Norway has a GDP of $531B compared to $1.87T for South Korea, ranking 32/197 and 13/197 by economy size, respectively.
Norway has $239B in government debt (45% of GDP), compared to $978B (52.3% of GDP) in South Korea.
Norway vs South Korea GDP by year
| Year | GDP, current $ | |
|---|---|---|
Norway
|
South Korea
|
|
| 2025 | $530,755,719,439 | $1,872,374,961,553 |
| 2024 | $500,886,328,034 | $1,875,388,209,407 |
| 2023 | $502,197,633,323 | $1,844,800,934,392 |
| 2022 | $617,321,834,099 | $1,799,363,116,867 |
| 2021 | $521,592,200,233 | $1,942,313,560,966 |
| 2020 | $382,252,517,922 | $1,744,070,276,373 |
| 2019 | $424,244,886,364 | $1,751,045,752,055 |
| 2018 | $454,588,871,811 | $1,824,251,454,307 |
| 2017 | $415,673,181,543 | $1,710,196,756,713 |
| 2016 | $383,284,047,619 | $1,579,150,518,945 |
| 2015 | $400,669,174,331 | $1,539,212,301,136 |
| 2014 | $515,829,568,897 | $1,556,252,422,020 |
| 2013 | $540,132,255,319 | $1,434,669,686,502 |
| 2012 | $525,082,939,407 | $1,335,343,586,438 |
| 2011 | $512,868,581,628 | $1,307,103,477,219 |
| 2010 | $440,132,138,425 | $1,192,830,015,738 |
| 2009 | $395,664,488,017 | $983,065,242,417 |
| 2008 | $472,060,283,688 | $1,091,580,692,542 |
| 2007 | $407,813,774,161 | $1,220,911,904,593 |
| 2006 | $349,773,283,645 | $1,095,175,538,508 |
| 2005 | $311,417,306,946 | $971,740,329,984 |
| 2004 | $265,662,977,688 | $823,251,107,639 |
| 2003 | $229,192,678,173 | $728,516,494,684 |
| 2002 | $195,359,978,957 | $650,014,391,470 |
| 2001 | $173,590,978,347 | $567,564,806,235 |
| 2000 | $170,620,327,660 | $597,487,173,479 |
| 1999 | $161,304,620,987 | $515,697,079,289 |
| 1998 | $152,955,958,172 | $397,297,216,492 |
| 1997 | $160,013,571,974 | $589,202,526,424 |
| 1996 | $162,427,517,132 | $631,196,863,758 |
| 1995 | $151,083,627,983 | $586,286,469,401 |
| 1994 | $126,324,387,894 | $479,181,794,217 |
| 1993 | $119,841,699,440 | $405,705,302,846 |
| 1992 | $129,998,873,602 | $366,921,291,825 |
| 1991 | $121,149,331,318 | $340,851,946,804 |
| 1990 | $119,344,377,526 | $292,064,221,389 |
| 1989 | $102,226,808,603 | $254,236,243,100 |
| 1988 | $101,497,621,605 | $205,477,530,605 |
| 1987 | $93,913,320,965 | $152,240,393,646 |
| 1986 | $78,438,205,742 | $119,965,960,795 |
| 1985 | $65,211,464,198 | $103,764,281,281 |
| 1984 | $61,866,078,539 | $99,749,645,089 |
| 1983 | $61,417,685,434 | $89,621,208,322 |
| 1982 | $62,453,362,256 | $79,921,300,447 |
| 1981 | $63,392,804,251 | $74,287,368,087 |
| 1980 | $64,176,789,764 | $66,547,970,351 |
| 1979 | $52,935,763,512 | $68,083,884,298 |
| 1978 | $46,355,988,784 | $52,824,793,388 |
| 1977 | $41,362,637,363 | $39,064,462,810 |
| 1976 | $35,815,449,464 | $30,371,074,380 |
| 1975 | $32,742,543,381 | $22,126,033,058 |
| 1974 | $27,033,413,362 | $19,860,929,977 |
| 1973 | $22,433,660,550 | $14,067,523,813 |
| 1972 | $17,283,931,878 | $10,990,490,570 |
| 1971 | $14,523,306,736 | $10,005,257,131 |
| 1970 | $12,753,503,479 | $9,085,001,794 |
| 1969 | $11,083,505,596 | $7,743,940,189 |
| 1968 | $10,178,705,992 | $6,167,109,472 |
| 1967 | $9,532,076,026 | $4,895,076,718 |
| 1966 | $8,712,528,095 | $3,957,064,541 |
| 1965 | $8,073,570,566 | $3,141,131,708 |
| 1964 | $7,172,430,304 | $3,476,789,682 |
| 1963 | $6,522,268,053 | $4,007,692,308 |
| 1962 | $6,078,186,245 | $2,826,923,077 |
| 1961 | $5,642,867,672 | $2,427,244,761 |
| 1960 | $5,172,811,442 | $3,973,069,307 |
Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).
GeoRank.org/economy/norway/south-korea | CC BY 
GDP per capita in Norway vs South Korea by year
| Year | Current $ | |||
|---|---|---|---|---|
|
Norway
|
South Korea
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 2025 | $94,594 | - | $36,227 | - |
| 2024 | $89,889 | $102,038 | $36,239 | $61,051 |
| 2023 | $90,984 | $103,638 | $35,674 | $57,430 |
| 2022 | $113,122 | $125,490 | $34,822 | $55,509 |
| 2021 | $96,443 | $88,984 | $37,518 | $51,718 |
| 2020 | $71,058 | $67,111 | $33,646 | $47,881 |
| 2019 | $79,329 | $70,940 | $33,827 | $46,511 |
| 2018 | $85,579 | $70,254 | $35,364 | $45,511 |
| 2017 | $78,771 | $64,590 | $33,297 | $43,156 |
| 2016 | $73,222 | $59,280 | $30,832 | $41,673 |
| 2015 | $77,221 | $60,738 | $30,172 | $39,794 |
| 2014 | $100,410 | $66,332 | $30,667 | $37,032 |
| 2013 | $106,333 | $67,378 | $28,449 | $35,844 |
| 2012 | $104,628 | $65,774 | $26,601 | $35,062 |
| 2011 | $103,545 | $62,460 | $26,175 | $33,944 |
| 2010 | $90,020 | $58,213 | $24,071 | $33,120 |
| 2009 | $81,940 | $55,648 | $19,937 | $30,740 |
| 2008 | $99,002 | $62,073 | $22,252 | $31,211 |
| 2007 | $86,600 | $56,179 | $25,078 | $30,255 |
| 2006 | $75,048 | $54,358 | $22,610 | $27,972 |
| 2005 | $67,358 | $47,967 | $20,167 | $26,179 |
| 2004 | $57,855 | $42,667 | $17,122 | $24,658 |
| 2003 | $50,208 | $38,680 | $15,212 | $22,920 |
| 2002 | $43,048 | $38,056 | $13,643 | $22,173 |
| 2001 | $38,458 | $37,829 | $11,981 | $20,442 |
| 2000 | $37,992 | $36,994 | $12,710 | $19,237 |
| 1999 | $36,151 | $30,574 | $11,063 | $17,421 |
| 1998 | $34,516 | $28,200 | $8,583 | $15,500 |
| 1997 | $36,324 | $28,610 | $12,822 | $16,241 |
| 1996 | $37,073 | $26,826 | $13,865 | $15,164 |
| 1995 | $34,659 | $24,360 | $13,002 | $13,921 |
| 1994 | $29,130 | $23,027 | $10,734 | $12,551 |
| 1993 | $27,793 | $21,584 | $9,180 | $11,349 |
| 1992 | $30,328 | $20,623 | $8,387 | $10,468 |
| 1991 | $28,427 | $19,580 | $7,873 | $9,724 |
| 1990 | $28,137 | $18,461 | $6,813 | $8,567 |
| 1989 | $24,185 | - | $5,989 | - |
| 1988 | $24,112 | - | $4,889 | - |
| 1987 | $22,430 | - | $3,658 | - |
| 1986 | $18,822 | - | $2,911 | - |
| 1985 | $15,704 | - | $2,543 | - |
| 1984 | $14,943 | - | $2,469 | - |
| 1983 | $14,877 | - | $2,246 | - |
| 1982 | $15,178 | - | $2,032 | - |
| 1981 | $15,463 | - | $1,918 | - |
| 1980 | $15,708 | - | $1,746 | - |
| 1979 | $12,998 | - | $1,814 | - |
| 1978 | $11,421 | - | $1,429 | - |
| 1977 | $10,230 | - | $1,073 | - |
| 1976 | $8,896 | - | $847 | - |
| 1975 | $8,171 | - | $627 | - |
| 1974 | $6,783 | - | $572 | - |
| 1973 | $5,664 | - | $412 | - |
| 1972 | $4,395 | - | $328 | - |
| 1971 | $3,721 | - | $304 | - |
| 1970 | $3,291 | - | $281.8 | - |
| 1969 | $2,881 | - | $245.5 | - |
| 1968 | $2,667 | - | $200 | - |
| 1967 | $2,519 | - | $162.5 | - |
| 1966 | $2,321 | - | $134.4 | - |
| 1965 | $2,168 | - | $109.4 | - |
| 1964 | $1,941 | - | $124.2 | - |
| 1963 | $1,779 | - | $147 | - |
| 1962 | $1,670 | - | $106.6 | - |
| 1961 | $1,563 | - | $94.2 | - |
| 1960 | $1,444 | - | $158.8 | - |
Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).
GeoRank.org/economy/norway/south-korea | CC BY
Norway's GDP per capita is $94,594, ranking 9/197, compared to $36,227 in South Korea, ranking 33/197. Adjusted for purchasing power (GDP per capita PPP), Norway ranks 7th at $102,038, while South Korea ranks 33rd at $61,051.
Economic indicators
|
Norway
|
South Korea
|
|
|---|---|---|
| Gross domestic product |
$531B
2025 |
$1.87T
2025 |
| GDP rank |
32/197
2025 |
13/197
2025 |
| GDP growth |
1.09%
2024-2025 |
1.01%
2024-2025 |
| GDP per capita |
$94,594
2025 |
$36,227
2025 |
| GDP per capita rank |
9/197
2025 |
33/197
2025 |
| GDP per capita, PPP |
$102,038
2024 |
$61,051
2024 |
| GDP per capita PPP rank |
7/197
2024 |
33/197
2024 |
| Government debt |
$239B
2025 |
$978B
2025 |
| Debt-to-GDP ratio |
45%
2025 |
52.3%
2025 |
| Government debt per person |
$42,567
2025 |
$18,930
2025 |
| Government debt per person rank |
15/185
2025 |
34/185
2025 |
| Average annual personal income after taxes |
$50,036
2026 |
$25,661
2026 |
| Market capitalization of domestic companies |
$296B
2019 |
$2.76T
2025 |
| Number of millionaires |
348,000
2025 |
1,317,000
2026 |
| Number of billionaires |
17
2026 |
49
2026 |
| Income share by richest 10% |
21.6%
2023 |
25%
2021 |
| Income share by poorest 10% |
3.6%
2023 |
2.9%
2021 |
| Government expenditure, % of GDP |
49.6%
2025 |
24%
2025 |
| Consumer prices inflation |
3.06%
2024-2025 |
2.12%
2024-2025 |
| Central bank interest rate |
4.25%
2026 |
2.5%
2025 |
| Unemployment rate |
4.5%
2025 |
2.79%
2025 |
| Population |
5660666
|
51624449
|
Spending and national debt comparison by year
| Year | % of GDP | |||
|---|---|---|---|---|
|
Norway
|
South Korea
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 2025 | 49.6% | 45% | 24% | 52.3% |
| 2024 | 46.9% | 52.8% | 22.5% | 49.7% |
| 2023 | 44.2% | 42.4% | 23.1% | 50.5% |
| 2022 | 36.2% | 34.8% | 26.7% | 49.8% |
| 2021 | 44.7% | 40.1% | 24.1% | 48% |
| 2020 | 54.5% | 44.3% | 23.7% | 45.9% |
| 2019 | 48.4% | 39% | 21.3% | 39.7% |
| 2018 | 46.1% | 38.1% | 19.3% | 37.9% |
| 2017 | 47.6% | 36.9% | 18.6% | 38% |
| 2016 | 48.8% | 36.7% | 18.5% | 39.1% |
| 2015 | 46.7% | 33.2% | 18.8% | 38.8% |
| 2014 | 44% | 28.8% | 18.8% | 37.9% |
| 2013 | 42.3% | 30.6% | 19% | 36% |
| 2012 | 41.4% | 30.2% | 18.8% | 33.5% |
| 2011 | 42.3% | 28.9% | 18.3% | 31.7% |
| 2010 | 43.6% | 42.1% | 17.9% | 28.3% |
| 2009 | 44.7% | 41.7% | 19.5% | 28.8% |
| 2008 | 39.2% | 46.8% | 19.1% | 25.9% |
| 2007 | 40.5% | 48.9% | 18.8% | 26.3% |
| 2006 | 40.1% | 52.2% | 18.7% | 27% |
| 2005 | 41.6% | 42.1% | 18.2% | 24.9% |
| 2004 | 44.7% | 43.8% | 18.5% | 21.6% |
| 2003 | 47.7% | 43.1% | 17.9% | 19.1% |
| 2002 | 46.3% | 34% | 15.9% | 16.4% |
| 2001 | 43.4% | 27.3% | 16.9% | 16.6% |
| 2000 | 41.5% | 28.8% | 16% | 16.1% |
| 1999 | 46.7% | 25.1% | 16.1% | 15.8% |
| 1998 | 48.2% | 23.8% | 16% | 13.8% |
| 1997 | 45.9% | 26% | 13.9% | 9.69% |
| 1996 | 47.4% | 28.6% | 14% | 7.81% |
| 1995 | 49.6% | 32.9% | 13.5% | 8.48% |
| 1994 | 49.7% | 51% | 15.4% | 9.63% |
| 1993 | 50.5% | 54% | 15.1% | 10.9% |
| 1992 | 51.6% | 45.3% | 15.5% | 11.6% |
| 1991 | 50.3% | 39.5% | 15.4% | 11.9% |
| 1990 | 49.1% | 29.1% | 15.2% | 12.8% |
| 1989 | 52.2% | 30.4% | 15% | 12.4% |
| 1988 | 52.6% | 30.5% | 13.9% | 12.7% |
| 1987 | 50.5% | 31.3% | 14.3% | 15.3% |
| 1986 | 48.1% | 37.8% | 14.9% | 14.5% |
| 1985 | 44% | 30.2% | 15.5% | 16.2% |
| 1984 | 44.5% | 27.8% | 15.6% | 16.9% |
| 1983 | 46.4% | 27.4% | 16% | 19.3% |
| 1982 | 46.6% | 29.7% | 17.8% | 20.5% |
| 1981 | 46.1% | 32.9% | 16.3% | 18.8% |
| 1980 | 46.1% | 36.8% | 16.8% | 18.6% |
| 1979 | 47.2% | 39.6% | 16.3% | 15.7% |
| 1978 | 47.9% | 49.9% | 15.7% | 18.4% |
| 1977 | 46.5% | 43.8% | 17.7% | 20.1% |
| 1976 | 45.2% | 38.5% | 17% | 20.4% |
| 1975 | 43.5% | 36.7% | 18.8% | 21.5% |
| 1974 | 42.2% | 35.4% | 16.1% | 18.6% |
| 1973 | 42.3% | 37.7% | 14.2% | 17.9% |
| 1972 | 42.2% | 38.9% | 18.5% | 18.3% |
| 1971 | 40.7% | 38.5% | 18.5% | 14.5% |
| 1970 | 38.9% | 38.6% | 17.5% | 6.95% |
| 1969 | 38% | 22.3% | 19.8% | 2.63% |
| 1968 | 36.2% | 22.5% | 18.5% | 2.76% |
| 1967 | 34.9% | 22.6% | 16.7% | 3.74% |
| 1966 | 33.5% | 22.4% | 16% | 4.44% |
| 1965 | 32.9% | 23% | 13.1% | 6.14% |
| 1964 | 32% | 24.2% | 12.1% | 6.57% |
| 1963 | 31.9% | 25.3% | 15.4% | 9.21% |
| 1962 | 30.6% | 26.7% | 22.3% | 13% |
| 1961 | 20.4% | 27.7% | 21.2% | 13.4% |
| 1960 | 18% | 29.8% | 17.9% | 13.7% |
Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1994, retrieved 2026-07-08).
GeoRank.org/economy/norway/south-korea | CC BY
In 2025, Norway's government spending was $263B, accounting for 49.6% of its GDP, while South Korea spent $449B, or 24% of GDP.
Debt-to-GDP ratio is 45% in Norway and 52.3% in South Korea, ranking 117/185 and 98/185, respectively.
Government deficit by year
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Norway
|
South Korea
|
|
| 2025 | 9.34% | -1.43% |
| 2024 | 12.8% | -0.78% |
| 2023 | 15.9% | -0.67% |
| 2022 | 24.7% | -1.49% |
| 2021 | 9.93% | -0.02% |
| 2020 | -2.46% | -2.11% |
| 2019 | 6.28% | 0.35% |
| 2018 | 7.56% | 2.42% |
| 2017 | 4.79% | 2.08% |
| 2016 | 3.91% | 1.56% |
| 2015 | 5.8% | 0.5% |
| 2014 | 8.34% | 0.57% |
| 2013 | 10.3% | 0.79% |
| 2012 | 13.4% | 1.63% |
| 2011 | 13% | 1.72% |
| 2010 | 10.6% | 1.61% |
| 2009 | 10% | 0.24% |
| 2008 | 18.3% | 1.58% |
| 2007 | 16.8% | 2.49% |
| 2006 | 17.7% | 1.18% |
| 2005 | 14.7% | 0.95% |
| 2004 | 10.8% | 0.09% |
| 2003 | 7.21% | 1.51% |
| 2002 | 9.05% | 3.23% |
| 2001 | 13.2% | 2.42% |
| 2000 | 15.1% | 3.91% |
| 1999 | 5.75% | 1.15% |
| 1998 | 3.09% | 1.09% |
| 1997 | 7.41% | 2.31% |
| 1996 | 6.05% | 2.3% |
| 1995 | 2.98% | 2.16% |
| 1994 | 0.04% | 2.06% |
| 1993 | -1.65% | 3.21% |
| 1992 | -2.08% | 2.42% |
| 1991 | -0.12% | 1.94% |
| 1990 | 1.96% | 2.98% |
| 1989 | 1.81% | 2.27% |
| 1988 | 2.65% | 2.85% |
| 1987 | 4.56% | 1.7% |
| 1986 | 5.87% | 0.8% |
| 1985 | 9.84% | 0.47% |
| 1984 | 6.97% | 0.78% |
| 1983 | 6.03% | 1.05% |
| 1982 | 3.96% | -0.41% |
| 1981 | 4.82% | 0.99% |
| 1980 | 5.38% | 0.46% |
| 1979 | 2.16% | 0.47% |
| 1978 | 0.94% | -0.27% |
| 1977 | 1.01% | -1.81% |
| 1976 | 2.2% | -0.87% |
| 1975 | 2.88% | -3.68% |
| 1974 | 4.06% | -2.78% |
| 1973 | 4.99% | -1.72% |
| 1972 | 3.93% | -4.33% |
| 1971 | 3.71% | -1.3% |
| 1970 | 2.83% | -0.52% |
| 1969 | 3.57% | -2.85% |
| 1968 | 3.38% | -2.36% |
| 1967 | 4.19% | -2.87% |
| 1966 | 3.59% | -4.27% |
| 1965 | 2.78% | -3.43% |
| 1964 | 3.08% | -4.1% |
| 1963 | 2.6% | -4.32% |
| 1962 | 4% | -7.82% |
| 1961 | -0.7% | -9.48% |
| 1960 | 1.42% | -5.18% |
| 1959 | 1.89% | -6.52% |
| 1958 | 1.7% | -10% |
| 1957 | 1.55% | -10.1% |
| 1956 | 1.22% | -10.8% |
| 1955 | 0.82% | -10.6% |
| 1954 | -0.54% | -10.3% |
| 1953 | 1.3% | -4.14% |
| 1952 | 2.15% | - |
| 1951 | 1.59% | - |
| 1950 | -0.89% | - |
| 1949 | -0.72% | - |
| 1948 | -0.35% | - |
| 1947 | -4.66% | - |
| 1946 | -3.82% | - |
| 1945 | - | - |
| 1944 | - | - |
| 1943 | - | - |
| 1942 | - | - |
| 1941 | - | - |
| 1940 | - | - |
| 1939 | -0.54% | - |
| 1938 | 0.03% | - |
| 1937 | -0.16% | - |
| 1936 | -0.7% | - |
| 1935 | -1.1% | - |
| 1934 | -0.59% | - |
| 1933 | -1.29% | - |
| 1932 | -1.14% | - |
| 1931 | -1.15% | - |
| 1930 | -0.46% | - |
| 1929 | -0.83% | - |
| 1928 | -0.81% | - |
| 1927 | -0.76% | - |
| 1926 | -1.59% | - |
| 1925 | -1.92% | - |
| 1924 | -2.96% | - |
| 1923 | -3.58% | - |
| 1922 | -4.28% | - |
| 1921 | -5.47% | - |
| 1920 | -1.15% | - |
| 1919 | -2.11% | - |
| 1918 | -1.17% | - |
| 1917 | 0.2% | - |
| 1916 | -0.36% | - |
| 1915 | -2.04% | - |
| 1914 | -1.09% | - |
| 1913 | -0.9% | - |
| 1912 | -0.89% | - |
| 1911 | -0.05% | - |
| 1910 | 0.3% | - |
| 1909 | -0.52% | - |
| 1908 | -0.06% | - |
| 1907 | 0.16% | - |
| 1906 | -0.59% | - |
| 1905 | -0.52% | - |
| 1904 | -0.75% | - |
| 1903 | -1.12% | - |
| 1902 | -1.52% | - |
| 1901 | -1.41% | - |
| 1900 | -1.99% | - |
| 1899 | -1.35% | - |
| 1898 | -1.39% | - |
| 1897 | -0.63% | - |
| 1896 | -1.57% | - |
| 1895 | -1.66% | - |
| 1894 | -1.13% | - |
| 1893 | -1.25% | - |
| 1892 | -0.94% | - |
| 1891 | -0.44% | - |
| 1890 | -0.2% | - |
| 1889 | -0.07% | - |
| 1888 | -0.23% | - |
| 1887 | -0.17% | - |
| 1886 | -0.2% | - |
| 1885 | -0.005% | - |
| 1884 | -0.08% | - |
| 1883 | -0.17% | - |
| 1882 | -0.62% | - |
| 1881 | -1.13% | - |
Data sources: International Monetary Fund (IMF) | Public Finances in Modern History (1881–1994, retrieved 2026-07-08); International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).
GeoRank.org/economy/norway/south-korea | CC BY
In 2025, Norway's government surplus, the difference between spending and revenue, was $49.6B, equivalent to 9.34% of GDP. This compares to South Korea's deficit of $26.8B, or 1.43% of GDP.
Over the past 66 years, Norway recorded a fiscal deficit in 5 of those years, while South Korea ran a deficit in 26 years. On average, Norway posted an annual surplus equal to 6.35% of GDP, compared to deficit of 0.1% of GDP for South Korea.
Inflation comparison by year
| Year | Consumer prices inflation | |
|---|---|---|
|
Norway
|
South Korea
|
|
| 2025 | 3.06% | 2.12% |
| 2024 | 3.15% | 2.32% |
| 2023 | 5.52% | 3.6% |
| 2022 | 5.76% | 5.09% |
| 2021 | 3.48% | 2.5% |
| 2020 | 1.29% | 0.54% |
| 2019 | 2.17% | 0.38% |
| 2018 | 2.76% | 1.48% |
| 2017 | 1.88% | 1.94% |
| 2016 | 3.55% | 0.97% |
| 2015 | 2.17% | 0.71% |
| 2014 | 2.04% | 1.27% |
| 2013 | 2.12% | 1.3% |
| 2012 | 0.7% | 2.19% |
| 2011 | 1.28% | 4.03% |
| 2010 | 2.42% | 2.94% |
| 2009 | 2.2% | 2.76% |
| 2008 | 3.75% | 4.67% |
| 2007 | 0.71% | 2.53% |
| 2006 | 2.33% | 2.24% |
| 2005 | 1.53% | 2.75% |
| 2004 | 0.45% | 3.59% |
| 2003 | 2.49% | 3.51% |
| 2002 | 1.29% | 2.76% |
| 2001 | 3% | 4.07% |
| 2000 | 3.09% | 2.26% |
| 1999 | 2.37% | 0.81% |
| 1998 | 2.25% | 7.51% |
| 1997 | 2.57% | 4.44% |
Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).
GeoRank.org/economy/norway/south-korea | CC BY
Over the past 29 years, Norway has recorded an average annual inflation rate of 2.46%, compared with 2.67% in South Korea. In 2025, inflation was 3.06% in Norway and 2.12% in South Korea.
Top exports between countries
|
Norway
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $496M |
| Animal & marine products | $492M |
| Raw materials & minerals | $354M |
| Precious metals & jewellery | $84.4M |
| Metals | $64.1M |
| Miscellaneous | $60.7M |
| Chemicals & pharma | $33M |
| Processed food, beverages & tobacco | $15.4M |
| Wood & paper products | $9.46M |
| Textiles & consumer goods | $6.11M |
|
South Korea
|
|
|---|---|
| Export category | Export value |
| Machinery & equipment | $483M |
| Chemicals & pharma | $26.6M |
| Miscellaneous | $25.6M |
| Raw materials & minerals | $20.7M |
| Metals | $10.2M |
| Textiles & consumer goods | $8.1M |
| Weapons & explosives | $7.28M |
| Processed food, beverages & tobacco | $5.51M |
| Precious metals & jewellery | $763K |
| Animal & marine products | $275K |
Balance of trade
|
Norway
|
South Korea
|
|
|---|---|---|
|
Current account balance
|
$74.1B
2025 |
$123B
2025 |
| Current account balance ranking |
10/190
2025 |
4/190
2025 |
| Current account balance, % of GDP |
+14%
2025 |
+6.57%
2025 |
| Goods imports |
$105B
2025 |
$581B
2025 |
| Goods exports |
$177B
2025 |
$719B
2025 |
| Service imports |
$73.9B
2025 |
$185B
2025 |
| Service exports |
$63.5B
2025 |
$150B
2025 |
| Imports of goods and services, % of GDP |
33.7%
2025 |
40.6%
2025 |
| Exports of goods and services, % of GDP |
45.4%
2025 |
45.8%
2025 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Norway
|
South Korea
|
|
|---|---|---|
| Economic freedom | 78.8 | 73.7 |
| Economic freedom ranking | 9/197 | 24/197 |
| Property rights | 99.6 | 89.6 |
| Government integrity | 94.3 | 70.9 |
| Judicial effectiveness | 96.4 | 77.5 |
| Tax burden | 63.3 | 61.5 |
| Government spending | 42 | 82.6 |
| Fiscal health | 96.4 | 93.5 |
| Business freedom | 91.2 | 81.5 |
| Labor freedom | 69.3 | 55 |
| Monetary freedom | 72.4 | 79.3 |
| Trade freedom | 85.6 | 73 |
| Investment freedom | 75 | 60 |
| Financial freedom | 60 | 60 |
Economic freedom comparison by year
| Year | Economic freedom index | |
|---|---|---|
|
Norway
|
South Korea
|
|
| 2026 | 78.8 | 73.7 |
| 2025 | 78.3 | 74 |
| 2024 | 77.5 | 73.1 |
| 2023 | 76.9 | 73.7 |
| 2022 | 76.9 | 74.6 |
| 2021 | 73.4 | 74 |
| 2020 | 73.4 | 74 |
| 2019 | 73 | 72.3 |
| 2018 | 74.3 | 73.8 |
| 2017 | 74 | 74.3 |
| 2016 | 70.8 | 71.7 |
| 2015 | 71.8 | 71.5 |
| 2014 | 70.9 | 71.2 |
| 2013 | 70.5 | 70.3 |
| 2012 | 68.8 | 69.9 |
| 2011 | 70.3 | 69.8 |
| 2010 | 69.4 | 69.9 |
| 2009 | 70.2 | 68.1 |
| 2008 | 68.6 | 68.6 |
| 2007 | 67.9 | 67.8 |
| 2006 | 67.9 | 67.5 |
| 2005 | 64.5 | 66.4 |
| 2004 | 66.2 | 67.8 |
| 2003 | 67.2 | 68.3 |
| 2002 | 67.4 | 69.5 |
| 2001 | 67.1 | 69.1 |
| 2000 | 70.1 | 69.7 |
| 1999 | 68.6 | 69.7 |
| 1998 | 68 | 73.3 |
| 1997 | 65.1 | 69.8 |
| 1996 | 65.4 | 73 |
| 1995 | - | 72 |
Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).
GeoRank.org/economy/norway/south-korea | CC BY
The Economic Freedom Index for Norway is 78.8, ranking 9/197, compared to 73.7 for South Korea, ranking 24/197. The chart above displays a comparison of annual changes in economic freedom indexes.
Other economic metrics
|
Norway
|
South Korea
|
|
|---|---|---|
| Services, % of GDP |
55%
2025 |
57.2%
2025 |
| Industry, % of GDP |
34.5%
2025 |
34.3%
2025 |
| Agriculture, forestry, and fishing, % of GDP |
1.64%
2025 |
1.46%
2025 |
|
GNI, Atlas method
|
$546B
2025 |
$1.96T
2025 |
| GNI per capita, PPP |
$107,770
2025 |
$64,210
2025 |
| Total reserves including gold |
$85.5B
2025 |
$437B
2025 |
| Total reserves ranking |
34/177
2025 |
9/177
2025 |
|
Net foreign direct investment
|
$8.93B
2025 |
$25.4B
2025 |
|
Net inflows of foreign direct investment
|
$12.1B
2024 |
$12.9B
2024 |
|
Net outflows of foreign direct investment
|
$5.62B
2024 |
$49.7B
2024 |
| Poverty at national poverty lines |
12.2%
2021 |
14.4%
2020 |
|
Gross capital formation, % of GDP
|
23.2%
2025 |
29.1%
2025 |
GDP per capita map
Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).
GeoRank.org/economy/norway/south-korea | CC BY
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Data sources:
- World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
- International Monetary Fund (IMF) | Public Finances in Modern History (1881–1994, retrieved 2026-07-08)
- International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
- The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
- U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
- TradeMap (2025, retrieved 2026-07-08)
- United Nations | World Population Prospects (2026, retrieved 2026-07-08)
- LivingCost (2026, retrieved 2026-07-08)
- Central Intelligence Agency (CIA) (2020, retrieved 2026-07-08)
Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.
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.
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.