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%.
Norway GDP from 1980 to 2024
The total market value of goods and services produced annually in Norway.
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.
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 | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | 4.515 % | $ 64B 438M | $ 60B 790M | $ 15,746.26 | $ 14,854.53 | 28.54 % | 4M 91K people | 1.674 % | 5.553 % |
1981 | 1.598 % | $ 63B 597M | $ 67B 605M | $ 15,484.68 | $ 16,460.61 | 31.16 % | 4M 107K people | 3.174 % | 4.588 % |
1982 | 0.235 % | $ 62B 647M | $ 71B 951M | $ 15,196.29 | $ 17,453.25 | 29.59 % | 4M 123K people | 0.639 % | 3.387 % |
1983 | 3.973 % | $ 61B 627M | $ 77B 739M | $ 14,906.17 | $ 18,803.27 | 30.33 % | 4M 134K people | 3.757 % | 5.367 % |
1984 | 6.052 % | $ 62B 58M | $ 85B 420M | $ 14,968.79 | $ 20,603.78 | 32.79 % | 4M 146K people | 5.057 % | 5.5 % |
1985 | 5.553 % | $ 65B 417M | $ 93B 15M | $ 15,728.22 | $ 22,363.72 | 32.12 % | 4M 159K people | 4.418 % | 8.15 % |
1986 | 4.042 % | $ 78B 693M | $ 98B 723M | $ 18,853.04 | $ 23,651.88 | 26.91 % | 4M 174K people | -6.211 % | 3.576 % |
1987 | 1.754 % | $ 94B 231M | $ 102B 944M | $ 22,445.04 | $ 24,520.36 | 26.85 % | 4M 198K people | -4.844 % | 1.726 % |
1988 | -0.255 % | $ 101B 901M | $ 106B 302M | $ 24,143.12 | $ 25,185.96 | 26.43 % | 4M 221K people | -4.216 % | -0.594 % |
1989 | 1.038 % | $ 102B 634M | $ 111B 618M | $ 24,245.51 | $ 26,367.69 | 27.29 % | 4M 233K people | -0.36 % | -1.32 % |
1990 | 1.932 % | $ 119B 791M | $ 118B 32M | $ 28,187.29 | $ 27,773.39 | 26.93 % | 4M 250K people | 2.162 % | -0.956 % |
1991 | 3.084 % | $ 121B 872M | $ 125B 788M | $ 28,514.50 | $ 29,430.84 | 25.62 % | 4M 274K people | 3.303 % | -3.192 % |
1992 | 3.574 % | $ 130B 838M | $ 133B 253M | $ 30,432.89 | $ 30,994.75 | 24.77 % | 4M 299K people | 3.137 % | -4.8 % |
1993 | 2.845 % | $ 120B 579M | $ 140B 293M | $ 27,880.63 | $ 32,439.07 | 24.78 % | 4M 325K people | 2.623 % | -3.896 % |
1994 | 5.055 % | $ 127B 132M | $ 150B 533M | $ 29,236.38 | $ 34,617.83 | 25.71 % | 4M 348K people | 2.692 % | -1.617 % |
1995 | 4.156 % | $ 152B 31M | $ 160B 75M | $ 34,790 | $ 36,630.80 | 27.40 % | 4M 370K people | 3.194 % | 1.494 % |
1996 | 5.028 % | $ 163B 520M | $ 171B 202M | $ 37,225.29 | $ 38,974 | 29.35 % | 4M 393K people | 6.453 % | 4.712 % |
1997 | 5.285 % | $ 161B 357M | $ 183B 357M | $ 36,561.41 | $ 41,546.46 | 31.07 % | 4M 413K people | 5.872 % | 6.211 % |
1998 | 2.669 % | $ 154B 230M | $ 190B 366M | $ 34,732.14 | $ 42,869.85 | 27.86 % | 4M 441K people | -0.394 % | 2.045 % |
1999 | 2.072 % | $ 162B 384M | $ 197B 60M | $ 36,300.55 | $ 44,052.25 | 29.92 % | 4M 473K people | 5.339 % | 4.289 % |