Norway Current Account to GDP Ratio
Norway's current account to GDP ratio decreased to 16.7% in 2024, marking the lowest figure since 2021, compared to 17.4% in 2023. This ratio remains robust, indicating a significant surplus driven by strong trade performance. Goods exports increased by 1% year-on-year (YoY) in Q4 2024 while services exports grew by 11% YoY in the same period. Despite a decrease in the goods surplus to NOK 213.87 billion in Q4 2024 from NOK 228.74 billion in Q4 2023, this, along with a narrower services deficit, supported the overall current account. The balance of income and current transfers showed a surplus of NOK 168 billion in 2024, a NOK 70 billion increase from 2023, due to higher dividend payments and interest income. Norway's net foreign assets grew by 29% to NOK 19,696 billion by the end of 2024, driven by gains in global stock markets and a weaker Norwegian Krone. Norway's record low current account to GDP was -6.1% in 1986 and its record high was 29.6% in 2022.
Yearly Historical Data (1980-2024)
(in %)Norway's current account to GDP shows its net lending or borrowing as a percentage of total economic output. It's calculated by dividing the current account balance (goods, services, income and current transfers) by the gross domestic product. A positive ratio implies Norway is a net lender to the world.