Norway has a GDP of $484B compared to $3.64T for the United Kingdom, ranking 32/197 and 6/197 by economy size, respectively.
Norway has $207B in government debt (42.7% of GDP), compared to $3.69T (103.9% of GDP) in the United Kingdom.
The chart below compares the two countries' GDP growth in both current (nominal) and constant dollars, accounting for inflation over time.
| Year | GDP | |||
|---|---|---|---|---|
Norway
|
United Kingdom
|
|||
| Current $ | Constant $ | Current $ | Constant $ | |
| 1960 | $5,197,398,721 | $68,793,506,118 | $73,233,967,692 | $793,127,688,244 |
| 1961 | $5,669,689,210 | $73,109,153,566 | $77,741,965,703 | $814,552,559,055 |
| 1962 | $6,107,076,929 | $75,166,405,039 | $81,247,564,157 | $823,502,017,571 |
| 1963 | $6,553,269,536 | $78,011,485,854 | $86,561,961,812 | $863,520,470,098 |
| 1964 | $7,206,522,122 | $81,919,589,025 | $94,407,558,351 | $911,832,808,560 |
| 1965 | $8,111,945,661 | $86,249,538,031 | $101,824,755,079 | $931,257,884,730 |
| 1966 | $8,753,940,267 | $89,515,388,221 | $108,572,752,102 | $945,854,883,422 |
| 1967 | $9,577,383,653 | $95,115,541,631 | $113,116,888,211 | $972,109,334,166 |
| 1968 | $10,227,087,165 | $97,265,034,480 | $107,759,910,068 | $1,025,309,894,085 |
| 1969 | $11,136,187,440 | $101,646,446,366 | $116,464,702,803 | $1,045,192,065,288 |
| 1970 | $12,814,123,115 | $103,621,742,272 | $130,671,946,244 | $1,073,501,944,593 |
| 1971 | $14,583,114,840 | $109,500,837,087 | $148,113,896,325 | $1,111,125,153,878 |
| 1972 | $17,358,610,850 | $115,337,894,011 | $169,965,034,965 | $1,159,144,290,116 |
| 1973 | $22,534,253,703 | $120,566,084,506 | $192,537,971,583 | $1,234,765,106,761 |
| 1974 | $27,145,693,810 | $125,294,905,499 | $206,131,369,799 | $1,204,088,552,401 |
| 1975 | $32,877,805,200 | $131,499,638,270 | $241,756,637,168 | $1,186,344,508,063 |
| 1976 | $35,942,270,686 | $139,160,194,320 | $232,614,555,256 | $1,220,870,290,415 |
| 1977 | $41,508,030,431 | $144,950,253,122 | $263,066,457,352 | $1,250,876,235,526 |
| 1978 | $46,522,900,254 | $150,558,892,164 | $335,883,029,722 | $1,303,466,331,520 |
| 1979 | $53,132,244,624 | $157,142,089,506 | $438,994,070,309 | $1,352,333,501,334 |
| 1980 | $64,439,382,896 | $164,314,436,253 | $564,947,710,899 | $1,324,862,634,143 |
| 1981 | $63,596,654,761 | $166,940,746,108 | $540,765,675,241 | $1,314,426,109,939 |
| 1982 | $62,647,195,538 | $167,333,595,175 | $515,048,916,841 | $1,340,647,481,093 |
| 1983 | $61,627,240,831 | $173,981,771,260 | $489,618,008,186 | $1,397,247,691,631 |
| 1984 | $62,057,955,033 | $184,511,811,488 | $461,487,097,632 | $1,428,952,711,498 |
| 1985 | $65,416,879,914 | $194,758,499,575 | $489,285,164,271 | $1,488,217,310,719 |
| 1986 | $78,693,118,044 | $202,630,856,643 | $601,452,653,181 | $1,535,101,225,015 |
| 1987 | $94,229,907,236 | $206,184,106,690 | $745,162,608,269 | $1,617,885,217,057 |
| 1988 | $101,900,260,856 | $205,657,951,819 | $910,122,732,124 | $1,710,629,088,853 |
| 1989 | $102,633,934,391 | $207,793,200,369 | $926,884,816,754 | $1,754,722,312,652 |
| 1990 | $119,791,843,060 | $211,808,370,316 | $1,093,169,389,205 | $1,767,597,683,606 |
| 1991 | $121,872,464,483 | $218,341,469,492 | $1,142,797,178,131 | $1,748,098,930,593 |
| 1992 | $130,838,040,068 | $226,145,995,698 | $1,179,659,529,660 | $1,755,110,242,246 |
| 1993 | $120,579,213,713 | $232,580,262,419 | $1,061,388,722,256 | $1,798,809,519,900 |
| 1994 | $127,131,319,429 | $244,337,831,947 | $1,140,489,745,944 | $1,867,991,899,167 |
| 1995 | $152,029,612,325 | $254,491,639,971 | $1,344,240,176,740 | $1,915,283,289,782 |
| 1996 | $163,520,109,151 | $267,287,258,415 | $1,419,645,865,835 | $1,964,735,787,017 |
| 1997 | $161,356,631,888 | $281,412,338,540 | $1,560,911,918,795 | $2,061,492,114,548 |
| 1998 | $154,230,295,158 | $288,922,351,937 | $1,653,694,932,097 | $2,131,637,645,608 |
| 1999 | $162,383,706,021 | $294,908,959,351 | $1,687,830,448,148 | $2,196,830,015,765 |
| 2000 | $171,457,201,936 | $304,696,827,580 | $1,665,534,876,683 | $2,292,208,338,884 |
| 2001 | $174,239,354,071 | $310,995,308,439 | $1,649,827,263,567 | $2,351,181,826,663 |
| 2002 | $195,914,852,576 | $315,279,446,148 | $1,785,729,916,067 | $2,393,401,075,664 |
| 2003 | $229,385,469,337 | $318,258,551,155 | $2,054,422,857,143 | $2,468,849,371,154 |
| 2004 | $265,268,662,473 | $331,035,320,834 | $2,421,525,082,387 | $2,529,531,329,418 |
| 2005 | $309,978,579,744 | $339,924,026,052 | $2,543,180,000,000 | $2,598,654,839,641 |
| 2006 | $346,915,160,682 | $348,291,164,570 | $2,708,441,582,337 | $2,660,520,860,407 |
| 2007 | $402,643,260,488 | $358,440,508,444 | $3,090,510,204,082 | $2,730,356,339,128 |
| 2008 | $464,917,553,191 | $360,167,903,329 | $2,929,411,764,706 | $2,723,563,287,348 |
| 2009 | $387,976,400,617 | $353,179,332,378 | $2,412,840,006,232 | $2,597,719,582,893 |
| 2010 | $431,052,143,940 | $355,959,036,888 | $2,485,482,596,185 | $2,655,734,846,286 |
| 2011 | $501,360,549,669 | $359,894,719,458 | $2,663,805,834,828 | $2,685,966,733,177 |
| 2012 | $512,777,309,841 | $369,676,511,271 | $2,707,089,726,615 | $2,726,497,926,773 |
| 2013 | $526,014,468,085 | $373,433,130,118 | $2,784,853,502,534 | $2,775,572,749,073 |
| 2014 | $501,736,471,833 | $381,081,533,571 | $3,064,708,247,921 | $2,864,242,231,942 |
| 2015 | $388,159,512,246 | $388,159,512,246 | $2,927,911,140,917 | $2,927,911,140,917 |
| 2016 | $370,956,547,619 | $392,680,500,172 | $2,689,106,566,900 | $2,984,177,105,011 |
| 2017 | $401,745,275,035 | $402,355,151,331 | $2,680,148,052,335 | $3,063,451,915,304 |
| 2018 | $439,788,625,884 | $405,690,399,924 | $2,871,340,347,582 | $3,106,499,243,232 |
| 2019 | $408,742,840,909 | $410,249,333,419 | $2,851,407,164,908 | $3,156,963,552,418 |
| 2020 | $367,633,418,887 | $405,005,642,243 | $2,696,778,386,608 | $2,831,893,577,012 |
| 2021 | $503,367,986,030 | $420,836,044,192 | $3,143,323,050,707 | $3,074,755,378,978 |
| 2022 | $596,297,651,036 | $434,497,344,229 | $3,114,042,471,144 | $3,223,545,410,806 |
| 2023 | $482,949,731,777 | $434,810,705,801 | $3,369,861,888,973 | $3,236,345,540,532 |
| 2024 | $483,727,398,216 | $443,943,701,526 | $3,643,834,188,783 | $3,271,966,955,942 |
Economic indicators
|
Norway
|
United Kingdom
|
|
|---|---|---|
| Gross domestic product |
$484B
2024 |
$3.64T
2024 |
| GDP rank |
32/197
2024 |
6/197
2024 |
| GDP growth |
0.16%
2023-2024 |
8.13%
2023-2024 |
| GDP per capita |
$86,810
2024 |
$52,637
2024 |
| GDP per capita rank |
8/197
2024 |
23/197
2024 |
| GDP per capita, PPP |
$101,032
2024 |
$60,620
2024 |
| Government debt |
$207B
2024 |
$3.69T
2024 |
| Debt-to-GDP ratio |
42.7%
2025 |
103.9%
2025 |
| Government debt per person |
$37,084
2024 |
$53,283
2024 |
| Government debt per person rank |
17/185
2024 |
7/185
2024 |
| Average annual personal income after taxes |
$45,746
2025 |
$40,805
2025 |
| Market capitalization of domestic companies |
$296B
2019 |
$3.1T
2022 |
| Number of millionaires |
253,085
2024 |
3,061,553
2024 |
| Number of billionaires |
17
2025 |
55
2025 |
| Income share by richest 10% |
21.6%
2023 |
24.6%
2021 |
| Income share by poorest 10% |
3.6%
2023 |
3%
2021 |
| Government expenditure, % of GDP |
47.9%
2025 |
43.9%
2025 |
| Consumer prices inflation |
3.15%
2023-2024 |
3.27%
2023-2024 |
| Central bank interest rate |
4.25%
2025 |
4%
2025 |
| Unemployment rate |
3.98%
2024 |
4.36%
2024 |
| Population |
5642662
|
69945462
|
GDP per capita in Norway vs United Kingdom
Norway's GDP per capita is $86,810, ranking 8/197, compared to $52,637 in the United Kingdom, ranking 23/197. Adjusted for purchasing power (GDP per capita PPP), Norway ranks 7th at $101,032, while the United Kingdom ranks 32nd at $60,620.
| Year | Current $ | |||
|---|---|---|---|---|
|
Norway
|
United Kingdom
|
|||
| GDP per capita | GDP per capita, PPP | GDP per capita | GDP per capita, PPP | |
| 1960 | $1,451 | - | $1,398 | - |
| 1961 | $1,571 | - | $1,472 | - |
| 1962 | $1,678 | - | $1,526 | - |
| 1963 | $1,787 | - | $1,613 | - |
| 1964 | $1,951 | - | $1,748 | - |
| 1965 | $2,179 | - | $1,874 | - |
| 1966 | $2,333 | - | $1,987 | - |
| 1967 | $2,531 | - | $2,059 | - |
| 1968 | $2,680 | - | $1,952 | - |
| 1969 | $2,894 | - | $2,101 | - |
| 1970 | $3,306 | - | $2,348 | - |
| 1971 | $3,736 | - | $2,650 | - |
| 1972 | $4,414 | - | $3,030 | - |
| 1973 | $5,690 | - | $3,426 | - |
| 1974 | $6,812 | - | $3,666 | - |
| 1975 | $8,204 | - | $4,300 | - |
| 1976 | $8,927 | - | $4,138 | - |
| 1977 | $10,266 | - | $4,681 | - |
| 1978 | $11,463 | - | $5,977 | - |
| 1979 | $13,047 | - | $7,805 | - |
| 1980 | $15,772 | - | $10,032 | - |
| 1981 | $15,513 | - | $9,599 | - |
| 1982 | $15,225 | - | $9,146 | - |
| 1983 | $14,928 | - | $8,692 | - |
| 1984 | $14,989 | - | $8,179 | - |
| 1985 | $15,754 | - | $8,652 | - |
| 1986 | $18,883 | - | $10,611 | - |
| 1987 | $22,506 | - | $13,119 | - |
| 1988 | $24,207 | - | $15,987 | - |
| 1989 | $24,281 | - | $16,239 | - |
| 1990 | $28,243 | $18,449 | $19,095 | $17,054 |
| 1991 | $28,597 | $19,567 | $19,901 | $17,383 |
| 1992 | $30,524 | $20,609 | $20,487 | $17,802 |
| 1993 | $27,964 | $21,569 | $18,389 | $18,633 |
| 1994 | $29,316 | $23,012 | $19,709 | $19,713 |
| 1995 | $34,876 | $24,344 | $23,169 | $20,581 |
| 1996 | $37,322 | $26,816 | $24,406 | $21,938 |
| 1997 | $36,629 | $28,603 | $26,766 | $23,065 |
| 1998 | $34,803 | $28,198 | $28,275 | $23,688 |
| 1999 | $36,393 | $30,574 | $28,762 | $24,494 |
| 2000 | $38,178 | $36,986 | $28,281 | $26,530 |
| 2001 | $38,602 | $37,833 | $27,907 | $27,916 |
| 2002 | $43,171 | $38,056 | $30,078 | $29,089 |
| 2003 | $50,250 | $38,685 | $34,443 | $30,318 |
| 2004 | $57,769 | $42,673 | $40,367 | $32,055 |
| 2005 | $67,047 | $47,967 | $42,105 | $32,726 |
| 2006 | $74,434 | $54,369 | $44,512 | $34,735 |
| 2007 | $85,502 | $56,181 | $50,398 | $35,523 |
| 2008 | $97,504 | $62,073 | $47,396 | $36,745 |
| 2009 | $80,348 | $55,619 | $38,744 | $35,023 |
| 2010 | $88,163 | $58,220 | $39,599 | $36,488 |
| 2011 | $101,222 | $62,460 | $42,110 | $37,224 |
| 2012 | $102,176 | $65,774 | $42,490 | $38,337 |
| 2013 | $103,554 | $67,378 | $43,419 | $39,948 |
| 2014 | $97,667 | $66,332 | $47,427 | $41,267 |
| 2015 | $74,810 | $60,754 | $44,984 | $42,527 |
| 2016 | $70,867 | $59,280 | $40,988 | $44,085 |
| 2017 | $76,132 | $64,590 | $40,629 | $46,113 |
| 2018 | $82,793 | $70,254 | $43,315 | $47,212 |
| 2019 | $76,431 | $70,940 | $42,794 | $50,065 |
| 2020 | $68,340 | $67,111 | $40,405 | $48,230 |
| 2021 | $93,073 | $88,984 | $46,926 | $51,004 |
| 2022 | $109,270 | $123,150 | $46,063 | $58,544 |
| 2023 | $87,497 | $100,437 | $49,201 | $57,915 |
| 2024 | $86,810 | $101,032 | $52,637 | $60,620 |
Spending and national debt comparison
In 2024, Norway's government spending was $230B, accounting for 47.9% of its GDP, while the United Kingdom's spent $1.6T, or 43.9% of GDP.
Debt-to-GDP ratio is 42.7% in Norway and 103.9% in the United Kingdom, ranking 128/185 and 19/185, respectively.
| Year | % of GDP | |||
|---|---|---|---|---|
|
Norway
|
United Kingdom
|
|||
| Government spending | Government debt | Government spending | Government debt | |
| 1960 | 18% | 29.8% | 33.1% | 117.9% |
| 1961 | 20.4% | 27.7% | 31.5% | 113.8% |
| 1962 | 30.6% | 26.7% | 33.8% | 110.5% |
| 1963 | 31.9% | 25.3% | 37.4% | 108.6% |
| 1964 | 32% | 24.2% | 32.8% | 101.1% |
| 1965 | 32.9% | 23% | 34.6% | 94.6% |
| 1966 | 33.5% | 22.4% | 35.7% | 91.9% |
| 1967 | 34.9% | 22.6% | 40.1% | 89.1% |
| 1968 | 36.2% | 22.5% | 40.3% | 88.5% |
| 1969 | 38% | 22.3% | 39.2% | 82.8% |
| 1970 | 38.9% | 38.6% | 42% | 73.4% |
| 1971 | 40.7% | 38.5% | 41.2% | 67.9% |
| 1972 | 42.2% | 38.9% | 42.3% | 65% |
| 1973 | 42.3% | 37.7% | 43.5% | 58.5% |
| 1974 | 42.2% | 35.4% | 47.8% | 56.2% |
| 1975 | 43.5% | 36.7% | 49.1% | 49.6% |
| 1976 | 45.2% | 38.5% | 49.2% | 47.7% |
| 1977 | 46.5% | 43.8% | 46.8% | 53.7% |
| 1978 | 47.9% | 49.9% | 46.2% | 47.3% |
| 1979 | 47.2% | 39.6% | 45.1% | 44.5% |
| 1980 | 46.1% | 36.8% | 47.6% | 43.7% |
| 1981 | 46.1% | 32.9% | 51.2% | 41.1% |
| 1982 | 46.6% | 29.7% | 50.8% | 44.7% |
| 1983 | 46.4% | 27.4% | 50.4% | 44.2% |
| 1984 | 44.5% | 27.8% | 50.3% | 44.1% |
| 1985 | 44% | 30.2% | 48.7% | 42.9% |
| 1986 | 48.1% | 37.8% | 44.6% | 42.9% |
| 1987 | 50.5% | 31.3% | 42.7% | 41.8% |
| 1988 | 52.6% | 30.5% | 40.3% | 36.6% |
| 1989 | 52.2% | 30.4% | 39.7% | 31.4% |
| 1990 | 48.9% | 28.9% | 35% | 28.5% |
| 1991 | 50% | 39.2% | 35.9% | 28.5% |
| 1992 | 51.3% | 45% | 37.8% | 33.2% |
| 1993 | 50.2% | 53.7% | 37.8% | 38% |
| 1994 | 49.4% | 50.6% | 37.5% | 40.7% |
| 1995 | 49.3% | 32.7% | 37.6% | 43.7% |
| 1996 | 47% | 28.4% | 35.7% | 43.7% |
| 1997 | 45.5% | 25.8% | 34.9% | 44.1% |
| 1998 | 47.8% | 23.6% | 34.5% | 42% |
| 1999 | 46.4% | 25% | 33.9% | 40.4% |
| 2000 | 41.3% | 28.7% | 33.9% | 37.7% |
| 2001 | 43.2% | 27.2% | 34.7% | 35% |
| 2002 | 46.1% | 33.9% | 35.9% | 35.4% |
| 2003 | 47.6% | 43.1% | 37.2% | 36.8% |
| 2004 | 44.7% | 43.8% | 38% | 39.8% |
| 2005 | 41.8% | 42.3% | 38.4% | 41% |
| 2006 | 40.5% | 52.6% | 38.4% | 42.1% |
| 2007 | 41% | 49.5% | 38.7% | 43.2% |
| 2008 | 39.8% | 47.5% | 41% | 50.8% |
| 2009 | 45.6% | 42.5% | 44.6% | 64.9% |
| 2010 | 44.5% | 43% | 44.7% | 75.9% |
| 2011 | 43.3% | 29.6% | 43.5% | 81.4% |
| 2012 | 42.4% | 30.9% | 43.6% | 84.5% |
| 2013 | 43.5% | 31.4% | 41.8% | 85.3% |
| 2014 | 45.2% | 29.7% | 41.2% | 87.1% |
| 2015 | 48.2% | 34.3% | 40.4% | 87.9% |
| 2016 | 50.4% | 37.9% | 39.6% | 87.8% |
| 2017 | 49.2% | 38.3% | 39.2% | 86.7% |
| 2018 | 47.7% | 39.4% | 38.9% | 86.3% |
| 2019 | 50.2% | 40.6% | 38.8% | 85.7% |
| 2020 | 56.7% | 46.1% | 50% | 105.8% |
| 2021 | 46.3% | 41.6% | 45.8% | 105.1% |
| 2022 | 37.5% | 36.1% | 44.1% | 99.6% |
| 2023 | 45.9% | 44.2% | 44.8% | 100.4% |
| 2024 | 47.5% | 42.7% | 44% | 101.2% |
| 2025 | 47.9% | 42.7% | 43.9% | 103.9% |
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 the United Kingdom's deficit of -$209B, or -5.75% of GDP.
Over the past 65 years, Norway recorded a fiscal deficit in 5 of those years, while the United Kingdom ran a deficit in 56 years. On average, Norway posted an annual surplus equal to +6.37% of GDP, compared to deficit of -3.73% of GDP for the United Kingdom.
| Year | Deficit/surplus, % of GDP | |
|---|---|---|
|
Norway
|
United Kingdom
|
|
| 1830 | - | 0.45% |
| 1831 | - | 0% |
| 1832 | - | 0% |
| 1833 | - | 0.24% |
| 1834 | - | 0.23% |
| 1835 | - | 0.42% |
| 1836 | - | 0.59% |
| 1837 | - | -0.21% |
| 1838 | - | -0.19% |
| 1839 | - | -0.18% |
| 1840 | - | -0.2% |
| 1841 | - | -0.42% |
| 1842 | - | -0.87% |
| 1843 | - | 0.44% |
| 1844 | - | 0.59% |
| 1845 | - | 0.56% |
| 1846 | - | 0.52% |
| 1847 | - | -6.13% |
| 1848 | - | -0.17% |
| 1849 | - | 0.34% |
| 1850 | - | 0.37% |
| 1851 | - | 0.35% |
| 1852 | - | 0.35% |
| 1853 | - | 0.5% |
| 1854 | - | -3.39% |
| 1855 | - | -3.57% |
| 1856 | - | -0.6% |
| 1857 | - | -0.15% |
| 1858 | - | -0.15% |
| 1859 | - | 0% |
| 1860 | - | -0.43% |
| 1861 | - | -0.4% |
| 1862 | - | -0.13% |
| 1863 | - | 0% |
| 1864 | - | 0.24% |
| 1865 | - | 0% |
| 1866 | - | 0.11% |
| 1867 | - | -0.45% |
| 1868 | - | -0.45% |
| 1869 | - | 0.77% |
| 1870 | - | 0% |
| 1871 | - | 0.29% |
| 1872 | - | 0.55% |
| 1873 | - | 0% |
| 1874 | - | 0.09% |
| 1875 | - | 0% |
| 1876 | - | 0.09% |
| 1877 | - | -0.18% |
| 1878 | - | -0.18% |
| 1879 | - | -0.86% |
| 1880 | - | 0.1% |
| 1881 | -1.13% | 0.06% |
| 1882 | -0.62% | 0.02% |
| 1883 | -0.17% | 0.06% |
| 1884 | -0.08% | -0.04% |
| 1885 | -0.005% | -0.21% |
| 1886 | -0.2% | 0.07% |
| 1887 | -0.17% | 0.25% |
| 1888 | -0.23% | 0.27% |
| 1889 | -0.07% | 0.3% |
| 1890 | -0.2% | 0.23% |
| 1891 | -0.44% | 0.19% |
| 1892 | -0.94% | 0.14% |
| 1893 | -1.25% | -0.007% |
| 1894 | -1.13% | 0.06% |
| 1895 | -1.66% | 0.3% |
| 1896 | -1.57% | 0.17% |
| 1897 | -0.63% | 0.25% |
| 1898 | -1.39% | 0.01% |
| 1899 | -1.35% | -0.79% |
| 1900 | -1.99% | -2.96% |
| 1901 | -1.41% | -2.74% |
| 1902 | -1.52% | -1.77% |
| 1903 | -1.12% | -0.22% |
| 1904 | -0.75% | 0.2% |
| 1905 | -0.52% | 0.36% |
| 1906 | -0.59% | 0.58% |
| 1907 | 0.16% | 0.66% |
| 1908 | -0.06% | 0.34% |
| 1909 | -0.52% | -1.25% |
| 1910 | 0.3% | 1.75% |
| 1911 | -0.05% | 0.51% |
| 1912 | -0.89% | 0.22% |
| 1913 | -0.9% | 0.25% |
| 1914 | -1.09% | -14.6% |
| 1915 | -2.04% | -30% |
| 1916 | -0.36% | -50.6% |
| 1917 | 0.2% | -48.8% |
| 1918 | -1.17% | -34.4% |
| 1919 | -2.11% | -6.28% |
| 1920 | -1.15% | 4.2% |
| 1921 | -5.47% | 1.15% |
| 1922 | -4.28% | 2.45% |
| 1923 | -3.58% | 2.23% |
| 1924 | -2.96% | 1.19% |
| 1925 | -1.92% | 0.84% |
| 1926 | -1.59% | 0.6% |
| 1927 | -0.76% | 1.62% |
| 1928 | -0.81% | 1.75% |
| 1929 | -0.83% | 0.75% |
| 1930 | -0.46% | 1.01% |
| 1931 | -1.15% | 0.8% |
| 1932 | -1.14% | -0.15% |
| 1933 | -1.29% | 0.99% |
| 1934 | -0.59% | 0.48% |
| 1935 | -1.1% | 0.37% |
| 1936 | -0.7% | 0.17% |
| 1937 | -0.16% | 0.82% |
| 1938 | 0.03% | 0% |
| 1939 | -0.54% | -2.99% |
| 1940 | -0.54% | -12.1% |
| 1941 | -0.54% | -32% |
| 1942 | -0.54% | -31.6% |
| 1943 | -0.54% | -33.3% |
| 1944 | -0.54% | -29.7% |
| 1945 | -0.54% | -30.9% |
| 1946 | -3.82% | -22.5% |
| 1947 | -4.66% | -15.8% |
| 1948 | -0.35% | -0.39% |
| 1949 | -0.72% | 3.01% |
| 1950 | -0.89% | 0.34% |
| 1951 | 1.59% | 2.03% |
| 1952 | 2.15% | -1.26% |
| 1953 | 1.3% | -2.84% |
| 1954 | -0.54% | -1.65% |
| 1955 | 0.82% | -0.39% |
| 1956 | 1.22% | 0.55% |
| 1957 | 1.55% | -1.04% |
| 1958 | 1.7% | -1.73% |
| 1959 | 1.89% | -0.58% |
| 1960 | 1.42% | -2.75% |
| 1961 | -0.7% | 0.56% |
| 1962 | 4% | -0.49% |
| 1963 | 2.6% | -5.47% |
| 1964 | 3.08% | -1.76% |
| 1965 | 2.78% | -2.06% |
| 1966 | 3.59% | -1.59% |
| 1967 | 4.19% | -4.57% |
| 1968 | 3.38% | -2.3% |
| 1969 | 3.57% | 1.03% |
| 1970 | 2.83% | 2.61% |
| 1971 | 3.71% | 1.48% |
| 1972 | 3.93% | -1.66% |
| 1973 | 4.99% | -4.29% |
| 1974 | 4.06% | -4.06% |
| 1975 | 2.88% | -5.08% |
| 1976 | 2.2% | -5.61% |
| 1977 | 1.01% | -4.41% |
| 1978 | 0.94% | -6.63% |
| 1979 | 2.16% | -5.79% |
| 1980 | 5.38% | -5.65% |
| 1981 | 4.82% | -7.03% |
| 1982 | 3.96% | -5.66% |
| 1983 | 6.03% | -6.26% |
| 1984 | 6.97% | -6.39% |
| 1985 | 9.84% | -5.57% |
| 1986 | 5.87% | -2.56% |
| 1987 | 4.56% | -1.79% |
| 1988 | 2.65% | 0.46% |
| 1989 | 1.81% | 0.77% |
| 1990 | 1.95% | -1.54% |
| 1991 | -0.12% | -2.77% |
| 1992 | -2.07% | -5.41% |
| 1993 | -1.64% | -6.62% |
| 1994 | 0.04% | -5.74% |
| 1995 | 2.96% | -4.99% |
| 1996 | 6.01% | -3.65% |
| 1997 | 7.35% | -2.01% |
| 1998 | 3.07% | -0.21% |
| 1999 | 5.71% | 0.76% |
| 2000 | 15% | 1.4% |
| 2001 | 13.2% | 0.34% |
| 2002 | 9.03% | -1.96% |
| 2003 | 7.2% | -3.22% |
| 2004 | 10.8% | -3.16% |
| 2005 | 14.7% | -3.15% |
| 2006 | 17.9% | -2.76% |
| 2007 | 17% | -2.65% |
| 2008 | 18.5% | -5.09% |
| 2009 | 10.2% | -10.1% |
| 2010 | 10.9% | -9.22% |
| 2011 | 13.3% | -7.38% |
| 2012 | 13.7% | -7.45% |
| 2013 | 10.6% | -5.34% |
| 2014 | 8.57% | -5.53% |
| 2015 | 5.99% | -4.59% |
| 2016 | 4.04% | -3.31% |
| 2017 | 4.96% | -2.49% |
| 2018 | 7.81% | -2.27% |
| 2019 | 6.52% | -2.47% |
| 2020 | -2.56% | -13.2% |
| 2021 | 10.3% | -7.72% |
| 2022 | 25.5% | -4.56% |
| 2023 | 16.6% | -6.05% |
| 2024 | 12.8% | -5.75% |
| 2025 | 13.2% | -4.42% |
Inflation comparison by year
Over the past 29 years, Norway has recorded an average annual inflation rate of 2.4%, compared with 2.42% in the United Kingdom. In 2024, inflation was 3.15% in Norway and 3.27% in the United Kingdom.
| Year | Inflation | ||
|---|---|---|---|
|
Norway
|
United Kingdom
|
Norway
|
United Kingdom
|
| 1996 | 1.26% | 2.85% | |
| 1997 | 2.57% | 2.2% | |
| 1998 | 2.25% | 1.82% | |
| 1999 | 2.37% | 1.75% | |
| 2000 | 3.09% | 1.18% | |
| 2001 | 3% | 1.53% | |
| 2002 | 1.29% | 1.52% | |
| 2003 | 2.49% | 1.38% | |
| 2004 | 0.45% | 1.39% | |
| 2005 | 1.53% | 2.09% | |
| 2006 | 2.33% | 2.46% | |
| 2007 | 0.71% | 2.39% | |
| 2008 | 3.75% | 3.52% | |
| 2009 | 2.2% | 1.96% | |
| 2010 | 2.42% | 2.49% | |
| 2011 | 1.28% | 3.86% | |
| 2012 | 0.7% | 2.57% | |
| 2013 | 2.12% | 2.29% | |
| 2014 | 2.04% | 1.45% | |
| 2015 | 2.17% | 0.37% | |
| 2016 | 3.55% | 1.01% | |
| 2017 | 1.88% | 2.56% | |
| 2018 | 2.76% | 2.29% | |
| 2019 | 2.17% | 1.74% | |
| 2020 | 1.29% | 0.99% | |
| 2021 | 3.48% | 2.52% | |
| 2022 | 5.76% | 7.92% | |
| 2023 | 5.52% | 6.79% | |
| 2024 | 3.15% | 3.27% | |
Top exports between countries
|
Norway
|
|
|---|---|
| Export category | Export value |
| Raw materials & minerals | $27.7B |
| Machinery & equipment | $1.38B |
| Animal & marine products | $716M |
| Metals | $482M |
| Miscellaneous | $469M |
| Precious metals & jewellery | $236M |
| Processed food, beverages & tobacco | $173M |
| Chemicals & pharma | $138M |
| Wood & paper products | $96.1M |
| Textiles & consumer goods | $87M |
|
United Kingdom
|
|
|---|---|
| Export category | Export value |
| Business & finance services | $2.64B |
| Machinery & equipment | $2.02B |
| Transport & tourism services | $1.17B |
| IT & IP services | $1.03B |
| Raw materials & minerals | $569M |
| Metals | $449M |
| Processed food, beverages & tobacco | $336M |
| Chemicals & pharma | $318M |
| Manufacturing & construction services | $189M |
| Textiles & consumer goods | $126M |
Balance of trade
|
Norway
|
United Kingdom
|
|
|---|---|---|
Current account balance
|
$79.8B
2024 |
-$96.6B
2024 |
| Current account balance ranking |
8/189
2024 |
188/189
2024 |
| Current account balance, % of GDP |
+16.5%
2024 |
-2.65%
2024 |
| Goods imports |
$98.7B
2024 |
$756B
2024 |
| Goods exports |
$171B
2024 |
$467B
2024 |
| Service imports |
$64.6B
2024 |
$402B
2024 |
| Service exports |
$56.8B
2024 |
$649B
2024 |
| Imports of goods and services, % of GDP |
33.7%
2024 |
31.8%
2024 |
| Exports of goods and services, % of GDP |
47.6%
2024 |
30.6%
2024 |
Economic freedom indices
The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.
|
Norway
|
United Kingdom
|
|
|---|---|---|
| Economic freedom | 78.3 | 69.3 |
| Economic freedom ranking | 10/197 | 39/197 |
| Property rights | 97.7 | 95.2 |
| Government integrity | 94.8 | 83.4 |
| Judicial effectiveness | 98.5 | 84.8 |
| Tax burden | 62.4 | 61 |
| Government spending | 44 | 40.1 |
| Fiscal health | 96.1 | 19 |
| Business freedom | 86.7 | 83.4 |
| Labor freedom | 69.3 | 63.2 |
| Monetary freedom | 70.3 | 67.9 |
| Trade freedom | 85 | 83.4 |
| Investment freedom | 75 | 70 |
| Financial freedom | 60 | 80 |
Economic freedom by year comparison
The Economic Freedom Index for Norway is 78.3, ranking 10/197, compared to 69.3 for the United Kingdom, ranking 39/197. The chart below displays a comparison of annual changes in economic freedom indexes.
| Year | Economic freedom index | |
|---|---|---|
|
Norway
|
United Kingdom
|
|
| 1995 | - | 77.9 |
| 1996 | 65.4 | 76.4 |
| 1997 | 65.1 | 76.4 |
| 1998 | 68 | 76.5 |
| 1999 | 68.6 | 76.2 |
| 2000 | 70.1 | 77.3 |
| 2001 | 67.1 | 77.6 |
| 2002 | 67.4 | 78.5 |
| 2003 | 67.2 | 77.5 |
| 2004 | 66.2 | 77.7 |
| 2005 | 64.5 | 79.2 |
| 2006 | 67.9 | 80.4 |
| 2007 | 67.9 | 79.9 |
| 2008 | 68.6 | 79.4 |
| 2009 | 70.2 | 79 |
| 2010 | 69.4 | 76.5 |
| 2011 | 70.3 | 74.5 |
| 2012 | 68.8 | 74.1 |
| 2013 | 70.5 | 74.8 |
| 2014 | 70.9 | 74.9 |
| 2015 | 71.8 | 75.8 |
| 2016 | 70.8 | 76.4 |
| 2017 | 74 | 76.4 |
| 2018 | 74.3 | 78 |
| 2019 | 73 | 78.9 |
| 2020 | 73.4 | 79.3 |
| 2021 | 73.4 | 78.4 |
| 2022 | 76.9 | 72.7 |
| 2023 | 76.9 | 69.9 |
| 2024 | 77.5 | 68.6 |
| 2025 | 78.3 | 69.3 |
More economic indicators
|
Norway
|
United Kingdom
|
|
|---|---|---|
| Services, % of GDP |
51.8%
2024 |
72.8%
2024 |
| Industry, % of GDP |
37%
2024 |
16.7%
2024 |
| Agriculture, forestry, and fishing, % of GDP |
2.04%
2024 |
0.56%
2024 |
|
GNI, Atlas method
|
$548B
2024 |
$3.37T
2024 |
| GNI per capita, PPP |
$105,770
2024 |
$60,090
2024 |
| Total reserves including gold |
$81.2B
2024 |
$175B
2024 |
| Total reserves ranking |
32/177
2024 |
19/177
2024 |
|
Net foreign direct investment
|
-$9.78B
2024 |
$64.8B
2024 |
|
Net inflows of foreign direct investment
|
$12.6B
2024 |
$3.5B
2024 |
|
Net outflows of foreign direct investment
|
$2.86B
2024 |
$68.3B
2024 |
| Poverty at national poverty lines |
12.2%
2021 |
18.6%
2017 |
|
Gross capital formation, % of GDP
|
24%
2024 |
17.9%
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.
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.