Table of Contents

  • This Survey is published on the responsibility of the Economic and Development Review Committee of the OECD, which is charged with the examination of the economic situation of member countries.The economic situation and policies of Norway were reviewed by the Committee on 4 November 2019. The draft report was then revised in light of the discussions and given final approval as the agreed report of the whole Committee on 18 November 2019.The Secretariat’s draft report was prepared for the Committee by Philip Hemmings and Urban Sila under the supervision of Sebastian Barnes. It benefitted from contributions by Alex Hijzen, Stefan Thewissen and Christopher Prinz. Research assistance was provided by Béatrice Guérard. Editorial assistance was provided by Michelle Ortiz.The previous Survey of Norway was issued in January 2018.Information about the latest as well as previous Surveys and more information about how Surveys are prepared is available at http://www.oecd.org/eco/surveys

  • Norway continues to enjoy among the highest living standards in the OECD area but faces challenges in sustaining them for the future.

  • Norway has among the highest standards of living in the world. Scores across most indicators of wellbeing rank well compared with other countries (Figure 1.1, Panel A). The high rankings in subjective wellbeing along with jobs and earnings, and low inequality (Figure 1.1, Panel B) reflect broad success in achieving Nordic-model societal goals. GDP per capita, at around USD 65 000 annually (Figure 1.2), exceeds that in most other advanced countries. However, education and skills outcomes notably falls short of top performers and this is among the issues tackled in this Survey’s in-depth chapter on labour market issues.

  • Norway has a well-functioning labour market. It delivers high quality employment to many people. A majority of jobs in Norway are secure, workers are well remunerated, and job strain is low. Norway’s socio-economic model, including highly coordinated wage bargaining, delivers a compressed wage distribution and low inequality in incomes and wealth. Continued prudent fiscal management, supported by oil wealth, will be able to fund high quality support and assistance to the less fortunate well into the future.