Norway Credit to GDP
Domestic credit to private sector as % of GDP FS.AST.PRVT.GD.ZS
Norway's credit to gdp was 109.70% in 2025, ranked 13th globally. This represents a 14.9% decrease from 2024. Data from World Bank, covering 2001–2025.
Overview
Norway's credit to gdp stood at 109.70% in 2025, a decline of +19.17% from 2024. Based on recent trends, this figure is projected to reach 109.70% by 2025. Norway ranked 13th globally.
Norway’s credit‑to‑GDP ratio has risen steadily over the 25‑year series, moving from an all‑time trough of 96.16 in 2001 to a peak of 163.54 in 2020 before easing to 109.70 in 2025, placing the country 13th globally. The post‑pandemic surge reflected heightened borrowing to support fiscal stimulus and to finance the expansion of renewable energy projects, while the subsequent moderation aligns with tighter monetary conditions and a deliberate deleveraging agenda pursued by the Ministry of Finance. Compared with peers, Sweden’s ratio of 123.14 and Malaysia’s 107.79 illustrate that Norway remains more leveraged than many advanced economies but less so than some emerging markets. The decline from the 2020 apex suggests a rebalancing of the balance sheet, yet the ratio remains well above the early‑2000s baseline. Continued pressure on public finances from aging demographics and climate‑related investments could stall further reductions, whereas sustained fiscal discipline and higher growth would likely reinforce the downward trajectory.
Data & projection
| Year | Credit to GDP | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 93.80% | - | - |
| 2026* trend | 101.75% | - | - |
| 2025* trend | 109.70% | - | - |
| 2025 | 109.70% | −19.17% | #13 |
| 2024 | 128.87% | +1.44% | #115 |
| 2023 | 127.43% | +17.16% | #138 |
| 2022 | 110.28% | −27.29% | #140 |
| 2021 | 137.57% | −25.97% | #153 |
| 2020 | 163.54% | +14.15% | #162 |
| 2019 | 149.39% | +6.90% | #167 |
| 2018 | 142.49% | −2.77% | #165 |
| 2017 | 145.26% | +0.29% | #167 |
| 2016 | 144.97% | +7.14% | #168 |
| 2015 | 137.84% | +9.59% | #167 |
| 2014 | 128.24% | +4.03% | #161 |
| 2013 | 124.21% | +1.53% | #162 |
| 2012 | 122.68% | −2.29% | #160 |
| 2011 | 124.98% | −2.66% | #160 |
Detected Pattern
Analysis
Norway matched the Export Boom Cycle pattern in 2021. Historically, 71% of countries showing this pattern (546 out of 768) saw credit to gdp improve within 24 months. View full analysis →
Frequently Asked Questions
Norway's credit to gdp was 109.70% in 2025. Ranked 13th globally. This represents a 14.9% decrease from the previous year.
Norway's credit to gdp peaked at 163.54% in 2020.
The lowest credit to gdp in Norway was 96.16% in 2001.
Norway ranks 13th globally in credit to gdp as of 2025.
The World Bank indicator code is FS.AST.PRVT.GD.ZS. Data sourced from World Bank.
Norway's credit to gdp is projected to reach 109.70% by 2025 based on trend extrapolation.
The credit to gdp of Norway in 2025 was 109.70%. This ranks 13th in the world.
Cite this page
@misc{historysaid_norway_credit-to-gdp,
title = {Norway Credit to GDP},
url = {https://historysaid.com/norway/credit-to-gdp/},
publisher = {HistorySaid},
year = {2026}
}