Norway's GDP changed from approximately $64B 438M in 1980 to $526B 951M in 2024, showing an overall 717.8% sharply increased during the period.
The lowest GDP was recorded in 1983 at $61B 627M, and the highest in 2022 at $593B 727M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 4.9%.
For comparison, the average annual growth rate of Denmark was 4.1%, and that of Sweden was 3.4%.
Overview of Norway's GDP (1980–2024)
The Gross Domestic Product (GDP) of Norway recorded a 717.8% sharply increased from 1980 to 2024.
The average GDP during this period was $268B 426M, and the median was $195B 915M.
GDP fluctuated within a range of $532B 100M, with a standard deviation of $170B 575M.
The average annual change was $12B 132M.
Norway GDP from 1980 to 2024
The total market value of goods and services produced annually in Norway.
Highest and Lowest GDP Records
- Lowest GDP: 1983, $61B 627M
- Highest GDP: 2022, $593B 727M
- Most Recent GDP: 2024, $526B 951M
Notable Annual GDP Changes
- 2021: Significant increase in GDP
- 2015: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Norway's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $408B 743M → $367B 633M
- Outcome: sharply declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $402B 646M → $387B 974M
- Outcome: declined
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $171B 456M → $174B 240M
- Outcome: increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $161B 357M → $154B 230M
- Outcome: declined
Key Economic Indicators of Norway (1980–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 64B 438M | $ 15,746.26 | $ 14,854.53 | $ 60B 790M | 4.515 % | 1.674 % | 28.54 % | 5.553 % | 4M 91K people |
1981 | $ 63B 597M | $ 15,484.68 | $ 16,460.61 | $ 67B 605M | 1.598 % | 3.174 % | 31.16 % | 4.588 % | 4M 107K people |
1982 | $ 62B 647M | $ 15,196.29 | $ 17,453.25 | $ 71B 951M | 0.235 % | 0.639 % | 29.59 % | 3.387 % | 4M 123K people |
1983 | $ 61B 627M | $ 14,906.17 | $ 18,803.27 | $ 77B 739M | 3.973 % | 3.757 % | 30.33 % | 5.367 % | 4M 134K people |
1984 | $ 62B 58M | $ 14,968.79 | $ 20,603.78 | $ 85B 420M | 6.052 % | 5.057 % | 32.79 % | 5.5 % | 4M 146K people |
1985 | $ 65B 417M | $ 15,728.22 | $ 22,363.72 | $ 93B 15M | 5.553 % | 4.418 % | 32.12 % | 8.15 % | 4M 159K people |
1986 | $ 78B 693M | $ 18,853.04 | $ 23,651.88 | $ 98B 723M | 4.042 % | -6.211 % | 26.91 % | 3.576 % | 4M 174K people |
1987 | $ 94B 231M | $ 22,445.04 | $ 24,520.36 | $ 102B 944M | 1.754 % | -4.844 % | 26.85 % | 1.726 % | 4M 198K people |
1988 | $ 101B 901M | $ 24,143.12 | $ 25,185.96 | $ 106B 302M | -0.255 % | -4.216 % | 26.43 % | -0.594 % | 4M 221K people |
1989 | $ 102B 634M | $ 24,245.51 | $ 26,367.69 | $ 111B 618M | 1.038 % | -0.36 % | 27.29 % | -1.32 % | 4M 233K people |
1990 | $ 119B 791M | $ 28,187.29 | $ 27,773.39 | $ 118B 32M | 1.932 % | 2.162 % | 26.93 % | -0.956 % | 4M 250K people |
1991 | $ 121B 872M | $ 28,514.50 | $ 29,430.84 | $ 125B 788M | 3.084 % | 3.303 % | 25.62 % | -3.192 % | 4M 274K people |
1992 | $ 130B 838M | $ 30,432.89 | $ 30,994.75 | $ 133B 253M | 3.574 % | 3.137 % | 24.77 % | -4.8 % | 4M 299K people |
1993 | $ 120B 579M | $ 27,880.63 | $ 32,439.07 | $ 140B 293M | 2.845 % | 2.623 % | 24.78 % | -3.896 % | 4M 325K people |
1994 | $ 127B 132M | $ 29,236.38 | $ 34,617.83 | $ 150B 533M | 5.055 % | 2.692 % | 25.71 % | -1.617 % | 4M 348K people |
1995 | $ 152B 31M | $ 34,790 | $ 36,630.80 | $ 160B 75M | 4.156 % | 3.194 % | 27.40 % | 1.494 % | 4M 370K people |
1996 | $ 163B 520M | $ 37,225.29 | $ 38,974 | $ 171B 202M | 5.028 % | 6.453 % | 29.35 % | 4.712 % | 4M 393K people |
1997 | $ 161B 357M | $ 36,561.41 | $ 41,546.46 | $ 183B 357M | 5.285 % | 5.872 % | 31.07 % | 6.211 % | 4M 413K people |
1998 | $ 154B 230M | $ 34,732.14 | $ 42,869.85 | $ 190B 366M | 2.669 % | -0.394 % | 27.86 % | 2.045 % | 4M 441K people |
1999 | $ 162B 384M | $ 36,300.55 | $ 44,052.25 | $ 197B 60M | 2.072 % | 5.339 % | 29.92 % | 4.289 % | 4M 473K people |