[ Nominal GDP in billions of USD ]
Year -
$483.59 billions
Norway GDP expanded from 1960 to 2024, increasing from $5.20 billion to $483.59 billion.The compound annual growth rate (CAGR) averaged 7.34% over the period. The economy recorded its peak level in 2022 and its lowest level in 1960. Growth volatility remained high. The maximum drawdown reached 30.11%, indicating the largest cyclical decline from peak levels. The country experienced 7 recession episode(s) during the observed period.
| Metric | Nominal GDP (Current USD) | GDP (PPP, Int$) |
|---|---|---|
| Latest Year | 2024 | 2024 |
| Latest GDP | $ 483.59 Billions | $ 568.58 Int Billions |
| Growth (YoY) | 0.133% | -0.604% |
| Net Change vs Previous Year | $ 0.64 Billion | $ -3.46 Int Billion |
| % of World GDP | 0.44% | 0.28% |
| Meaning | Nominal GDP (Current USD, exchange-rate based) | GDP (PPP, cost-of-living adjusted) |
| Nominal | PPP | |||||
|---|---|---|---|---|---|---|
| Year | Bil $ | Net Chg | % Chg | Int Bil $ | Net Chg | % Chg |
| 1960 | 5.2 | - | - | - | - | - |
| 1961 | 5.67 | 0.47 | 9.087 % | - | - | - |
| 1962 | 6.11 | 0.44 | 7.714 % | - | - | - |
| 1963 | 6.55 | 0.45 | 7.306 % | - | - | - |
| 1964 | 7.21 | 0.65 | 9.968 % | - | - | - |
| 1965 | 8.11 | 0.91 | 12.564 % | - | - | - |
| 1966 | 8.75 | 0.64 | 7.914 % | - | - | - |
| 1967 | 9.58 | 0.82 | 9.407 % | - | - | - |
| 1968 | 10.23 | 0.65 | 6.784 % | - | - | - |
| 1969 | 11.14 | 0.91 | 8.889 % | - | - | - |
| 1970 | 12.81 | 1.68 | 15.067 % | - | - | - |
| 1971 | 14.58 | 1.77 | 13.805 % | - | - | - |
| 1972 | 17.36 | 2.78 | 19.032 % | - | - | - |
| 1973 | 22.53 | 5.18 | 29.816 % | - | - | - |
| 1974 | 27.15 | 4.61 | 20.464 % | - | - | - |
| 1975 | 32.88 | 5.73 | 21.116 % | - | - | - |
| 1976 | 35.94 | 3.06 | 9.321 % | - | - | - |
| 1977 | 41.51 | 5.57 | 15.485 % | - | - | - |
| 1978 | 46.52 | 5.01 | 12.082 % | - | - | - |
| 1979 | 53.13 | 6.61 | 14.207 % | - | - | - |
| 1980 | 64.44 | 11.31 | 21.281 % | - | - | - |
| 1981 | 63.6 | -0.84 | -1.308 % | - | - | - |
| 1982 | 62.65 | -0.95 | -1.493 % | - | - | - |
| 1983 | 61.63 | -1.02 | -1.628 % | - | - | - |
| 1984 | 62.06 | 0.43 | 0.699 % | - | - | - |
| 1985 | 65.42 | 3.36 | 5.413 % | - | - | - |
| 1986 | 78.69 | 13.28 | 20.295 % | - | - | - |
| 1987 | 94.23 | 15.54 | 19.744 % | - | - | - |
| 1988 | 101.9 | 7.67 | 8.14 % | - | - | - |
| 1989 | 102.63 | 0.73 | 0.72 % | - | - | - |
| 1990 | 119.79 | 17.16 | 16.718 % | 78.3 | - | - |
| 1991 | 121.87 | 2.08 | 1.737 % | 83.45 | 5.14 | 6.571 % |
| 1992 | 130.84 | 8.97 | 7.357 % | 88.4 | 4.95 | 5.935 % |
| 1993 | 120.58 | -10.26 | -7.841 % | 93.07 | 4.67 | 5.283 % |
| 1994 | 127.13 | 6.55 | 5.434 % | 99.86 | 6.79 | 7.298 % |
| 1995 | 152.03 | 24.9 | 19.585 % | 106.19 | 6.33 | 6.339 % |
| 1996 | 163.52 | 11.49 | 7.558 % | 117.54 | 11.34 | 10.682 % |
| 1997 | 161.36 | -2.16 | -1.323 % | 126.03 | 8.5 | 7.229 % |
| 1998 | 154.23 | -7.13 | -4.417 % | 124.97 | -1.06 | -0.844 % |
| 1999 | 162.38 | 8.15 | 5.287 % | 136.42 | 11.45 | 9.161 % |
| 2000 | 171.46 | 9.07 | 5.588 % | 166.14 | 29.72 | 21.789 % |
| 2001 | 174.24 | 2.78 | 1.623 % | 170.75 | 4.61 | 2.776 % |
| 2002 | 195.91 | 21.68 | 12.44 % | 172.71 | 1.95 | 1.143 % |
| 2003 | 229.39 | 33.47 | 17.084 % | 176.57 | 3.86 | 2.236 % |
| 2004 | 265.27 | 35.88 | 15.643 % | 195.92 | 19.36 | 10.963 % |
| 2005 | 309.98 | 44.71 | 16.855 % | 221.76 | 25.84 | 13.189 % |
| 2006 | 346.92 | 36.94 | 11.916 % | 253.34 | 31.58 | 14.24 % |
| 2007 | 402.64 | 55.73 | 16.064 % | 264.56 | 11.21 | 4.426 % |
| 2008 | 464.92 | 62.27 | 15.466 % | 295.98 | 31.42 | 11.876 % |
| 2009 | 387.98 | -76.94 | -16.549 % | 268.71 | -27.27 | -9.213 % |
| 2010 | 431.05 | 43.08 | 11.103 % | 284.62 | 15.91 | 5.922 % |
| 2011 | 501.36 | 70.31 | 16.311 % | 309.37 | 24.75 | 8.696 % |
| 2012 | 512.78 | 11.42 | 2.277 % | 330.09 | 20.72 | 6.698 % |
| 2013 | 526.01 | 13.24 | 2.581 % | 342.25 | 12.16 | 3.684 % |
| 2014 | 501.74 | -24.28 | -4.615 % | 340.77 | -1.49 | -0.435 % |
| 2015 | 388.16 | -113.58 | -22.637 % | 315.15 | -25.62 | -7.518 % |
| 2016 | 370.96 | -17.2 | -4.432 % | 310.3 | -4.84 | -1.536 % |
| 2017 | 401.75 | 30.79 | 8.3 % | 340.84 | 30.53 | 9.84 % |
| 2018 | 439.79 | 38.04 | 9.47 % | 373.18 | 32.35 | 9.49 % |
| 2019 | 408.74 | -31.05 | -7.059 % | 379.38 | 6.2 | 1.66 % |
| 2020 | 367.63 | -41.11 | -10.058 % | 361.02 | -18.36 | -4.839 % |
| 2021 | 503.37 | 135.73 | 36.921 % | 481.25 | 120.23 | 33.304 % |
| 2022 | 596.3 | 92.93 | 18.462 % | 684.81 | 203.56 | 42.297 % |
| 2023 | 482.95 | -113.35 | -19.009 % | 572.04 | -112.77 | -16.468 % |
| 2024 | 483.59 | 0.64 | 0.133 % | 568.58 | -3.46 | -0.604 % |
Between 1960 to 2024, Norway experienced the following economic phases:
The most remarkable growth occurred in 2021 with an increase of 36.921%, while the largest decline was in 2015 at -22.637%.