Norwegian households have the highest level of consumption of goods and services in Europe, but are no longer at the top of GDP per capita.
Statistics Norway (SSB) refers to new figures from Eurostat, saying that Luxembourg, Ireland and Switzerland have higher price adjusted gross domestic product (GDP) than Norway.
– In the period of 2000 to 2014, Norway was second in the comparison after Luxembourg, but in the last two years we have had a relative decline and have now been passed by Ireland and Switzerland, writes Statistics Norway.
Norway’s decline is explained by the fall in oil prices in recent years, while Ireland’s progress is first and foremost explained by the fact that multinational companies have established themselves in the country as a result of low corporate tax.
GDP per capita is widely used as a measure of prosperity, but Statistics Norway points out that the level of consumer prices often gives a better impression of the prosperity level. Norway is on top on this overview.
“The consumption of goods and services for private households in Norway is around 15-20 percent higher than in the other Nordic countries.”
These figures can be interpreted so that in spite of oil prices and lower revenues for Norway as a state, private households still have relatively a lot to play with, measured in terms of consumed goods and services, SSB writes.
© NTB Scanpix / Norway Today