Norway vs South Korea: Economic Indicators Comparison
South Korea with a GDP of $1.6T ranked the 12th largest economy in the world, while Norway ranked 30th with $434.2B. By GDP 5-years average growth and GDP per capita, South Korea and Norway ranked 93rd vs 142nd and 33rd vs 5th, respectively.
Gross Domestic Product & Income
| Stat |  Norway |  South Korea |
|---|---|---|
| GDP | $434.2B | $1.6T |
| GDP growth, 1 year | 1.4% | 2.7% |
| GDP growth, 5-years average | 1.7% | 3% |
| Population | 5.4M | 51.5M |
| GDP per capita | $82k | $31k |
| GDP per capita growth | 0.58% | 2.33% |
| Purchasing Power Parity conversion factor | 10.14 | 860.51 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 1.25 | 0.78 |
| GDP per capita, PPP adjusted | $74k | $41k |
| GNI, Atlas method | $428.4B | $1.6T |
| GNI per capita | $81k | $31k |
| GNI, PPP adjusted | $363B | $2.1T |
| GNI per capita, PPP adjusted | $68k | $40k |
Financial system and Human development
| Stat | Norway | South Korea |
|---|---|---|
| Income Tax Rate | 47.8% | 42% |
| Corporate Tax Rate | 22% | 25% |
| Inflation, consumer prices | 2.8% | 1.5% |
| Inflation, GDP deflator | 5.8% | 0.3% |
| Unemployment | 3.9% | 3.8% |
| Economic Freedom Index | 73.4 | 74 |
| Personal Freedom Index | 9.55 | 8.84 |
| Human Freedom Index | 8.61 | 8.15 |
| Property Rights Index | 84.3 | 82.5 |
| Judical Effectiveness Index | 82.8 | 61 |
| Business Freedom Index | 86.1 | 90.5 |
| Fiscal Health Index | 97.3 | 96.7 |
| Labor Freedom Index | 57.4 | 56.2 |
| Investment Freedom Index | 75 | 70 |
| Financial Freedom Index | 60 | 70 |
| Trade Freedom Index | 83.8 | 80 |
| Monetary Freedom Index | 74.8 | 82.1 |
| Government Spending Index | 25.6 | 67.7 |
| Tax Burden Index | 57.7 | 63.9 |
| Government Integrity Index | 95.6 | 67.5 |
| Corruption Perceptions Index | 84 | 57 |
| Life expectancy at birth, years | 82.5 | 82.6 |
| Suicide mortality rate, per 100,000 people | 12.2 | 26.9 |
| Mortality caused by road traffic injury, per 100,000 people | 2.7 | 9.8 |
| Intentional homicides, per 100,000 people | 0.5 | 0.6 |
| International tourism, number of arrivals | 5.7M | 15.3M |
Government debt & reserves
| Stat | Norway | South Korea |
|---|---|---|
| Central government debt, % of GDP | 36.8% | 40.7% |
| External debt stocks, % of GNI | N/A | N/A |
| External debt stocks | N/A | N/A |
| Short-term debt, % of total reserves | N/A | N/A |
| Total debt service, % of exports and primary income | N/A | N/A |
| Adjusted net savings including particulate emission damage, % of GNI | 16.9% | 20.1% |
| Gross savings, % of GDP | 35.9% | 34.7% |
| Gross capital formation, % of GDP | 27.3% | 30.2% |
| Total reserves including gold | $63.1B | $403.1B |
| Foreign direct investment net inflows | -$17.4B | $14.5B |
Exports, imports and economic structure
| Stat | Norway | South Korea |
|---|---|---|
| Exports of goods and services, % of GDP | 38.4% | 44% |
| Imports of goods and services, % of GDP | 32.6% | 39% |
| Current account balance (balance of payments) | $31.4B | $76.4B |
| Revenue excluding grants, % of GDP | 47.4% | 27.8% |
| Grants excluding technical cooperation, BoP | N/A | $6.7M |
| Personal remittances received | $644.3M | $7.1B |
| Industry including construction value added, % of GDP | 32% | 35.1% |
| Agriculture, forestry and fishing value added, % of GDP | 1.9% | 2% |
| Charges for the use of intellectual property, payments BoP | $768.9M | $9.9B |
| Charges for the use of intellectual property, receipts BoP | $515.2M | $7.8B |
| Expense, % of GDP | 37.7% | 25.4% |
| Government Expenditure, % of GDP | 49.8% | 32.8% |
