Gross Domestic Product Per Capita for Norway
PCAGDPNOA646NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
86,809.72
Year-over-Year Change
-15.04%
Date Range
1/1/1960 - 1/1/2024
Summary
The Gross Domestic Product (GDP) per Capita for Norway measures the total economic output of the country divided by its population. This key metric provides insight into the standard of living and overall economic health of Norway.
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
GDP per capita is a widely used indicator of a country's economic development and prosperity. It represents the value of all goods and services produced within a nation, distributed across its total population. Economists and policymakers monitor this trend to assess Norway's economic performance and growth trajectory.
Methodology
The data is calculated by the World Bank based on official national accounts and population statistics.
Historical Context
GDP per capita is a critical factor in evaluating Norway's macroeconomic conditions and informing economic policy decisions.
Key Facts
- Norway has one of the highest GDP per capita globally.
- GDP per capita in Norway has steadily increased over the past two decades.
- Norway's high GDP per capita is attributed to its robust oil and gas industry.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) per Capita for Norway measures the total economic output of the country divided by its population.
Q: Why is this trend relevant for users or analysts?
A: GDP per capita is a widely used indicator of a country's economic development and prosperity, providing insight into Norway's standard of living and overall economic health.
Q: How is this data collected or calculated?
A: The data is calculated by the World Bank based on official national accounts and population statistics.
Q: How is this trend used in economic policy?
A: GDP per capita is a critical factor in evaluating Norway's macroeconomic conditions and informing economic policy decisions.
Q: Are there update delays or limitations?
A: The data is published annually with a delay of approximately one year.
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Citation
U.S. Federal Reserve, Gross Domestic Product Per Capita for Norway (PCAGDPNOA646NWDB), retrieved from FRED.