated monthly, averaging 174,652.500 NOK mn from Jan 2016 (Median) to Jun 2024, with 102 observations. The data reached an all-time high of 189,875.000 NOK mn in Oct 2023 and a record low of 159,542.000 NOK mn in Apr 2020. Norway GDP: Chain Linked 2021p: swda: MN: at Basic Value: excl General Govt data remains active status in CEIC and is reported by Statistics Norway. The data is categorized under Global Database’s Norway – Table NO.A014: ESA 2010: GDP: by Expenditure: Chain Linked 2021 Price: Seasonally and Working Day Adjusted: Monthly.

Since the beginning of the coronavirus (COVID-19) crisis in Norway, many people have lost their jobs. This was especially the case for employees in the tourism and transportation sector. Before the coronavirus outbreak, the unemployment rate in the sector amounted to 3.4 percent. After the outbreak of COVID-19, however, the rate increased to 13.6 percent. Compared to other significantly affected industries, such as industrial work, the unemployment rate in the tourism and transportation sector was more than twice as high.

Traveling and tourism

As of July 2020, many companies in the traveling and tourism industry had completed layoffs. In detail, 85 percent of travel agencies and 95 percent of hotels had laid off employees due to the coronavirus crisis. The extent of these layoffs unfolded slightly differently in the two sectors: While 65 percent of travel agencies dismissed between 76 and 100 percent of their employees, 81 percent of hotels had to do the same.

Unemployment

Despite the significant rise in unemployment levels in Norway since March 2020, the number of unemployed individuals gradually decreased as of April 2020 before increasing again. While over 300,000 people were unemployed by the end of March 2020, the number had nearly halved by June 2020. As of February 2021, roughly 124 people registered as unemployed.

The gross domestic product (GDP) of Norway increased from 2012 to 2022. However, there was a minor decrease in 2015 after the fall of the oil price impacted the country's economy, and a larger fall in 2020 due to COVID-19. In 2022, Norway's GDP stood at 5.6 trillion Norwegian kroner which was a huge increase from the previous year. In 2022, the country's GDP increased by 28 percent as part of the economic recovery after the COVID-19 pandemic.

Norway GDP: NACE 2: Chain Linked 2021p: swda: Exports: Traditional Goods data was reported at 125,829.000 NOK mn in Jun 2024. This records an increase from the previous number of 121,533.000 NOK mn for Mar 2024. Norway GDP: NACE 2: Chain Linked 2021p: swda: Exports: Traditional Goods data is updated quarterly, averaging 80,106.500 NOK mn from Mar 1978 (Median) to Jun 2024, with 186 observations. The data reached an all-time high of 129,930.000 NOK mn in Dec 2023 and a record low of 27,592.000 NOK mn in Jun 1978. Norway GDP: NACE 2: Chain Linked 2021p: swda: Exports: Traditional Goods data remains active status in CEIC and is reported by Statistics Norway. The data is categorized under Global Database’s Norway – Table NO.A015: ESA 2010: GDP: by Expenditure: Chain Linked 2021 Price: Seasonally and Working Day Adjusted: Quarterly.

In Norway, the sectors with the highest employment growth will be motor vehicles, and legal and accounting. Between 2021 and 2030, it is expected that the motor vehicle sector will grow by 11.4 percent, while the legal and accounting industry will grow by 7.3 percent.

This statistic shows the share of economic sectors in the gross domestic product (GDP) in Norway from 2013 to 2023. In 2023, the share of agriculture in Norway's gross domestic product was 2.1 percent, industry contributed approximately 38.98 percent and the services sector contributed about 50.01 percent.

From 2020 to 2021, the share of the population in Norway that is satisfied or unsatisfied with its personal economic situation remained unchanged. Above 40 percent have a middle satisfaction level, whereas almost 1/3 has low satisfaction levels. A little more than 1/4 is highly satisfied with its economic situation.

Norway NO: GDP: Mainland: Double Hit Scenario data was reported at 2,970.000 NOK bn in Dec 2021. This records an increase from the previous number of 2,940.000 NOK bn for Sep 2021. Norway NO: GDP: Mainland: Double Hit Scenario data is updated quarterly, averaging 684.500 NOK bn from Mar 1962 (Median) to Dec 2021, with 240 observations. The data reached an all-time high of 3,080.000 NOK bn in Dec 2019 and a record low of 40.939 NOK bn in Mar 1962. Norway NO: GDP: Mainland: Double Hit Scenario data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Norway – Table NO.OECD.EO: GDP by Expenditure: Forecast: OECD Member: Quarterly. GDPML - Mainland gross domestic product , nominal valueExpenditure approach

Norway GDP: Chain Linked 2021p: swda: GFCF: MN: excl General Government: Industries data was reported at 34,956.000 NOK mn in Jun 2024. This records an increase from the previous number of 34,003.000 NOK mn for May 2024. Norway GDP: Chain Linked 2021p: swda: GFCF: MN: excl General Government: Industries data is updated monthly, averaging 29,482.000 NOK mn from Jan 2016 (Median) to Jun 2024, with 102 observations. The data reached an all-time high of 40,605.000 NOK mn in Jun 2023 and a record low of 22,399.000 NOK mn in Jan 2016. Norway GDP: Chain Linked 2021p: swda: GFCF: MN: excl General Government: Industries data remains active status in CEIC and is reported by Statistics Norway. The data is categorized under Global Database’s Norway – Table NO.A014: ESA 2010: GDP: by Expenditure: Chain Linked 2021 Price: Seasonally and Working Day Adjusted: Monthly.

GDP: Chain Linked 2021p: swda: Mainland Norway (MN): at Basic Value data was reported at 255,044.000 NOK mn in Jun 2024. This records an increase from the previous number of 254,964.000 NOK mn for May 2024. GDP: Chain Linked 2021p: swda: Mainland Norway (MN): at Basic Value data is updated monthly, averaging 235,435.500 NOK mn from Jan 2016 (Median) to Jun 2024, with 102 observations. The data reached an all-time high of 255,044.000 NOK mn in Jun 2024 and a record low of 213,970.000 NOK mn in Apr 2020. GDP: Chain Linked 2021p: swda: Mainland Norway (MN): at Basic Value data remains active status in CEIC and is reported by Statistics Norway. The data is categorized under Global Database’s Norway – Table NO.A014: ESA 2010: GDP: by Expenditure: Chain Linked 2021 Price: Seasonally and Working Day Adjusted: Monthly.

GDP: NACE 2: Chain Linked 2021p: VA: Mainland Norway: General Government (GG) data was reported at 196,437.000 NOK mn in Jun 2024. This records an increase from the previous number of 194,471.000 NOK mn for Mar 2024. GDP: NACE 2: Chain Linked 2021p: VA: Mainland Norway: General Government (GG) data is updated quarterly, averaging 135,231.500 NOK mn from Mar 1978 (Median) to Jun 2024, with 186 observations. The data reached an all-time high of 196,437.000 NOK mn in Jun 2024 and a record low of 71,094.000 NOK mn in Sep 1978. GDP: NACE 2: Chain Linked 2021p: VA: Mainland Norway: General Government (GG) data remains active status in CEIC and is reported by Statistics Norway. The data is categorized under Global Database’s Norway – Table NO.A052: ESA 2010: GDP: by Industry: Chain Linked 2021 Price.

Norway GDP: NACE 2: Chain Linked 2021p: swda: GFCF: MN: excl General Government data was reported at 145,261.000 NOK mn in Jun 2024. This records an increase from the previous number of 138,420.000 NOK mn for Mar 2024. Norway GDP: NACE 2: Chain Linked 2021p: swda: GFCF: MN: excl General Government data is updated quarterly, averaging 79,481.500 NOK mn from Mar 1978 (Median) to Jun 2024, with 186 observations. The data reached an all-time high of 163,136.000 NOK mn in Mar 2023 and a record low of 35,379.000 NOK mn in Mar 1992. Norway GDP: NACE 2: Chain Linked 2021p: swda: GFCF: MN: excl General Government data remains active status in CEIC and is reported by Statistics Norway. The data is categorized under Global Database’s Norway – Table NO.A015: ESA 2010: GDP: by Expenditure: Chain Linked 2021 Price: Seasonally and Working Day Adjusted: Quarterly.

Norway GDP: Chain Linked 2021p: swda: Taxes and Subsidies Products data was reported at 35,367.000 NOK mn in Jun 2024. This records a decrease from the previous number of 35,586.000 NOK mn for May 2024. Norway GDP: Chain Linked 2021p: swda: Taxes and Subsidies Products data is updated monthly, averaging 34,869.500 NOK mn from Jan 2016 (Median) to Jun 2024, with 102 observations. The data reached an all-time high of 37,042.000 NOK mn in Jul 2021 and a record low of 31,518.000 NOK mn in Apr 2020. Norway GDP: Chain Linked 2021p: swda: Taxes and Subsidies Products data remains active status in CEIC and is reported by Statistics Norway. The data is categorized under Global Database’s Norway – Table NO.A014: ESA 2010: GDP: by Expenditure: Chain Linked 2021 Price: Seasonally and Working Day Adjusted: Monthly.