Norway's oil industry is expected to contribute **** percent to the country's GDP in 2025, highlighting its continued importance to the national economy. This figure represents a slight decline from the peak of **** percent seen in 2022, which was driven by exceptional circumstances in the global energy market. Higher export values post-2022 The significance of Norway's oil and gas industry is further underscored by its dominant position in the country's export market. In 2023, petroleum products accounted for ** percent of Norway's total goods exports by value. This represents a substantial increase from previous years, largely attributed to supply constraints and surging oil prices, as well as European efforts to reduce dependence on Russian fuel imports. The export value of petroleum reached *** billion Norwegian kroner in 2023. Norway continues investing in future production While Norway's oil production has declined from its peak in the early 2000s, it has stabilized in recent years at around *** million barrels per day. The country continues to actively explore and develop its oil and gas resources, with a record number of drilling licenses awarded in recent years. In 2023, ** licenses were granted, the second-highest figure in the period under consideration. This ongoing investment in exploration and production suggests that Norway is committed to maintaining its position as a significant player in the global oil market, despite increasing focus on climate change mitigation.

GDP Growth Non Oil Sector in Norway increased to 1 percent in the first quarter of 2025 from -0.40 percent in the fourth quarter of 2024. This dataset includes a chart with historical data for Norway GDP Growth Mainland QoQ.

Oil and gas made up 62 percent of the value of all goods exported from Norway in 2023. The great jump noted between 2020 and 2022 is largely due to supply constrictions, which led to surging oil prices, and European trading partners looking to curb Russian fuel imports.

Total natural resources rents (% of GDP) in Norway was reported at 10.05 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. Norway - Total natural resources rents (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Oil production in Norway saw a noticeable decline between 2001 to 2013, dropping from 3.4 million barrels per day to 1.8 million. Since then, production experienced a slight recovery and amounted to around two million barrels by 2023. In the first quarter of 2019, Norway made five oil and gas discoveries in its territories. Global context Whilst Norway is not one of the biggest oil producing countries in the world, meeting around two percent of the global oil demand, it is still an important exporter. In fact, most of the oil that is produced on the Norwegian shelf is exported and represents a significant source of the country’s revenue. In 2019, 29 billion U.S. dollars’ worth of crude oil was exported. In 2018, approximately 61.1 million metric tons of crude oil were exported from Norway via pipelines and ships. Depleting North Sea reserves As of 2020, Norway’s oil reserves amounted to one billion metric tons, a decline of 0.3 billion metric tons when compared to the turn of the century. The North Sea is Norway’s most explored territory, with approximately 65 fields. However, potentially 50 percent of Norway’s undiscovered resources are located in the Barents Sea.

The ratio of military expenditure to gross domestic product (GDP) in Norway increased by 0.1 percentage points (+6.67 percent) in 2023 in comparison to the previous year. In total, the ratio amounted to 1.61 percent in 2023. This increase was preceded by a declining ratio.Military expenditure refers to the total amount of money spent on a country's armed forces, including peacekeeping and defense operations. This figure is then given as a share of its gross domestic product (not total government expenditure). When comparing international figures there may be some discrepancies depending on what countries consider military spending.Find more key insights for the ratio of military expenditure to gross domestic product (GDP) in countries like Sweden and Finland.

The petroleum export value from Norway climbed to 560 billion Norwegian kroner in 2023. That year, figures decreased by some 50 billion Norwegian kroner, after climbing almost 200 billion in 2022 as a result of sanctions on Russian oil imports across Europe and higher oil prices.

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.

Natural gas with a total value of 653 billion Norwegian kroner was exported from Norway in 2023. This was a notable decrease compared to the previous year, when gas demand rose across the European continent following sanctions on Russia.

As of 2023, the United States was the biggest producer of natural gas in the world. With a production of approximately 1.04 trillion cubic meters that year, U.S. natural gas production was over 449 billion cubic meters more than the second biggest producer - Russia. These two nations are by far the biggest contributors to natural gas production on the planet. In 2021, global natural gas production reached a peak of four trillion cubic meters. Global natural gas reserves Global proved natural gas reserves totaled nearly seven quadrillion cubic feet in 2020. The Middle East and the Commonwealth of Independent States are home to the largest regional natural gas reserves. The country with the largest proved natural gas reserves is Russia, which holds 37.4 trillion cubic meters in 2020. In the previous year, Russia’s state-owned energy group Gazprom held a 16.3 percent share of global natural gas. Natural gas trade In addition to having the largest natural gas reserves, Russia is also the world’s leading gas exporting country. The majority of Russia’s gas exports are via pipelines, and in 2021 it exported approximately 202 billion cubic meters through this method. In comparison, Qatar is the third largest natural gas exporter, but is the leading LNG exporting country.

In 2023, Norway's oil refinery capacity amounted to 226 thousand barrels per day, a considerable decrease when compared to 2020. Between 2012 and 2020, capacities in the Nordic country remained unchanged at 342 thousand barrels daily.

From 2011 to 2022, Sweden had the highest gross domestic product (GDP) of the Nordic countries. In 2022, it was estimated to be at 591 billion U.S. dollars, and is expected to reach almost 720 billion in 2027. Norway had the second highest GDP in this time period, but it dropped significantly after the fall in the oil price in 2014. Denmark has consistently been the third largest Nordic economy in this time. Iceland has the lowest GDP in the region, with just 28 billion U.S. dollars in 2022; around 10 percent the size of Finland's.

Relative to exchange rates in January 1999 when the euro was introduced, the Norwegian krone (NOK) trades at rates not seen for a generation. The currencies of Norway’s main trading partners have lost between 10 and 30 percent of their relative value to NOK since then.

The statistic shows the distribution of employment in Norway by economic sector from 2012 to 2022. In 2022, 2.2 percent of the employees in Norway were active in the agricultural sector, 19.34 percent in industry and 78.46 percent in the service sector.

The annual population growth in Norway increased by 0.2 percentage points (+22.22 percent) in 2023 in comparison to the previous year. In total, the population growth amounted to 1.14 percent in 2023. Population growth refers to the annual change in population, and is based on the balance between birth and death rates, as well as migration.Find more key insights for the annual population growth in countries like Faroe Islands and Finland.

The unemployment rate in Norway increased by 0.4 percentage points (+11.2 percent) compared to the previous year. In total, the unemployment rate amounted to 3.97 percent in 2024. The unemployment rate refers to the share of the workforce that is currently not working but is actively searching for work. It does not include the economically inactive population, such as the long-term unemployed, those aged under 15 years, or retired persons.Find more key insights for the unemployment rate in countries like Sweden and Finland.

The share of urban population in Norway saw no significant changes in 2023 in comparison to the previous year 2022 and remained at around 84 percent. Still, the share reached its highest value in the observed period in 2023. A population may be defined as urban depending on the size (population or area) or population density of the village, town, or city. The urbanization rate then refers to the share of the total population who live in an urban setting. International comparisons may be inconsistent due to differing parameters for what constitutes an urban center.Find more key insights for the share of urban population in countries like Denmark and Sweden.