Norway recorded a Current Account surplus of 2 percent of the country's Gross Domestic Product in 2020. source: Statistics Norway

Current Account to GDP in Norway averaged 6.46 percent of GDP from 1980 until 2020, reaching an all time high of 16.10 percent of GDP in 2006 and a record low of -6.10 percent of GDP in 1986. This page provides - Norway Current Account to GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news. Norway Current Account to GDP - values, historical data and charts - was last updated on October of 2021.

Current Account to GDP in Norway is expected to reach 10.40 percent of GDP by the end of 2021, according to Trading Economics global macro models and analysts expectations. In the long-term, the Norway Current Account to GDP is projected to trend around 11.10 percent of GDP in 2022 and 10.80 percent of GDP in 2023, according to our econometric models.

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Norway Current Account to GDP

Actual Previous Highest Lowest Dates Unit Frequency
2.00 2.80 16.10 -6.10 1980 - 2020 percent of GDP Yearly

Norway Trade Last Previous Highest Lowest Unit
Balance of Trade 42576.00 42205.00 48677.18 -9303.00 NOK Million [+]
Current Account 93244.00 92136.00 122200.00 -16087.00 NOK Million [+]
Current Account to GDP 2.00 2.80 16.10 -6.10 percent of GDP [+]
Imports 73152.00 65209.00 83879.95 696.00 NOK Million [+]
Exports 115725.90 107414.00 115725.90 449.00 NOK Million [+]
External Debt 6116277.00 6063991.00 6638702.00 0.00 NOK Million [+]
Terms of Trade 84.86 89.59 115.90 75.84 points [+]
Capital Flows 11235.00 98474.00 189108.00 -162110.00 NOK Million [+]
Crude Oil Production 1681.00 1675.00 3417.00 2.00 BBL/D/1K [+]
Oil Exports 31959.00 31702.00 37132.00 0.00 NOK Million [+]
Terrorism Index 1.30 0.08 4.71 0.00 [+]
Weapons Sales 72.00 31.00 278.00 1.00 SIPRI TIV Million [+]
Foreign Direct Investment 2217.00 -12825.00 139145.00 -220006.00 NOK Million [+]


Norway Current Account to GDP
The Current account balance as a percent of GDP provides an indication on the level of international competitiveness of a country. Usually, countries recording a strong current account surplus have an economy heavily dependent on exports revenues, with high savings ratings but weak domestic demand. On the other hand, countries recording a current account deficit have strong imports, a low saving rates and high personal consumption rates as a percentage of disposable incomes.