Norway Government Debt to GDP
General government gross debt as % of GDP GGXWDG_NGDP
Norway's government debt to gdp was 42.72% in 2025, ranked 119th globally. This represents a 0.0% increase from 2024. Data from IMF WEO, covering 1980–2025.
Overview
Norway's government debt to gdp stood at 42.72% in 2025, a rise of +0.00% from 2024. The IMF projects 42.72% by 2025. Norway ranked 119th globally.
Norway’s general government debt stood at 42.72 % of GDP in 2025, placing the country 119th in the global ranking and virtually matching Chile’s 42.74 % ratio, a peer with a comparable fiscal position. The debt share has declined markedly since the all‑time peak of 53.65 % recorded in 1993, falling to a trough of 23.57 % in 1998 before gradually rising again over the subsequent three decades. The 46‑year series shows a long‑term downward bias, with the post‑1998 period characterized by modest increases that have nevertheless kept the debt level well below the 1990s peak. The current level remains modest relative to many advanced economies, reflecting Norway’s strong fiscal buffers and sizable sovereign wealth fund. Continued restraint in borrowing, coupled with robust oil revenue management, is likely to keep the debt‑to‑GDP ratio stable or marginally lower, barring a major fiscal shock or a sustained downturn in commodity prices.
Data & projection
| Year | Government Debt to GDP | YoY change | Rank |
|---|---|---|---|
| 2030* IMF | 40.00% | - | - |
| 2029* IMF | 39.25% | - | - |
| 2028* IMF | 41.39% | - | - |
| 2027* IMF | 42.03% | - | - |
| 2026* IMF | 42.52% | - | - |
| 2025* IMF | 42.72% | - | - |
| 2025 | 42.72% | +0.00% | #119 |
| 2024 | 42.72% | −1.41% | #61 |
| 2023 | 44.13% | +8.07% | #66 |
| 2022 | 36.06% | −5.52% | #43 |
| 2021 | 41.57% | −4.45% | #50 |
| 2020 | 46.03% | +5.54% | #58 |
| 2019 | 40.49% | +1.14% | #65 |
| 2018 | 39.35% | +1.16% | #65 |
| 2017 | 38.19% | +0.32% | #57 |
| 2016 | 37.87% | +3.60% | #60 |
| 2015 | 34.27% | +4.66% | #60 |
| 2014 | 29.61% | −1.79% | #65 |
| 2013 | 31.40% | +0.50% | #72 |
| 2012 | 30.89% | +1.28% | #72 |
| 2011 | 29.61% | −13.34% | #68 |
Detected Pattern
Analysis
Norway matched the Export Boom Cycle pattern in 2021. Historically, 71% of countries showing this pattern (546 out of 768) saw government debt to gdp improve within 24 months. View full analysis →
The robust earnings reported by major energy companies such as Shell and TotalEnergies (headlines 3 and 5) indicate a strong global energy market, which generally supports Norway's state revenues. This favorable
Frequently Asked Questions
Norway's government debt to gdp was 42.72% in 2025. Ranked 119th globally. This represents a 0.0% increase from the previous year.
Norway's government debt to gdp peaked at 53.65% in 1993.
The lowest government debt to gdp in Norway was 23.57% in 1998.
Norway ranks 119th globally in government debt to gdp as of 2025.
The World Bank indicator code is GGXWDG_NGDP. Data sourced from IMF WEO.
Norway's government debt to gdp is projected to reach 42.72% by 2025 based on IMF projection.
The government debt to gdp of Norway in 2025 was 42.72%. This ranks 119th in the world.
Cite this page
@misc{historysaid_norway_government-debt-to-gdp,
title = {Norway Government Debt to GDP},
url = {https://historysaid.com/norway/government-debt-to-gdp/},
publisher = {HistorySaid},
year = {2026}
}