Gross Domestic Product for Norway
MKTGDPNOA646NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
483,727,398,216.36
Year-over-Year Change
-5.67%
Date Range
1/1/1960 - 1/1/2024
Summary
This economic trend measures the total value of goods and services produced in Norway, a key indicator of the country's economic health and growth.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
Gross Domestic Product (GDP) is the standard measure of a nation's economic activity. It represents the total market value of all final goods and services produced within a country during a given period.
Methodology
The data is collected and calculated by the World Bank using national accounts data.
Historical Context
GDP is a crucial metric used by policymakers, analysts, and investors to assess economic performance and make informed decisions.
Key Facts
- Norway's GDP reached $434 billion in 2021.
- GDP per capita in Norway was $80,700 in 2021.
- Norway's economy is heavily dependent on oil and gas exports.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of goods and services produced in Norway, known as the country's Gross Domestic Product (GDP).
Q: Why is this trend relevant for users or analysts?
A: GDP is a fundamental indicator of a country's economic performance and a key metric used by policymakers, economists, and investors to assess economic health and growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank using national accounts data.
Q: How is this trend used in economic policy?
A: GDP is a crucial metric used by policymakers to evaluate the overall state of the economy and make informed decisions about fiscal and monetary policies.
Q: Are there update delays or limitations?
A: The data is typically updated on an annual basis, with some potential delays in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product for Norway (MKTGDPNOA646NWDB), retrieved from FRED.