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Other Europe · Country assessment
NO

Norway.

Gross debt understates fiscal strength because it excludes large public financial assets. Energy revenues also make headline growth less representative.

IMF October 2026 vintage · 2026 estimates / projections · Assessment date: 25 October 2026
Government debt / GDP
40.0%
General government gross debt · 2026 E/P (external source)
Pension obligations / GDP
264%
Eurostat unfunded entitlements · 2021 · % GDP
Real GDP growth
1.5%
Annual real change · 2026 E/P (external source)
Consumer price inflation
3.2%
Annual average CPI · 2026 E/P (external source)
Unemployment
4.6%
Share of labour force · 2026 E/P (external source)
Interest rate
4.50%
Central bank policy rate
BIS observation: 2026-10-13
My economic rating
79out of 100
Sound
Growth
50
Public debt
86
Price stability
85
Employment
87
Government effectiveness
90

Each dimension has a 20% weight. This comparison score measures selected conditions; it is not a sovereign credit rating.

See the exact formula and its limits. (external source)
My pension system rating
4.5 / 5

Public financial assets support capacity to pay, but are not a dedicated offset against every pension promise. The system remains exposed to ageing.

External benchmark: 2026 Marsh CFA index (external source) · B+ · 77.0/100.

Assessment confidence: Medium. The author rating is distinct from the external benchmark.

What the pension figure means.

The table reports 264% of GDP in 2021 in accrued unfunded social insurance pension entitlements.

This values promises earned to date. It does not subtract future contributions or measure the tax increase needed for solvency.

Eurostat records accrued-to-date social insurance entitlements. Future contributions are not deducted. Coverage, discount rates, and benefit rules affect the value.

Read the pension evidence and definitions. (external source)

Annual pension spending: 9.85% of GDP in 2024. Eurostat ESSPROS (external source) includes public and relevant private cash benefits. This is a flow, separate from liabilities.
Private/funded entitlements: 41% of GDP in 2021. This is a gross entitlement measure, not pension assets or a net offset.

Protest and riot risk.

Disruptive protests / strikesLow
Riot / violent crowd disorderLow

Public demonstrations are possible. Fiscal resources provide substantial room to manage economic pressure.

The horizon is the next 12 months. These are qualitative author assessments, with medium confidence.

Country-specific official safety evidence (external source) provides context on demonstrations and disruption. Its overall travel rating is not used as a riot score.

World Bank 2025 context: political stability 84.5/100; voice and accountability 91.2/100. These indicators do not predict protests.

Potential triggers above are scenarios, except where an official source explicitly reports an event. Peaceful protest is not violence.

The economic path.

One IMF vintage keeps revisions and projections consistent.

Real GDP growth

WEO series · 2026–27 are projections2024: 1.4%, 2025: 1.1%, 2026: 1.5%, 2027: 1.3%2024202520262027

1.4% in 2024 · 1.3% in 2027

Average CPI inflation

WEO series · 2026–27 are projections2024: 3.2%, 2025: 3.0%, 2026: 3.2%, 2027: 2.8%2024202520262027

3.2% in 2024 · 2.8% in 2027

Government debt / GDP

WEO series · 2026–27 are projections2024: 52.8%, 2025: 54.0%, 2026: 40.0%, 2027: 40.0%2024202520262027

52.8% in 2024 · 40.0% in 2027

Annual macroeconomic series for Norway
Year / statusDebt / GDPGDP growthInflationUnemployment
2024Historical WEO series52.8%1.4%3.2%4.0%
2025Historical WEO series54.0%1.1%3.0%4.5%
2026Estimate / projection40.0%1.5%3.2%4.6%
2027Estimate / projection40.0%1.3%2.8%4.3%

Historical values can include IMF estimates. India follows the IMF fiscal-year convention. Source-specific definitions limit cross-country precision.

Sources and exact series.

IMF · General government gross debt (external source)

GGXWDG_NGDP · NOR · October 2026 vintage · 2026 estimate / projection. Raw JSON is saved in the report’s sources folder.

Accessed 25 October 2026.
IMF · Real GDP growth (external source)

NGDP_RPCH · NOR · October 2026 vintage · 2026 estimate / projection. Raw JSON is saved in the report’s sources folder.

Accessed 25 October 2026.
IMF · Inflation rate, average consumer prices (external source)

PCPIPCH · NOR · October 2026 vintage · 2026 estimate / projection. Raw JSON is saved in the report’s sources folder.

Accessed 25 October 2026.
IMF · Unemployment rate (external source)

LUR · NOR · October 2026 vintage · 2026 estimate / projection. Raw JSON is saved in the report’s sources folder.

Accessed 25 October 2026.
BIS · Interest rate (external source)

From 11 Jun 1993 onwards: official deposit facility rate; from 3 Mar 1986 to 10 Jun 1993 official credit facility rate. Source institution: Norges Bank.

Accessed 25 October 2026.
Pension obligations and local funding evidence (external source)

Eurostat key where available: A.PC_GDP.S13PU.F63_LE.NO. Values retain their own reference year.

Accessed 25 October 2026.
World Bank · Governance context (external source)

2025 observations: GOV_WGI_GE_SC, GOV_WGI_PV_SC, and GOV_WGI_VA_SC. The economic formula uses effectiveness only.

Accessed 25 October 2026.
Official country guidance · Demonstrations (external source)

The report uses country-specific discussion of demonstrations. Generic warnings alone do not establish the likelihood of riots.

Accessed 25 October 2026.
2026 Marsh CFA Institute Global Pension Index (external source)

External retirement-system benchmark, published 20 October 2026. The report preserves its score separately from the author rating.

Accessed 25 October 2026.