Norway’s GDP growth is expected to slow down a little as capacity constraints bind further. Norway however must remain vigilant to risks surrounding the housing market and mortgage borrowing, along with oil-price uncertainties amid the weakening global outlook.
ICT, travel and tourism, insurance and finance, transport, petroleum, fish, metals, minerals and shipping are major industries of Norway.
In 2017, Services industry exports was valued at USD 41 billion for Norway. Machinery export accounted for USD 5.78 billion, vehicles for USD 3.83 billion, chemicals for USD 7.21 billion, metals for USD 9.52 billion, minerals for USD 61.9 billion, textiles for USD 894 million and agriculture for USD 17.2 billion in 2017.
Norway, officially the Kingdom of Norway, is a Scandinavian unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, the Arctic archipelago of Svalbard, and the sub-Antarctic Bouvet Island. Oslo the capital is a city of green spaces and museums. Norway has a total area of 148,747 square miles and a population of a little above 5 million. It is the 2nd least densely populated country in Europe.
Norway will have estimated population of 5.356 million in the year 2019 and expected to reach 5,518 million by 2024. Norway’s 2.724% population is expected to be employed in 2019 and the unemployment rate are expected to reach 3.7% of total labor force.
Norway’s real gross domestic product (GDP) is expected to be around NOK 3290.37 billion in 2019 whereas the nominal GDP is expected to be NOK 3663.37 billion. This will result in GDP deflator 111.336. Per capita GDP is estimated to be at USD 79733.12 whereas purchasing power parity (PPP) based per capita GDP is expected to be at USD 76738.27.
The output gap for Norway in 2018 was negative at 0.4% of the potential GDP.
In 2019, Norwegian government’s revenue is expected to be NOK 2026.68 billion whereas the expenditure is expected to be NOK 1750.21 billion. This will result Norwegian government’s net lending / borrowing at NOK 276.47 billion in 2019 indicating that enough financial resources are made available by the government to boost economic growth.
The current account balance for Norway is estimated to be at USD 31.443 billion in the year 2019 and is expected to increase at a CAGR of 5.79% and reach USD 33.38 by 2024. This positive current account balance indicates the Norway is net lender to the whole world.
In World Bank’s ease of doing business ranking Norway was ranked 7th out of 190 countries in 2018. Norway’s ease of doing business ranking improved from 8th position in 2017.
*If Applicable.