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Norway Debt to GDP Ratio

Norway's government debt to GDP reached a record high of 55.1% in 2024, up from 44.5% in 2023. Increased government spending on military equipment for Ukraine and higher interest expenses drove this rise. General government expenditure also increased to 62.3% of GDP for Mainland Norway. The Norwegian krone's depreciation further impacted the economy. Norway's record low government debt to GDP was 28.5% in 2014 and record high was 55.1% in 2024.

Yearly Historical Data (1980-2024)

(in %)
Year Debt to GDP Ratio
2024 55.1%
2023 44.5%
2022 36.3%
2021 41.3%
2020 45.2%
2019 39.9%
2018 38.9%
2017 37.4%
2016 37%
2015 33.2%
2014 28.5%
2013 30.7%
2012 30.1%
2011 29%
2010 42.8%
2009 41.5%
2008 46.7%
2007 49%
2006 52%
2005 41.3%
2004 42.6%
2003 41.4%
2002 34.4%
2001 29.2%
2000 34.2%
1999 31%
1998 30.3%
1997 32.1%
1996 36.6%
1995 40.9%
1994 50.7%
1993 53.7%
1992 45%
1991 39.2%
1990 28.9%
1989 32.3%
1988 32.4%
1987 38.5%
1986 46%
1985 36.9%
1984 35.1%
1983 35.2%
1982 38.3%
1981 43.1%
1980 47.3%
Norway Debt to GDP Ratio : Definition
Norway's government debt to GDP shows its total government debt as a percentage of its gross domestic product. It's calculated by dividing total government debt by GDP. A lower ratio suggests better fiscal health.
Indicator Last Value Prior Value Period
Current Account to GDP Ratio 16.7% 17.4% Dec'24
Interest Rate 4% 4.25% Sep'25
Private Credit (% GDP) 128.83% 127.43% 2024