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Posted on March 26 2021

Norway scene 2021: All about the economy and jobs

By Editor
Updated July 25 2023

Let’s examine the economic situation in Norway in 2020 and 2021 to better understand the performance of the country’s economy and the opportunities for employment it offers. This will be helpful if you are intending to work overseas in Norway.

There was a limited economic downturn in 2020 in comparison to most European countries. The reason was softer measures to prevent the COVID-19 pandemic which offset a partial global reduction in gas and oil prices. These are Norway’s main exports.

The projection for Norway’s economy indicated a decline at a rate of 2.8%. It rebounds to 3.6% in 2021. The seasonally adjusted GDP as per Statistics Norway reduced by 0.9% in November 2020 in mainland Norway.

In 2020, the dip and recovery of Norway’s economy happened faster than in most European countries. Norway was hit fast by a shard dip in gas and oil prices. In March 2020 the Krone hit a 40-year low. In April 2020, Norway made the decision to reduce its short-term production. This was an effort made to increase global oil prices.

In June 2020, Norway’s economic recovery started. In the country, the first wave of COVID-19 ended sooner than most parts of Europe. There was no expansion of Norway’s government gross debt in 2020. This was in contrast to the situation in the rest of Europe despite monetary support from the public as well as a comprehensive loan program to Norwegian banks.

Norway’s current account surplus is projected to make a rapid recovery to touch $18.3 million in 2021. This is assumed based on an increase in oil prices in 2021. The value of the country’s Sovereign Wealth Fund continued to be relatively stable in 2021. Krone was steady while the US Dollar and Euro offset a dip in energy prices globally.

Inflation in Norway stood below 2%, which was the target in 2020. It was however projected to improve up to 3.3% in 2021. This was based on an expectation that domestic recovery will recover in 2021.

Norway is a rich country. It has one of the highest GDP per capita in the world. Norway also has the top rank in the UN Development Program’s Human Development Index. From 2016, unemployment decreased gradually until the start of the COVID-19. The reduced activity in the hospitality sector particularly affected this positive trend. The projected unemployment rate in 2020 was 4.5%. The projection for 2021 is 4.3% and 4% in 2022.

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