Country Sheet : Norway

Information file

Last Update on July 2nd 2024

NORWAY

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In English - version of July 2nd 2024

Geography

Area : 323,802 km²

Borders : 2,566 km (Finland 727 km, Sweden 1,619 km, Russia 196 km)

Coastline : 83,281 km (including 58,133 km of island coastlines)

Capital : Oslo

Official language : Norwegian

Source : The CIA World Factbook

Flag

Population

Population : 5,488,984 inhabitants (2023)

Crude natural change rate : 1‰ (2022)

Population repartition: 16.7% under 15 years old; 18.4% over 65 years old (2023)

Foreign residents: EU nationals 7%, non-EU nationals 4% (2021)

Crude net migration rate: 3.9‰ (2023 est.)

First time asylum applicants: 5,350 (2023)

Life expectancy: men 81.6 years, women 84.7 years (2023)

Religions: Church of Norway (Evangelical Lutheran - official) 67.5%, Muslim 3.1%, Roman Catholic 3.1%, other Christian 3.8%, other 2.6%, unspecified 19.9% (est. 2021)

Ethnic groups: Norwegian 81.5% (includes about 60,000 Sami), other European 8.9%, other 9.6% (est. 2021)

Source : Eurostat, The CIA World Factbook

Economy

Currency: Norwegian Krone (NOK) (exchange rate in Juy 2024: 1€ = 11.49 NOK)

GDP: € 448,904.1 million (2023)

GDP per capita (PPS): € 71,890 (2023)

GDP growth : 0.5% (2023)

Inflation: 2.7% (May 2024)

Public debt: 44.3% of GDP (Q4 2023)

Unemployment: 4.1% (May 2024)

Stock of foreign direct investment from the entire world: 44% of GDP (2022)

Performance sectors: oil and gas, food-processing, shipbuilding

Budget balance: 11.6% of GDP (Q4 2023)

Source : Eurostat, IMF, OECD, Trading Economics

Political system

Constitutional monarchy

Head of State King Harald V, since 17th January 1991.

Head of government Jonas Gahr Støre (LabourParty) since 14th October 2021, appointed by the King with the consent of Parliament, following the parliamentary elections of 13th September 2021. He is leading a coaltion with the Centre Party and the Labour Party.

Monocameral Parliamentary System The Parliament (Storting) comprises 169 seats. The deputies are elected for a four-year term by direct universal suffrage according to proportional representation. While carrying out its functions, the Parliament is divided into two Houses called the Odelsting (3/4 of the Assembly) and Lagting (1/4), which have almost exactly the same powers. Governmental projects must first be submitted to the Odelsting, and then to the Lagting. Questions regarding the State budget and constitutional amendments are discussed in plenary sessions.