Norway

Norway is a parliamentary constitutional monarchy, located in Northern Europe. Executive power is exercised by the prime-minister, who forms the government and is usually the leader of the party that controls the majority in Storting, a 169-seat unicameral parliament. Norway ranks 49th largest economy in the world (by GDP PPP), but is 12th by GDP per capita. Norwegian economy is highly integrated with the European Union, which buys around 78% of Norwegian merchandise exports. Total external trade volume is 34% of GDP. The central bank, Norges Bank (BoN), pursues an inflation-targeting approach to monetary policy and maintains a free floating exchange rate regime. Norway is one of the major producers of oil and natural gas (fuels and minerals make up 65% of its exports) and its currency is therefore correlated with the price of Brent crude oil. Economic weaknesses include: dependence on energy prices, low diversification of the economy and very high household debt level.

Names and Codes
Country Name Norway
Country code NOR
Currency Name Norwegian krone
Currency Code NOK
Currency Symbol Nkr
Subunit Nkr1 = 100 ore
Key Pair USD/NOK
Forex Quote direct
Central Bank Name Norges Bank
Central Bank Abb. BoN
Economy and Trade
GDP (USD billion, 2017) 399
GDP per capita (USD, PPP, 2017) 61370
Real GDP growth (2013-17) 1.7
Inflation (2013-17) 2.4
FDI inflows (% GDP, 2013-17) -0.5
Current account balance (% GDP, 2013-17) 7.7
Trade (% GDP, 2014-16) 34
Share in world total exports (%, 2016) 0.56
Monetary Policy and Currency
Exchange rate regime Free floating
Monetary policy Inflation targeting
Price stability 2.50%
Real Interest Rate -0.60
Currency - global turnover (USD billion, 2016) 85
Currency - global share (%, 2016) 1.70
Key Pair - global turnover (USD billion, 2016) 48
Key Pair - global share (%, 2016) 0.90
Ranking - Economy
GDP per capita (USD, PPP, 2017)
Real GDP growth (2013-17)
Current account balance (% GDP, 2013-17)
Trade (% GDP, 2014-16)
Ranking - Currency and Monetary Policy
Currency - global turnover (USD billion, 2016)
Key Pair - global turnover (USD billion, 2016)
Real Interest Rate
Inflation (2013-17)
International Trade
Main Export (%, 2015)
Main Import (%, 2015)