According to figures from the European Purchasing Power Survey, Norway had Europe’s fourth highest gross national product (GDP) per capita in 2020.
Compared with the year before, that corresponds to a fall of 5% – from 45% above the EU average in 2019 – Statistics Norway (SSB) reports.
Thus, Norway remained behind Luxembourg, Ireland, and Switzerland for the sixth year in a row, while Denmark progressed. While Denmark was 18% below Norway in 2019, the difference was only 5% in 2020.
Luxembourg’s GDP per capita was 16% above the EU average.
However, Statistics Norway emphasizes that the corona pandemic and the implemented measures significantly impacted Europe in 2020, leading to great changes in the figures between 2019 and 2020 than usual.
Top 10
Among the other countries in the top ten, relative GDP per capita increased in Luxembourg, Ireland, Switzerland, the Netherlands, Sweden, and Germany. Austria and Iceland, like Norway, experienced a relative decline.
GDP per capita is often used as a measure of material living standards in international comparisons. However, according to Statistics Norway, personal consumption may be a better-suited measure of a country’s relative level of prosperity.
In Norway, personal consumption per capita was 26% above the EU average in 2020.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
Do you have a news tip for Norway Today? We want to hear it. Get in touch at [email protected]
Be the first to comment on "Norway’s GDP was 40% above the EU average in 2020"