Norway vs the United Kingdom: Economic Indicators Comparison
The United Kingdom with a GDP of $2.9T ranked the 5th largest economy in the world, while Norway ranked 30th with $434.2B. By GDP 5-years average growth and GDP per capita, the United Kingdom and Norway ranked 126th vs 142nd and 23rd vs 5th, respectively.
Gross Domestic Product & Income
| Stat |  Norway |  United Kingdom |
|---|---|---|
| GDP | $434.2B | $2.9T |
| GDP growth, 1 year | 1.4% | 1.4% |
| GDP growth, 5-years average | 1.7% | 2.1% |
| Population | 5.4M | 66M |
| GDP per capita | $82k | $43k |
| GDP per capita growth | 0.58% | 0.73% |
| Purchasing Power Parity conversion factor | 10.14 | 0.7 |
| Price level ratio of PPP conversion factor GDP to market exchange rate | 1.25 | 0.93 |
| GDP per capita, PPP adjusted | $74k | $46k |
| GNI, Atlas method | $428.4B | $2.8T |
| GNI per capita | $81k | $42k |
| GNI, PPP adjusted | $363B | $3T |
| GNI per capita, PPP adjusted | $68k | $45k |
Financial system and Human development
| Stat | Norway | United Kingdom |
|---|---|---|
| Income Tax Rate | 47.8% | 45% |
| Corporate Tax Rate | 22% | 20% |
| Inflation, consumer prices | 2.8% | 2.5% |
| Inflation, GDP deflator | 5.8% | 1.9% |
| Unemployment | 3.9% | 4% |
| Economic Freedom Index | 73.4 | 79.3 |
| Personal Freedom Index | 9.55 | 9.08 |
| Human Freedom Index | 8.61 | 8.55 |
| Property Rights Index | 84.3 | 92.2 |
| Judical Effectiveness Index | 82.8 | 82.7 |
| Business Freedom Index | 86.1 | 94.7 |
| Fiscal Health Index | 97.3 | 78.1 |
| Labor Freedom Index | 57.4 | 73.1 |
| Investment Freedom Index | 75 | 80 |
| Financial Freedom Index | 60 | 80 |
| Trade Freedom Index | 83.8 | 86.4 |
| Monetary Freedom Index | 74.8 | 80.3 |
| Government Spending Index | 25.6 | 49.5 |
| Tax Burden Index | 57.7 | 64.7 |
| Government Integrity Index | 95.6 | 89.9 |
| Corruption Perceptions Index | 84 | 80 |
| Life expectancy at birth, years | 82.5 | 81.2 |
| Suicide mortality rate, per 100,000 people | 12.2 | 8.9 |
| Mortality caused by road traffic injury, per 100,000 people | 2.7 | 3.1 |
| Intentional homicides, per 100,000 people | 0.5 | 1.2 |
| International tourism, number of arrivals | 5.7M | 36.3M |
Government debt & reserves
| Stat | Norway | United Kingdom |
|---|---|---|
| Central government debt, % of GDP | 36.8% | 86.9% |
| 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% | 5.5% |
| Gross savings, % of GDP | 35.9% | 13.4% |
| Gross capital formation, % of GDP | 27.3% | 17.3% |
| Total reserves including gold | $63.1B | $172.7B |
| Foreign direct investment net inflows | -$17.4B | $35.1B |
Exports, imports and economic structure
| Stat | Norway | United Kingdom |
|---|---|---|
| Exports of goods and services, % of GDP | 38.4% | 30% |
| Imports of goods and services, % of GDP | 32.6% | 31.8% |
| Current account balance (balance of payments) | $31.4B | -$123.1B |
| Revenue excluding grants, % of GDP | 47.4% | 35.3% |
| Grants excluding technical cooperation, BoP | N/A | N/A |
| Personal remittances received | $644.3M | $4.4B |
| Industry including construction value added, % of GDP | 32% | 17.5% |
| Agriculture, forestry and fishing value added, % of GDP | 1.9% | 0.6% |
| Charges for the use of intellectual property, payments BoP | $768.9M | $13.5B |
| Charges for the use of intellectual property, receipts BoP | $515.2M | $21.7B |
| Expense, % of GDP | 37.7% | 36% |
| Government Expenditure, % of GDP | 49.8% | 41% |
