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AA1
LOW RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Last updated in July 2024.
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GDP | USD 579.3bn (World ranking 24, World Bank 2022) |
Population | 5.5mn (World ranking 118, World Bank 2022) |
Form of state | Constitutional Monarchy |
Head of government | Jonas Gahr Støre (PM) |
Next elections | 2025, legislative |
Strengths & Weaknesses
- Full integration in the EU’s internal market and free travel zone. Member of the WTO and OECD.
- Strong business environment supported by a wide political consensus
- Second-highest per capita income in Europe after Luxembourg and fourth globally
- Highly skilled and educated workforce
- Profitable banking system and financial stability
- Robust fiscal framework and ample support by the Government Pension Fund Global
- Persistently low energy prices
- Low diversification
- Very high household debt level
- High corporate and personal tax rates
- High unit labor costs
Economic Overview
Trade structure by destination/origin
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
Germany
27.9%
|
1 |
12.6%
China
|
United Kingdom
21.4%
|
2 |
12.3%
Sweden
|
France
9.4%
|
3 |
11.4%
Germany
|
Belgium
7.6%
|
4 |
6.1%
United States
|
Netherlands
6.4%
|
5 |
4.7%
Denmark
|
Trade structure by product
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
Gas, natural and manufactured
53.1%
|
1 |
11.9%
Road vehicles
|
Petroleum, petroleum products and related materials
24.1%
|
2 |
7.7%
Petroleum, petroleum products and related materials
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Fish, crustaceans, molluscs and preparations thereof
5.6%
|
3 |
5.3%
Manufactures of metal, n.e.s.
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Non-ferrous metals
3.5%
|
4 |
5.3%
Electrical machinery, apparatus and appliances, n.e.s.
|
Electric current
1.7%
|
5 |
4.3%
Other industrial machinery and parts
|
Collection Complexity
The Allianz Trade Collection Complexity Score provides a simple assessment of how easy it is to collect debt around the world. The 2022 edition covers 49 countries that represent nearly 90% of global GDP and 85% of global trade.
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