Norway economy at a glance

Latest figures for Norway: inflation, growth, interest rates, jobs, bond yields, debt and taxes. Updated 6 November 2026. Open Norway on the interactive map →

Key figures

Indicator	Latest	Period	Previous
Inflation (consumer prices, year on year)	3.4%	September 2026	3.3% August 2026
Core inflation (excluding food and energy)	3.0%	September 2026	3.0% August 2026
Real GDP growth (year on year)	1.6%	Q2 2026	1.9% Q1 2026
Policy rate (Norges Bank)	4.50%	November 2026	4.50% October 2026
Unemployment rate	2.0%	October 2026	2.0% September 2026
10-year government bond yield	4.43%	October 2026	4.41% September 2026
Stock market (Oslo Børs Benchmark Index (OSEBX))	2,081	November 2026	+29.3% over 12 months

Questions and answers

What is the inflation rate in Norway?

Norway's annual inflation rate was 3.4% in September 2026, up from 3.3% in August 2026.

What is the interest rate in Norway?

The Norges Bank policy rate is 4.50% (as of November 2026). The next rate decision is due on 17 December 2026.

How fast is Norway's economy growing?

Norway's real GDP grew 1.6% year on year in Q2 2026. The IMF's October 2026 World Economic Outlook forecasts growth of 1.5% in 2026 and 1.3% in 2027.

What is the unemployment rate in Norway?

Norway's unemployment rate was 2.0% in October 2026, unchanged from September 2026.

What is Norway's 10-year government bond yield?

Norway's 10-year government bond yield averaged 4.43% in October 2026.

What is Norway's credit rating?

Norway's sovereign credit ratings: S&P AAA, Moody's Aaa, Fitch AAA.

What is the VAT rate in Norway?

Norway's standard VAT rate is 25% (2026 rules).

What is the corporate tax rate in Norway?

Norway's corporate income tax rate is 22.0% (2026 rules).

Who leads Norway?

Norway is led by Prime Minister Jonas Gahr Støre (Labour), leading a minority government; Finance Minister Jens Stoltenberg; head of state King Harald V. Next election: Storting general election due September 2029.

Outlook

Norges Bank (Sept 2026, via Reuters) sees mainland growth of about 0.9% in 2026 and around 1% in the next two years, with core inflation easing to 2.7% in 2027 and reaching target only in 2029. It says further hikes are possible, and swaps price roughly even odds of a move to 4.75% by year-end. The Finance Ministry is a bit more upbeat (mainland +1.7% in 2027). Upside comes from high petroleum prices and investment. Downside risks are sticky wage-driven inflation that forces more tightening, a slowing labour market (several large employers announced job cuts this autumn), and a sharp oil-price reversal if Hormuz reopens faster than expected.

Why Norway matters for the world economy

Norway is Europe's largest pipeline gas supplier and a major crude exporter. With Gulf supply impaired by the Iran war and Hormuz disruption, Norwegian output is critical for European energy security, and any maintenance outage moves European gas and power prices. The UK, Germany, the Netherlands, France and Belgium are most exposed. Windfall petroleum revenue flows into the Government Pension Fund Global (about NOK 22 trillion), one of the largest single holders of global equities and bonds, so its allocation and ethical-exclusion decisions ripple through world markets. Its policy on Arctic drilling and rare-earth mining also matters for EU energy and critical-minerals strategy.

Politics

Støre's Labour minority government, returned in the September 2025 election, relies on centre-left partners to pass budgets. Its 2027 budget (7 Oct 2026) must clear the Storting by December. The budget keeps oil-fund spending at 2.7% of fund value (NOK 608.4bn) and includes the largest income-tax cut in two decades, a fixed household electricity price, more defence spending and NOK 85bn for Ukraine. The Gulf war has raised petroleum revenue sharply, which strengthens public finances, but persistent inflation has pushed Norges Bank to raise rates twice in 2026.

System: Unitary parliamentary constitutional monarchy.

Economy and taxes

GDP: US$531 billion
Population: 5.6 million
Current account: 14.1% of GDP
Exports: 45.4% of GDP
Main exports: Natural gas, crude oil and petroleum products, fish and seafood (salmon), aluminium and other metals, machinery
Top export markets: United Kingdom (19.0%), Germany (19.0%), Netherlands (8.3%), Sweden (7.7%), Poland (6.1%)
IMF growth forecast: 1.5% in 2026, 1.3% in 2027
IMF inflation forecast: 3.2% in 2026, 2.8% in 2027
Currency: NOK
Freelancer tax: A self-employed person earning the average wage (NOK 744,840 a year) pays about 32.2% of it in income tax and social contributions (2026 rules)
Top income tax rate: 39.8%
Gold reserves: 0.0 tonnes (September 2026)
Energy self-sufficiency: 817% (2024)

Recent news

5 November 2026 Norges Bank keeps the policy rate at 4.5% and stays ready to hike Norges Bank
The Monetary Policy and Financial Stability Committee left the rate unchanged after September's hike. Governor Ida Wolden Bache said inflation is too high, the rate will likely need to stay elevated for a time, and the bank is prepared to raise it if needed. CPI inflation was 3.4% in September (3.0% excluding energy and tax changes), domestic inflation has been higher than projected and the krone is stronger than assumed.
28 October 2026 Equinor posts strong quarterly profit on high oil and gas prices Equinor
State-controlled Equinor reported third-quarter adjusted operating income of USD 12.35bn, helped by liquids at USD 92.3 a barrel and European gas at USD 20 per mmBtu. It raised its 2026 production growth goal to about 4% and paid USD 6.2bn in Norwegian shelf tax instalments in the quarter.
28 October 2026 Norwegian retail sales slip 0.4% in September Trading Economics
Retail sales fell 0.4% from August and were 1.4% lower than a year earlier, according to Statistics Norway data. Spending dropped on fuel, general stores, leisure goods and online orders, while ICT equipment sales rebounded.
23 October 2026 Norway's oil fund loses NOK 278bn in the third quarter as bonds fall The Local Norway / AFP
The Government Pension Fund Global returned -0.5% as rising interest rates hit its bonds (-3.5%), while equities gained 0.5% and real estate 0.4%. The fund was worth NOK 22,014bn at the end of September.
9 October 2026 Norwegian inflation edges up to 3.4% as fuel prices jump Tradingpedia
Headline CPI rose from 3.3% to 3.4%, below consensus, while underlying inflation held at 3.0%. That keeps a further Norges Bank hike possible but not certain.
7 October 2026 Norway's 2027 budget taps NOK 608bn from the oil fund and cuts income tax Government of Norway
Finance Minister Stoltenberg kept fund withdrawals at 2.7% of fund value while funding a large income-tax cut, higher defence outlays and NOK 85bn for Ukraine. The ministry describes the overall fiscal stance as roughly neutral.

Headlines and summaries are compiled daily from the linked reports with AI assistance.