Theme -

Key figures:

Gross Domestic Product (GDP) was NOK 2 523 billion in 2010, and increased by 0.7 per cent from 2009 in constant prices.

In 2010, Norway had an export surplus of NOK 313 billion. This made up 12 per cent of GDP.

In 2010, Norwegian households spent NOK 1 038 billion on goods and services.

Gross Domestic Product per capita was NOK 516 076 in 2010. Only Luxembourg had a higher GDP in Europe, when adjusted for differences in price levels between countries.

Explanation of terms

Gross Domestic Product (GDP): shows the total value of production and manufacturing activity in a country. GDP includes the added value in all market-oriented business activities, as well as public administration, non-profit institutions and production for own final use. GDP per capita is often used as an estimate of the level of prosperity of a country.
National accounts figures measured in constant prices are calculated by assuming that the prices of all goods and services are the same as the year before. Changes in figures measured in constant prices are also known as volume changes
Total consumption and saving in households is calculated by totaling consumption and saving for all households in Norway. Saving for a household is disposable income less consumption of goods and services. The households can have saving in the form of bank deposits or other financial capital or as a purchased home. Negative saving occurs when consumption is higher than disposable income.
The saving rate for households is saving's proportion of disposable income.

Concepts and definitions in national accounts

Norwegian National Accounts - GNI Inventory for ESA95

Focus on

National accounts

The national accounts show growth and development in the Norwegian economy, measured by Gross Domestic Product (GDP) and other key economic indicators. The national accounts also include indicators for various sectors of the economy including industries, households, external trade and the labour market. The accounts are based on data from a wide variety of Statistics Norway's economic statistics and are compiled back to 1865. Economic policy formation is highly dependent on national accounts data.

The contribution from different industries to Gross Domestic Product changes over time. In 2007, the oil industry accounted for about 25 per cent of GDP, though this industry did not even exist in 1970. Agriculture and manufacturing account for smaller proportions of GDP today than 30 years ago, while the service industries, such as data processing and health services, account for more.

In recent years, Norway has had a surplus in external trade. This means that the value of goods and services that we export is greater than the import value. The last time Norway had an export deficit was 1988.

Main revision
The national accounts which were published on 22 November 2011 are based on the results of a main revision of the Norwegian national accounts. The industry classification will be revised according to the new Norwegian Standard Industrial Classification (SIC2007). All of the time series of the national accounts will also be revised.