Norway PESTLE Insights – A Macroeconomic Outlook Report

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Mining, manufacturing, and utilities contributed 41.7% to the gross value added (GVA) in 2023, followed by financial intermediation, real estate, and business activities (12.4%) and wholesale, retail, and hotels (6.1%). In nominal terms, the three sectors are forecast to grow by 4.5%, 5.3%, and 5.2%, respectively, in 2024.

Three major cities in Norway generated 39.9% of the country’s GDP in 2023 and comprised 33.5% of the country’s population, as of 2023.

Scope

From 2024 to 2041, Norway's government will allocate 25% of the state budget for maintenance and renewal, including 40 nationwide projects for landslides, road improvements, and rail infrastructure expansion.

Key Highlights

The OBX Index exhibited an upward trend over the past year. As of March 5, 2024, the index stood at 1,181.3, compared to 1,144.2 on March 5, 2023.

Reasons to Buy

Macroeconomic Outlook Report identifies the potentials of the country as an investment destination by analyzing the political, economic, social, technological, legal and environmental (PESTLE) structure.

PESTLE Insights provides 360 degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials and direction of operations

Along with providing the country’s snapshot, the report captures the risk factors pertaining to the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure and natural and geographic aspects that might impact business.

This report also highlights key clusters/cities which contribute significantly to the country GDP and population along with major companies’ presence in these areas.

Orkla
Sparebank
Nordic mining

Table of Contents

Table of Contents

List of Exhibits

Did You Know?

Country Highlights

Key Economic Updates

Country Snapshot

Political Landscape

Economic Landscape

Social Landscape

Technological Landscape

Legal Landscape

Environmental Landscape

Outlook

Table

Exhibit 1: Norway's performance in country risk analysis in comparison to West Europe and World average

Exhibit 2: Performance overview (score: 1–100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: Norway Stock Exchange Index – OBX Index

Exhibit 5: Key sectors’ contribution to the economy

Exhibit 6: FDI inflows and FDI inward stock (2018–22)

Exhibit 7: Greenfield FDI projects and net cross border M&A deals (2018–22)

Exhibit 8: Key infrastructure indicators

Exhibit 9: Real GDP and household consumption growth rate (2019–26f)

Exhibit 10: Real GDP growth rate comparison (2023e)

Exhibit 11: Volume of exports and imports growth (2019–26f)

Exhibit 12: Current account balance (2019–26f)

Exhibit 13: Top three commodity exports, % of total exports (2018–22)

Exhibit 14: Mineral fuels, mineral oils and products of their distillation export, % of world total (2022)

Exhibit 15: Interest rates (January 2020 – January 2024)

Exhibit 16: Exchange rate and inflation (2019–26f)

Exhibit 17: General government deficit (2019–26f)

Exhibit 18: General government debt (2019–26f)

Exhibit 19: Unemployment rate (2019–26f)

Exhibit 20: Labor force participation rate (2019–26f)

Exhibit 21: Average annual wages (2019–26f)

Exhibit 22: Rural/urban share of total population (1995, 2005, 2015, 2025f)

Exhibit 23: Age-group share of total population (1995, 2005, 2015, 2025f)

Exhibit 24: Gender split (1995, 2005, 2015, 2025f)

Exhibit 25: Internet users as a percentage of total population, mobile penetration rate and broadband penetration rate (2023e)

Exhibit 26: Number of patents granted per million population (2022)

Exhibit 27: High-technology exports, % of manufactured exports (2022)

Exhibit 28: Index of economic freedom (rankings) 2024

Exhibit 29: Corruption perceptions index (rankings) (2023)

Exhibit 30: Renewable energy capacity (2018–23)

Exhibit 31: CO2 emissions (2018–22)

Figures

List of Figures

Exhibit 1: Norway’s performance in terms of its country risk analysis in comparison to Latin America and the World

Exhibit 2: Performance overview (Score: 1-100)

Exhibit 3: Broad categories and weights behind the index

Exhibit 4: OBX Index (January 2021 – January 2022)

Exhibit 5: Key sectors; contribution to the economy (2017-2024f)

Exhibit 6: FDI flows and FDI stock (2016-2020)

Exhibit 7: Key infrastructure indicators

Exhibit 8: Real GDP and household consumption growth rate (2017-2024f)

Exhibit 9: Real GDP growth rate comparison (2021e)

Exhibit 10: Exports, imports and trade balance (2017-2024f)

Exhibit 11: Current account balance (2017-2024f)

Exhibit 12: Top three commodity exports, % of total exports, (2016-2020)

Exhibit 13: Oil seeds and oleaginous fruits, % share of World’s total (2020)

Exhibit 14: Interest rates (January 2018 – January 2022)

Exhibit 15: Exchange rate and inflation rate (2017-2024f)

Exhibit 16: Revenue, expenditure and budget deficit (2017-2024f)

Exhibit 17: Public debt (2017-2024f)

Exhibit 18: Unemployment rate (2017-2024f)

Exhibit 19: Average annual wages (2017-2024f)

Exhibit 20: Labor cost index (2017-2024f)

Exhibit 21: Rural/urban share of total population (1995, 2005, 2015, 2025)

Exhibit 22: Age-group share of total population (1995, 2005, 2015, 2025)

Exhibit 23: Gender split (1995, 2005, 2015, 2025)

Exhibit 24: Internet users as a % of total population, mobile and broadband penetration rates (2021e)

Exhibit 25: Number of patents granted per million people (2020)

Exhibit 26: High technology exports (% of manufactured exports) (2020)

Exhibit 27: Doing business in Norway 2020

Exhibit 28: Corruption perception index (rankings) (2021)

Exhibit 29: Renewable energy, installed capacity (2016-2020)

Exhibit 30: CO2 emissions (2016-2020)

Frequently asked questions

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