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Economy and Banking Sector of Norway

Norway
Location
Northern Europe
EU Status
not a member

Norway (officially the Kingdom of Norway) is a prosperous, democratic country in Northern Europe, located mainly at the western portion of the Scandinavian Peninsula. Norway has a very high standard of living, a low level of corruption, and a high level of education and health care. Norway has achieved these highest standards of living in the world partially by having a large amount of natural resources compared to the size of its population.

Economy

Currency
NOK (Norwegian krone)
Population  (2019)
5,328,212  (+0.01%)
Nominal GDP (2019)
360.3 bln EUR  (-0.02%)
Credit Ratings (as of Jun 2020)
AAA/Aaa/AAA

Norway has mixed economy with free market activity and large state ownership in certain key sectors (for example, in petroleum sector, hydroelectric energy production, aluminium production, telecommunications and banking).

Taxation

Withholding tax rates in Norway are 0.0-25.0 %. Norway signed 82 double taxation agreements.
Norway signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.
Norway has FATCA agreement with the U.S. in effect since 15 April 2013 (Intergovernmental Agreement Model 1).

Banking Sector

Number of Banks
157
Consolidated Banking Assets (2017)
3,861.22 bln NOK  (+6.48%)
Deposit Guarantee
2,000,000 NOK

Banking sector in Norway is dominated by domestic commercial and regional savings banks, with a number of foreign-controlled banks from Western and Northern Europe.

Major Banks

See Also