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Economy and Banking Sector of Norway

National Currency

Norwegian Krone (NOK)

Exchange Rate

1 EUR = 9.6223 NOK (2019-07-15)

During the last 11 years EURNOK exchange rate was within the range 7.2925 - 9.9483, reaching its maximum in Dec 2018 and falling to its minimum in Aug 2012.

Euro to Norwegian krone (EURNOK).

Chart 1. Euro to Norwegian krone (EURNOK). Source: ECB.

GDP

Nominal GDP (2018)
368.5 bln EUR  (+0.05%)
Nominal GDP per Capita (2018)
69,400 EUR  (+0.04%)
Real GDP Growth (2018)
1.4 %  (2017: 1.8 %)

According to Eurostat, nominal GDP of Norway in 2018 was 368.5 bln EUR.

Norway underperforms the European Union in terms of real GDP growth with the average annual differential coming to -0.1% over the past 10 years (2008 - 2018). In 2018 real GDP growth was 1.4% which was below the Euro Area average (1.9%) and below the European Union average (2.0%). Real GDP growth in 2019 - 2024 are IMF's estimates.

Real GDP Growth in Norway.

Chart 2. Real GDP Growth in Norway. Source: Eurostat, International Monetary Fund.

In 2018, nominal GDP per capita in Norway was 69,400 EUR.

Norway has an above-average level of wealth in terms of per-capita GDP at purchasing power parity (PPP); this economic welfare indicator has, on average, exceeded that of the European Union by 59.8% over the past 10 years (2007 - 2017). GDP per capita at PPP in 2018 - 2024 are IMF's estimates.

GDP Per Capita at Purchasing Power Parity in  Norway; European Union = 100.

Chart 3. GDP Per Capita at Purchasing Power Parity in Norway; European Union = 100.

Inflation Rate

CPI, MoM (Mar 2019)
0.1 %  (Feb 2019: 0.9 %)
CPI, YoY (Mar 2019)
3.2 %  (Feb 2019: 3.4 %)
CPI, Year Average (2018)
3.0 %  (2017: 1.9 %)

According to Eurostat, inflation rate in Norway in 2018 expressed as annual percentages of average consumer prices was 3.0% which was above the Euro Area average (1.8%) and above the European Union average (1.9%). Inflation rates in 2019 - 2024 are IMF's estimates.

Inflation Rate in Norway.

Chart 4. Inflation Rate in Norway. Source: Eurostat, International Monetary Fund.

Unemployment Rate

Unemployment Rate (2018)
3.9 %  (2017: 4.2 %)

According to Eurostat, unemployment rate in Norway in 2018 was 3.9% which was below the Euro Area average (8.2%) and below the European Union average (6.8%). Unemployment rates in 2019 - 2024 are IMF's estimates.

Unemployment Rate in Norway.

Chart 5. Unemployment Rate in Norway. Source: Eurostat, International Monetary Fund.

Credit Ratings (as of May 2018)

Fitch
AAA (highest credit quality), outlook stable
Moody's
Aaa (prime), outlook stable

Norway has sovereign credit ratings assigned by Fitch and Moody's: the rating set by Fitch is AAA (highest credit quality), outlook stable; the rating set by Moody's is Aaa (prime), outlook stable.