Economic History

The Economic History of Norway

Ola Honningdal Grytten, Norwegian School of Economics and Business Administration

Overview

Norway, with its population of 4.6 million on the northern flank of Europe, is today one of the most wealthy nations in the world, both measured as GDP per capita and in capital stock. On the United Nation Human Development Index, Norway has been among the three top countries for several years, and in some years the very top nation. Huge stocks of natural resources combined with a skilled labor force and the adoption of new technology made Norway a prosperous country during the nineteenth and twentieth century.
Table 1 shows rates of growth in the Norwegian economy from 1830 to the present using inflation-adjusted gross domestic product (GDP). This article splits the economic history of Norway into two major phases — before and after the nation gained its independence in 1814.

Table 1
Phases of Growth in the Real Gross Domestic Product of Norway, 1830-2003

(annual growth rates as percentages)

Year	GDP	GDP per capita
1830-1843	1.91	0.86
1843-1875	2.68	1.59
1875-1914	2.02	1.21
1914-1945	2.28	1.55
1945-1973	4.73	3.81
1973-2003	3.28	2.79
1830-2003	2.83	2.00

Source: Grytten (2004b)
http://eh.net/encyclopedia/article/grytten.norway