Debts an budget deficits in Norway (2024)

FAQs

Does Norway have a budget deficit? ›

Norway recorded a Government Budget surplus equal to 16.30 percent of the country's Gross Domestic Product in 2023. Government Budget in Norway averaged 10.18 percent of GDP from 1995 until 2023, reaching an all time high of 25.60 percent of GDP in 2022 and a record low of -2.60 percent of GDP in 2020. source: EUROSTAT.

Public debt in Norway averaged 37.1% of GDP in the decade to 2022. In 2022, public debt was at 37.4% of GDP.

In the latest reports, Norway National Government Debt reached 224.4 USD bn in Dec 2023. The country's Nominal GDP reached 128.6 USD bn in Mar 2023.

The budget balance in relation to the GDP in Norway was forecast to continuously decrease between 2024 and 2029 by in total 4.5 percentage points. According to this forecast in 2029, the budget balance will have decreased for the fifth consecutive year to 10.41 percent.

Norway has a very large sovereign wealth fund, which outweighs its public debt by a very large amount. Norway is one of the few countries in the world that doesn't need to borrow any money. Norway is a small country with a small population, but with a very long coastline.

Norway's $1.4 trillion sovereign wealth fund reported a loss of 2.1%, or $34 billion, in the third quarter after financial markets were dented by global growth concerns.

Norway's economic freedom score is 77.5, making its economy the 10th freest in the 2024 Index of Economic Freedom. Its rating has increased by 0.6 point from last year, and Norway is ranked 7th out of 44 countries in the Europe region. The country's economic freedom score is higher than the world and regional averages.

Like many countries, Norway experienced an economic boom prior to the international financial crisis. High income growth was combined with low interest rates. As a result, house prices and household debt increased faster than their income, causing increasing concern about financial stability, see figure 1.

Oil, gas, seafood, and products from energy-intensive industry are among our main export commodities. Our sea areas are six times the size of our land area, and our ocean-based industries account for almost 40 % of our total value creation, and 70 % of our exports.

Why is Norway so wealthy? ›

Rich Economy: It is actually known for being the place with the highest living standards, and its rich economy is one of the major reasons. It is fueled by oil and gas exports which not only makes it extremely efficient and stable, but also helps it to be one of the richest countries for many many more years to come.

The government system is a parliamentary constitutional monarchy; the chief of state is the king, and the head of government is the prime minister. Norway has a mixed economic system with a combination of free-market activity and government intervention.

Norway's current account balance posted a surplus of NOK 341 billion in the first quarter of 2022. Export revenues were primarily driven by higher prices for oil and natural gas.

It's much cheaper to travel in Norway! … especially if you are travelling with dollars, euros, pounds, or Danish kroner in your pocket. The Norwegian krone (NOK) is historically weak, which means that travelling in Norway has become far more affordable for most visitors!

Trade balance is the value of exported goods minus the value of imported goods. A positive trade balance signifies a trade surplus, while a negative value signifies a trade deficit. In 2022, Norway's trade surplus amounted to around 144.26 billion U.S. dollars.

One of the defining aspects of Norway's current account is the consistently high balance of income and current transfers stemming from its substantial foreign assets and investments. The country is home to the world's largest sovereign wealth fund.