Norway has a GDP of $484B compared to $14.3B for Rwanda, ranking 32/197 and 144/197 by economy size, respectively.
Norway has $207B in government debt (42.7% of GDP), compared to $9.58B (77.6% of GDP) in Rwanda.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Norway
|
Rwanda
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $5,197,398,721 | $68,793,506,118 | $119,000,024 | $1,013,800,020 |
| 1961 | $5,669,689,210 | $73,109,153,566 | $122,000,016 | $970,231,700 |
| 1962 | $6,107,076,929 | $75,166,405,039 | $125,000,008 | $1,080,195,804 |
| 1963 | $6,553,269,536 | $78,011,485,854 | $128,000,000 | $974,115,776 |
| 1964 | $7,206,522,122 | $81,919,589,025 | $129,999,994 | $852,692,316 |
| 1965 | $8,111,945,661 | $86,249,538,031 | $148,799,980 | $912,462,033 |
| 1966 | $8,753,940,267 | $89,515,388,221 | $124,525,703 | $976,415,683 |
| 1967 | $9,577,383,653 | $95,115,541,631 | $159,560,018 | $1,043,944,763 |
| 1968 | $10,227,087,165 | $97,265,034,480 | $172,200,018 | $1,117,164,761 |
| 1969 | $11,136,187,440 | $101,646,446,366 | $188,700,037 | $1,240,135,222 |
| 1970 | $12,814,123,115 | $103,621,742,272 | $219,900,006 | $1,314,561,010 |
| 1971 | $14,583,114,840 | $109,500,837,087 | $222,952,504 | $1,330,423,038 |
| 1972 | $17,358,610,850 | $115,337,894,011 | $246,457,838 | $1,333,922,959 |
| 1973 | $22,534,253,703 | $120,566,084,506 | $290,746,157 | $1,379,784,406 |
| 1974 | $27,145,693,810 | $125,294,905,499 | $308,458,423 | $1,399,236,932 |
| 1975 | $32,877,805,200 | $131,499,638,270 | $571,863,500 | $1,369,659,506 |
| 1976 | $35,942,270,686 | $139,160,194,320 | $637,753,853 | $1,636,805,801 |
| 1977 | $41,508,030,431 | $144,950,253,122 | $746,650,613 | $1,669,445,501 |
| 1978 | $46,522,900,254 | $150,558,892,164 | $905,709,076 | $1,822,213,801 |
| 1979 | $53,132,244,624 | $157,142,089,506 | $1,109,346,131 | $2,038,508,904 |
| 1980 | $64,439,382,896 | $164,314,436,253 | $1,254,765,642 | $2,220,988,318 |
| 1981 | $63,596,654,761 | $166,940,746,108 | $1,407,062,527 | $2,341,725,674 |
| 1982 | $62,647,195,538 | $167,333,595,175 | $1,407,243,139 | $2,384,130,730 |
| 1983 | $61,627,240,831 | $173,981,771,260 | $1,479,687,587 | $2,526,710,090 |
| 1984 | $62,057,955,033 | $184,511,811,488 | $1,587,413,084 | $2,419,558,044 |
| 1985 | $65,416,879,914 | $194,758,499,575 | $1,715,626,331 | $2,526,085,095 |
| 1986 | $78,693,118,044 | $202,630,856,643 | $1,944,710,684 | $2,664,315,945 |
| 1987 | $94,229,907,236 | $206,184,106,690 | $2,157,432,668 | $2,663,675,547 |
| 1988 | $101,900,260,856 | $205,657,951,819 | $2,395,492,687 | $2,783,509,648 |
| 1989 | $102,633,934,391 | $207,793,200,369 | $2,405,022,593 | $2,782,492,713 |
| 1990 | $119,791,843,060 | $211,808,370,316 | $2,550,185,679 | $2,715,732,613 |
| 1991 | $121,872,464,483 | $218,341,469,492 | $1,911,600,237 | $2,647,448,785 |
| 1992 | $130,838,040,068 | $226,145,995,698 | $2,029,026,962 | $2,802,926,178 |
| 1993 | $120,579,213,713 | $232,580,262,419 | $1,971,525,712 | $2,575,645,531 |
| 1994 | $127,131,319,429 | $244,337,831,947 | $753,636,370 | $1,281,433,436 |
| 1995 | $152,029,612,325 | $254,491,639,971 | $1,293,535,193 | $1,732,806,553 |
| 1996 | $163,520,109,151 | $267,287,258,415 | $1,382,334,879 | $1,953,664,804 |
| 1997 | $161,356,631,888 | $281,412,338,540 | $1,851,558,197 | $2,224,242,544 |
| 1998 | $154,230,295,158 | $288,922,351,937 | $1,989,343,546 | $2,421,280,840 |
| 1999 | $162,383,706,021 | $294,908,959,351 | $2,157,108,263 | $2,526,652,278 |
| 2000 | $171,457,201,936 | $304,696,827,580 | $2,068,836,754 | $2,738,155,711 |
| 2001 | $174,239,354,071 | $310,995,308,439 | $1,966,600,715 | $2,970,476,184 |
| 2002 | $195,914,852,576 | $315,279,446,148 | $1,966,003,468 | $3,362,343,590 |
| 2003 | $229,385,469,337 | $318,258,551,155 | $2,138,237,279 | $3,436,395,425 |
| 2004 | $265,268,662,473 | $331,035,320,834 | $2,376,496,067 | $3,692,326,726 |
| 2005 | $309,978,579,744 | $339,924,026,052 | $2,933,819,766 | $4,038,589,403 |
| 2006 | $346,915,160,682 | $348,291,164,570 | $3,319,784,539 | $4,411,233,107 |
| 2007 | $402,643,260,488 | $358,440,508,444 | $4,070,507,895 | $4,747,955,684 |
| 2008 | $464,917,553,191 | $360,167,903,329 | $5,179,854,065 | $5,277,886,761 |
| 2009 | $387,976,400,617 | $353,179,332,378 | $5,674,476,969 | $5,607,662,717 |
| 2010 | $431,052,143,940 | $355,959,036,888 | $6,124,756,654 | $6,018,965,512 |
| 2011 | $501,360,549,669 | $359,894,719,458 | $6,884,913,658 | $6,497,978,183 |
| 2012 | $512,777,309,841 | $369,676,511,271 | $7,654,761,045 | $7,059,501,498 |
| 2013 | $526,014,468,085 | $373,433,130,118 | $7,819,964,024 | $7,392,699,278 |
| 2014 | $501,736,471,833 | $381,081,533,571 | $8,238,966,120 | $7,848,619,326 |
| 2015 | $388,159,512,246 | $388,159,512,246 | $8,543,760,206 | $8,543,760,206 |
| 2016 | $370,956,547,619 | $392,680,500,172 | $8,695,272,061 | $9,053,886,363 |
| 2017 | $401,745,275,035 | $402,355,151,331 | $9,252,833,894 | $9,408,633,107 |
| 2018 | $439,788,625,884 | $405,690,399,924 | $9,637,904,519 | $10,209,916,262 |
| 2019 | $408,742,840,909 | $410,249,333,419 | $10,349,300,277 | $11,174,486,378 |
| 2020 | $367,633,418,887 | $405,005,642,243 | $10,174,386,855 | $10,797,494,132 |
| 2021 | $503,367,986,030 | $420,836,044,192 | $11,078,787,095 | $11,969,932,692 |
| 2022 | $596,297,651,036 | $434,497,344,229 | $13,316,161,006 | $12,946,823,702 |
| 2023 | $482,949,731,777 | $434,810,705,801 | $14,331,722,700 | $14,014,924,102 |
| 2024 | $483,727,398,216 | $443,943,701,526 | $14,251,642,231 | $15,260,942,693 |
Economic indicators
|
Norway
|
Rwanda
|
|
|---|---|---|
| Gross domestic product |
$484B
2024 |
$14.3B
2024 |
| GDP rank |
32/197
2024 |
144/197
2024 |
| GDP growth |
0.16%
2023-2024 |
-0.56%
2023-2024 |
| GDP per capita |
$86,810
2024 |
$1,000
2024 |
| GDP per capita rank |
8/197
2024 |
177/197
2024 |
| GDP per capita, PPP |
$101,032
2024 |
$3,711
2024 |
| Government debt |
$207B
2024 |
$9.58B
2024 |
| Debt-to-GDP ratio |
42.7%
2025 |
77.6%
2025 |
| Government debt per person |
$37,084
2024 |
$672
2024 |
| Government debt per person rank |
17/185
2024 |
156/185
2024 |
| Average annual personal income after taxes |
$45,746
2025 |
$2,587
2025 |
| Market capitalization of domestic companies |
$296B
2019 |
$2.75B
2024 |
| Number of millionaires |
253,085
2024 |
n/a |
| Number of billionaires |
17
2025 |
n/a |
| Income share by richest 10% |
21.6%
2023 |
33.4%
2023 |
| Income share by poorest 10% |
3.6%
2023 |
3.1%
2023 |
| Government expenditure, % of GDP |
47.9%
2025 |
27.4%
2025 |
| Consumer prices inflation |
3.15%
2023-2024 |
1.77%
2023-2024 |
| Central bank interest rate |
4.25%
2025 |
6.75%
2025 |
| Unemployment rate |
3.98%
2024 |
11.3%
2024 |
| Population |
5642662
|
14826674
|
GDP per capita in Norway vs Rwanda
Norway's GDP per capita is $86,810, ranking 8/197, compared to $1,000 in Rwanda, ranking 177/197. Adjusted for purchasing power (GDP per capita PPP), Norway ranks 7th at $101,032, while Rwanda ranks 168th at $3,711.
| Year | Current $ | |||
|---|---|---|---|---|
|
Norway
|
Rwanda
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $1,451 | - | $39.4 | - |
| 1961 | $1,571 | - | $39.3 | - |
| 1962 | $1,678 | - | $39.2 | - |
| 1963 | $1,787 | - | $39.3 | - |
| 1964 | $1,951 | - | $39 | - |
| 1965 | $2,179 | - | $43.5 | - |
| 1966 | $2,333 | - | $35.4 | - |
| 1967 | $2,531 | - | $44 | - |
| 1968 | $2,680 | - | $46 | - |
| 1969 | $2,894 | - | $48.9 | - |
| 1970 | $3,306 | - | $55.2 | - |
| 1971 | $3,736 | - | $54.4 | - |
| 1972 | $4,414 | - | $58.4 | - |
| 1973 | $5,690 | - | $66.9 | - |
| 1974 | $6,812 | - | $68.9 | - |
| 1975 | $8,204 | - | $124.1 | - |
| 1976 | $8,927 | - | $134.4 | - |
| 1977 | $10,266 | - | $152.7 | - |
| 1978 | $11,463 | - | $179.9 | - |
| 1979 | $13,047 | - | $213.8 | - |
| 1980 | $15,772 | - | $234.4 | - |
| 1981 | $15,513 | - | $254.6 | - |
| 1982 | $15,225 | - | $246.4 | - |
| 1983 | $14,928 | - | $250.6 | - |
| 1984 | $14,989 | - | $259.9 | - |
| 1985 | $15,754 | - | $271.6 | - |
| 1986 | $18,883 | - | $297.7 | - |
| 1987 | $22,506 | - | $320 | - |
| 1988 | $24,207 | - | $344 | - |
| 1989 | $24,281 | - | $335 | - |
| 1990 | $28,243 | $18,449 | $346 | $549 |
| 1991 | $28,597 | $19,567 | $254 | $542 |
| 1992 | $30,524 | $20,609 | $264.1 | $575 |
| 1993 | $27,964 | $21,569 | $247 | $521 |
| 1994 | $29,316 | $23,012 | $111 | $311 |
| 1995 | $34,876 | $24,344 | $228 | $514 |
| 1996 | $37,322 | $26,816 | $206 | $499 |
| 1997 | $36,629 | $28,603 | $238.7 | $500 |
| 1998 | $34,803 | $28,198 | $246.2 | $528 |
| 1999 | $36,393 | $30,574 | $264.7 | $554 |
| 2000 | $38,178 | $36,986 | $251.9 | $609 |
| 2001 | $38,602 | $37,833 | $237.3 | $670 |
| 2002 | $43,171 | $38,056 | $234 | $760 |
| 2003 | $50,250 | $38,685 | $249 | $775 |
| 2004 | $57,769 | $42,673 | $269.5 | $832 |
| 2005 | $67,047 | $47,967 | $324 | $914 |
| 2006 | $74,434 | $54,369 | $357 | $1,002 |
| 2007 | $85,502 | $56,181 | $426 | $1,079 |
| 2008 | $97,504 | $62,073 | $528 | $1,191 |
| 2009 | $80,348 | $55,619 | $564 | $1,241 |
| 2010 | $88,163 | $58,220 | $594 | $1,314 |
| 2011 | $101,222 | $62,460 | $651 | $1,413 |
| 2012 | $102,176 | $65,774 | $707 | $1,455 |
| 2013 | $103,554 | $67,378 | $705 | $1,512 |
| 2014 | $97,667 | $66,332 | $725 | $1,678 |
| 2015 | $74,810 | $60,754 | $734 | $1,781 |
| 2016 | $70,867 | $59,280 | $730 | $1,866 |
| 2017 | $76,132 | $64,590 | $758 | $1,968 |
| 2018 | $82,793 | $70,254 | $772 | $2,125 |
| 2019 | $76,431 | $70,940 | $810 | $2,336 |
| 2020 | $68,340 | $67,111 | $779 | $2,285 |
| 2021 | $93,073 | $88,984 | $830 | $2,733 |
| 2022 | $109,270 | $123,150 | $975 | $3,099 |
| 2023 | $87,497 | $100,437 | $1,027 | $3,399 |
| 2024 | $86,810 | $101,032 | $1,000 | $3,711 |
Spending and national debt comparison
In 2024, Norway's government spending was $230B, accounting for 47.9% of its GDP, while Rwanda's spent $4.1B, or 27.4% of GDP.
Debt-to-GDP ratio is 42.7% in Norway and 77.6% in Rwanda, ranking 128/185 and 46/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Norway
|
Rwanda
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | 18% | 29.8% | - | - |
| 1961 | 20.4% | 27.7% | - | - |
| 1962 | 30.6% | 26.7% | - | - |
| 1963 | 31.9% | 25.3% | - | - |
| 1964 | 32% | 24.2% | - | - |
| 1965 | 32.9% | 23% | - | - |
| 1966 | 33.5% | 22.4% | - | - |
| 1967 | 34.9% | 22.6% | - | - |
| 1968 | 36.2% | 22.5% | - | - |
| 1969 | 38% | 22.3% | - | - |
| 1970 | 38.9% | 38.6% | - | - |
| 1971 | 40.7% | 38.5% | - | - |
| 1972 | 42.2% | 38.9% | - | - |
| 1973 | 42.3% | 37.7% | - | - |
| 1974 | 42.2% | 35.4% | - | - |
| 1975 | 43.5% | 36.7% | - | - |
| 1976 | 45.2% | 38.5% | - | - |
| 1977 | 46.5% | 43.8% | - | - |
| 1978 | 47.9% | 49.9% | - | - |
| 1979 | 47.2% | 39.6% | - | - |
| 1980 | 46.1% | 36.8% | - | - |
| 1981 | 46.1% | 32.9% | - | - |
| 1982 | 46.6% | 29.7% | - | - |
| 1983 | 46.4% | 27.4% | - | - |
| 1984 | 44.5% | 27.8% | - | - |
| 1985 | 44% | 30.2% | - | - |
| 1986 | 48.1% | 37.8% | - | - |
| 1987 | 50.5% | 31.3% | - | - |
| 1988 | 52.6% | 30.5% | - | - |
| 1989 | 52.2% | 30.4% | - | - |
| 1990 | 48.9% | 28.9% | - | - |
| 1991 | 50% | 39.2% | - | - |
| 1992 | 51.3% | 45% | 21.5% | - |
| 1993 | 50.2% | 53.7% | 20.3% | - |
| 1994 | 49.4% | 50.6% | 13.3% | - |
| 1995 | 49.3% | 32.7% | 18% | 100.8% |
| 1996 | 47% | 28.4% | 19.5% | 83.4% |
| 1997 | 45.5% | 25.8% | 17% | 72.2% |
| 1998 | 47.8% | 23.6% | 16.4% | 70.1% |
| 1999 | 46.4% | 25% | 22.4% | 78.4% |
| 2000 | 41.3% | 28.7% | 18.2% | 86% |
| 2001 | 43.2% | 27.2% | 19.1% | 84% |
| 2002 | 46.1% | 33.9% | 20.5% | 92% |
| 2003 | 47.6% | 43.1% | 18.5% | 79.5% |
| 2004 | 44.7% | 43.8% | 17.9% | 80.9% |
| 2005 | 41.8% | 42.3% | 19.9% | 58.9% |
| 2006 | 40.5% | 52.6% | 20.6% | 22.5% |
| 2007 | 41% | 49.5% | 22.4% | 22.1% |
| 2008 | 39.8% | 47.5% | 22.5% | 18.3% |
| 2009 | 45.6% | 42.5% | 22.3% | 18.5% |
| 2010 | 44.5% | 43% | 23.8% | 18.8% |
| 2011 | 43.3% | 29.6% | 24.7% | 18.7% |
| 2012 | 42.4% | 30.9% | 24.6% | 19.1% |
| 2013 | 43.5% | 31.4% | 26.2% | 26.7% |
| 2014 | 45.2% | 29.7% | 27.5% | 29.1% |
| 2015 | 48.2% | 34.3% | 26.6% | 33.1% |
| 2016 | 50.4% | 37.9% | 25.1% | 41.1% |
| 2017 | 49.2% | 38.3% | 25.1% | 45.6% |
| 2018 | 47.7% | 39.4% | 26.4% | 49.2% |
| 2019 | 50.2% | 40.6% | 28.2% | 53.6% |
| 2020 | 56.7% | 46.1% | 33.5% | 68.7% |
| 2021 | 46.3% | 41.6% | 31.6% | 67.3% |
| 2022 | 37.5% | 36.1% | 29.7% | 60.9% |
| 2023 | 45.9% | 44.2% | 27% | 63.4% |
| 2024 | 47.5% | 42.7% | 28.8% | 67.2% |
| 2025 | 47.9% | 42.7% | 27.4% | 77.6% |
Government deficit by year
In 2024, Norway's government surplus, the difference between spending and revenue, was $61.8B, equivalent to 12.8% of GDP. This compares to Rwanda's deficit of -$936M, or -6.57% of GDP.
Over the past 33 years, Norway recorded a fiscal deficit in 3 of those years, while Rwanda ran a deficit in 29 years. On average, Norway posted an annual surplus equal to +9.21% of GDP, compared to deficit of -3.03% of GDP for Rwanda.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Norway
|
Rwanda
|
|
| 1881 | -1.13% | - |
| 1882 | -0.62% | - |
| 1883 | -0.17% | - |
| 1884 | -0.08% | - |
| 1885 | -0.005% | - |
| 1886 | -0.2% | - |
| 1887 | -0.17% | - |
| 1888 | -0.23% | - |
| 1889 | -0.07% | - |
| 1890 | -0.2% | - |
| 1891 | -0.44% | - |
| 1892 | -0.94% | - |
| 1893 | -1.25% | - |
| 1894 | -1.13% | - |
| 1895 | -1.66% | - |
| 1896 | -1.57% | - |
| 1897 | -0.63% | - |
| 1898 | -1.39% | - |
| 1899 | -1.35% | - |
| 1900 | -1.99% | - |
| 1901 | -1.41% | - |
| 1902 | -1.52% | - |
| 1903 | -1.12% | - |
| 1904 | -0.75% | - |
| 1905 | -0.52% | - |
| 1906 | -0.59% | - |
| 1907 | 0.16% | - |
| 1908 | -0.06% | - |
| 1909 | -0.52% | - |
| 1910 | 0.3% | - |
| 1911 | -0.05% | - |
| 1912 | -0.89% | - |
| 1913 | -0.9% | - |
| 1914 | -1.09% | - |
| 1915 | -2.04% | - |
| 1916 | -0.36% | - |
| 1917 | 0.2% | - |
| 1918 | -1.17% | - |
| 1919 | -2.11% | - |
| 1920 | -1.15% | - |
| 1921 | -5.47% | - |
| 1922 | -4.28% | - |
| 1923 | -3.58% | - |
| 1924 | -2.96% | - |
| 1925 | -1.92% | - |
| 1926 | -1.59% | - |
| 1927 | -0.76% | - |
| 1928 | -0.81% | - |
| 1929 | -0.83% | - |
| 1930 | -0.46% | - |
| 1931 | -1.15% | - |
| 1932 | -1.14% | - |
| 1933 | -1.29% | - |
| 1934 | -0.59% | - |
| 1935 | -1.1% | - |
| 1936 | -0.7% | - |
| 1937 | -0.16% | - |
| 1938 | 0.03% | - |
| 1939 | -0.54% | - |
| 1940 | -0.54% | - |
| 1941 | -0.54% | - |
| 1942 | -0.54% | - |
| 1943 | -0.54% | - |
| 1944 | -0.54% | - |
| 1945 | -0.54% | - |
| 1946 | -3.82% | - |
| 1947 | -4.66% | - |
| 1948 | -0.35% | - |
| 1949 | -0.72% | - |
| 1950 | -0.89% | - |
| 1951 | 1.59% | - |
| 1952 | 2.15% | - |
| 1953 | 1.3% | - |
| 1954 | -0.54% | - |
| 1955 | 0.82% | - |
| 1956 | 1.22% | - |
| 1957 | 1.55% | - |
| 1958 | 1.7% | - |
| 1959 | 1.89% | - |
| 1960 | 1.42% | - |
| 1961 | -0.7% | - |
| 1962 | 4% | - |
| 1963 | 2.6% | - |
| 1964 | 3.08% | - |
| 1965 | 2.78% | - |
| 1966 | 3.59% | - |
| 1967 | 4.19% | - |
| 1968 | 3.38% | - |
| 1969 | 3.57% | - |
| 1970 | 2.83% | - |
| 1971 | 3.71% | - |
| 1972 | 3.93% | - |
| 1973 | 4.99% | - |
| 1974 | 4.06% | - |
| 1975 | 2.88% | - |
| 1976 | 2.2% | - |
| 1977 | 1.01% | - |
| 1978 | 0.94% | - |
| 1979 | 2.16% | - |
| 1980 | 5.38% | - |
| 1981 | 4.82% | - |
| 1982 | 3.96% | - |
| 1983 | 6.03% | - |
| 1984 | 6.97% | - |
| 1985 | 9.84% | - |
| 1986 | 5.87% | - |
| 1987 | 4.56% | - |
| 1988 | 2.65% | - |
| 1989 | 1.81% | - |
| 1990 | 1.95% | - |
| 1991 | -0.12% | - |
| 1992 | -2.07% | -7.21% |
| 1993 | -1.64% | -6.6% |
| 1994 | 0.04% | -9.54% |
| 1995 | 2.96% | -2.04% |
| 1996 | 6.01% | -5.01% |
| 1997 | 7.35% | -2.22% |
| 1998 | 3.07% | -2.59% |
| 1999 | 5.71% | -4.41% |
| 2000 | 15% | -0.22% |
| 2001 | 13.2% | -1.8% |
| 2002 | 9.03% | -2.03% |
| 2003 | 7.2% | -1.23% |
| 2004 | 10.8% | 2.27% |
| 2005 | 14.7% | 1.12% |
| 2006 | 17.9% | -0.03% |
| 2007 | 17% | -1.56% |
| 2008 | 18.5% | 0.83% |
| 2009 | 10.2% | 0.26% |
| 2010 | 10.9% | -0.64% |
| 2011 | 13.3% | -0.86% |
| 2012 | 13.7% | -2.38% |
| 2013 | 10.6% | -1.27% |
| 2014 | 8.57% | -3.92% |
| 2015 | 5.99% | -2.68% |
| 2016 | 4.04% | -2.27% |
| 2017 | 4.96% | -2.52% |
| 2018 | 7.81% | -2.57% |
| 2019 | 6.52% | -5.08% |
| 2020 | -2.56% | -9.54% |
| 2021 | 10.3% | -7% |
| 2022 | 25.5% | -5.74% |
| 2023 | 16.6% | -5.04% |
| 2024 | 12.8% | -6.57% |
| 2025 | 13.2% | -6.29% |
Inflation comparison by year
Over the past 29 years, Norway has recorded an average annual inflation rate of 2.4%, compared with 6.85% in Rwanda. In 2024, inflation was 3.15% in Norway and 1.77% in Rwanda.
| Year | Inflation | ||
|---|---|---|---|
|
Norway
|
Rwanda
|
Norway
|
Rwanda
|
| 1996 | 1.26% | 7.41% | |
| 1997 | 2.57% | 12% | |
| 1998 | 2.25% | 6.21% | |
| 1999 | 2.37% | -2.41% | |
| 2000 | 3.09% | 3.9% | |
| 2001 | 3% | 3.34% | |
| 2002 | 1.29% | 1.99% | |
| 2003 | 2.49% | 7.45% | |
| 2004 | 0.45% | 12.3% | |
| 2005 | 1.53% | 9.01% | |
| 2006 | 2.33% | 8.88% | |
| 2007 | 0.71% | 9.08% | |
| 2008 | 3.75% | 15.4% | |
| 2009 | 2.2% | 12.9% | |
| 2010 | 2.42% | -0.25% | |
| 2011 | 1.28% | 3.08% | |
| 2012 | 0.7% | 10.3% | |
| 2013 | 2.12% | 5.92% | |
| 2014 | 2.04% | 2.35% | |
| 2015 | 2.17% | 2.53% | |
| 2016 | 3.55% | 7.17% | |
| 2017 | 1.88% | 8.28% | |
| 2018 | 2.76% | -0.31% | |
| 2019 | 2.17% | 3.35% | |
| 2020 | 1.29% | 9.85% | |
| 2021 | 3.48% | -0.39% | |
| 2022 | 5.76% | 17.7% | |
| 2023 | 5.52% | 19.8% | |
| 2024 | 3.15% | 1.77% | |
Top exports between countries
|
Norway
|
|
|---|---|
| Export category | Export value |
| Metals | $191K |
| Animal & marine products | $150K |
| Textiles & consumer goods | $148K |
| Machinery & equipment | $75K |
| Chemicals & pharma | $12K |
| Raw materials & minerals | $4K |
| Miscellaneous | $3K |
| Precious metals & jewellery | $1K |
| Wood & paper products | $1K |
|
Rwanda
|
|
|---|---|
| Export category | Export value |
| Raw agricultural goods | $547K |
| Miscellaneous | $1K |
| Textiles & consumer goods | $1K |
Balance of trade
|
Norway
|
Rwanda
|
|
|---|---|---|
Current account balance
|
$79.8B
2024 |
-$1.65B
2023 |
| Current account balance ranking |
8/189
2024 |
136/189
2023 |
| Current account balance, % of GDP |
+16.5%
2024 |
-11.5%
2023 |
| Goods imports |
$98.7B
2024 |
$4.83B
2023 |
| Goods exports |
$171B
2024 |
$2.47B
2023 |
| Service imports |
$64.6B
2024 |
$948M
2023 |
| Service exports |
$56.8B
2024 |
$1.04B
2023 |
| Imports of goods and services, % of GDP |
33.7%
2024 |
39.1%
2024 |
| Exports of goods and services, % of GDP |
47.6%
2024 |
30.8%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Norway
|
Rwanda
|
|
|---|---|---|
| Economic freedom | 78.3 | 54.8 |
| Economic freedom ranking | 10/197 | 133/197 |
| Property rights | 97.7 | 62 |
| Government integrity | 94.8 | 50.5 |
| Judicial effectiveness | 98.5 | 27.1 |
| Tax burden | 62.4 | 81.3 |
| Government spending | 44 | 73.8 |
| Fiscal health | 96.1 | 35 |
| Business freedom | 86.7 | 56.8 |
| Labor freedom | 69.3 | 48.7 |
| Monetary freedom | 70.3 | 67.3 |
| Trade freedom | 85 | 55.2 |
| Investment freedom | 75 | 60 |
| Financial freedom | 60 | 40 |
Economic freedom by year comparison
The Economic Freedom Index for Norway is 78.3, ranking 10/197, compared to 54.8 for Rwanda, ranking 133/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Norway
|
Rwanda
|
|
| 1996 | 65.4 | - |
| 1997 | 65.1 | 38.3 |
| 1998 | 68 | 39.1 |
| 1999 | 68.6 | 39.8 |
| 2000 | 70.1 | 42.3 |
| 2001 | 67.1 | 45.4 |
| 2002 | 67.4 | 50.4 |
| 2003 | 67.2 | 47.8 |
| 2004 | 66.2 | 53.3 |
| 2005 | 64.5 | 51.7 |
| 2006 | 67.9 | 52.8 |
| 2007 | 67.9 | 52.4 |
| 2008 | 68.6 | 54.2 |
| 2009 | 70.2 | 54.2 |
| 2010 | 69.4 | 59.1 |
| 2011 | 70.3 | 62.7 |
| 2012 | 68.8 | 64.9 |
| 2013 | 70.5 | 64.1 |
| 2014 | 70.9 | 64.7 |
| 2015 | 71.8 | 64.8 |
| 2016 | 70.8 | 63.1 |
| 2017 | 74 | 67.6 |
| 2018 | 74.3 | 69.1 |
| 2019 | 73 | 71.1 |
| 2020 | 73.4 | 70.9 |
| 2021 | 73.4 | 68.3 |
| 2022 | 76.9 | 57.1 |
| 2023 | 76.9 | 52.2 |
| 2024 | 77.5 | 51.6 |
| 2025 | 78.3 | 54.8 |
More economic indicators
|
Norway
|
Rwanda
|
|
|---|---|---|
| Services, % of GDP |
51.8%
2024 |
47.6%
2024 |
| Industry, % of GDP |
37%
2024 |
21%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
2.04%
2024 |
24.6%
2024 |
|
GNI, Atlas method
|
$548B
2024 |
$14.8B
2024 |
| GNI per capita, PPP |
$105,770
2024 |
$3,620
2024 |
| Total reserves including gold |
$81.2B
2024 |
$2.41B
2024 |
| Total reserves ranking |
32/177
2024 |
123/177
2024 |
|
Net foreign direct investment
|
-$9.78B
2024 |
-$459M
2023 |
|
Net inflows of foreign direct investment
|
$12.6B
2024 |
$819M
2024 |
|
Net outflows of foreign direct investment
|
$2.86B
2024 |
$9.86M
2024 |
|
Servicing debt to the IMF, % of GNI
|
n/a |
3.88%
2023 |
| Poverty at national poverty lines |
12.2%
2021 |
27.4%
2023 |
|
Gross capital formation, % of GDP
|
24%
2024 |
25.9%
2024 |
GDP per capita map
GDP per capita
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Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.
Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.