Norway Government Debt: % of GDP, 1995 – 2024 (2024)

FAQs

What is Norway's debt to GDP in 2024? ›

Government Debt to GDP in Norway is expected to reach 42.00 percent of GDP by the end of 2024, according to Trading Economics global macro models and analysts expectations.

Norway Government debt accounted for 44.3 % of the country's Nominal GDP in Dec 2023, compared with the ratio of 36.5 % in the previous year. Norway government debt to GDP ratio data is updated yearly, available from Dec 1995 to Dec 2023.

Norway's public balance remains robust with a continued strong surplus, largely attributed to tax revenues derived from hydrocarbon production. Despite an increase in government spending, the country's public debt is anticipated to remain low, reflecting a stable fiscal approach.

Norway recorded a Government Budget surplus equal to 16.30 percent of the country's Gross Domestic Product in 2023.

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.

This fossil fuel-rich Scandinavian country topped its highest GDP growth estimates in January. Wholesale and retail trade contributed the most to the increase, followed by electricity industry, according to data from Statistics Norway.

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

Norway External Debt reached 772.5 USD bn in Dec 2023, compared with 705.5 USD bn in the previous quarter.

One of three countries in the world without foreign/external debt. Norway has a very large sovereign wealth fund, which outweighs its public debt by a very large amount. Norway is one of three countries in the world that doesn't need to borrow any money.

What country is in zero debt? ›

1) Switzerland. It is no surprise to see Switzerland on this list. Switzerland is a country that, in practically all economic and social metrics, is an example to follow. With a population of almost 9 million people, Switzerland has no natural resources of its own, no access to the sea, and virtually no public debt.

The central government debt has fluctuated between approximately SEK 1,000 billion and SEK 1,400 billion over the past ten years. The Swedish National Debt Office is tasked with raising loans and managing government borrowing according to the rules of the Budget Act and government guidelines.

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.

The petroleum industry is currently the most important export sector, accounting for 46 per cent of Norway's export revenues. This is followed by the manufacturing industry, with around 30 per cent, and the services industry, with around 20 per cent.

Unemployment refers to the share of the labor force that is without work but available for and seeking employment. Norway unemployment rate for 2022 was 3.23%, a 1.14% decline from 2021. Norway unemployment rate for 2021 was 4.37%, a 0.05% decline from 2020.

Norway: Economy enters technical recession in Q3

The total economy's downturn chiefly reflected a deterioration in fixed investment and exports of goods and services. Domestically, fixed investment posted the sharpest contraction since Q2 2021, declining 2.1% in Q3 (Q2: +0.7% s.a. qoq).