Countries · Europe
Norway
Norway invests its oil and gas revenues abroad through the Government Pension Fund Global, one of the world's largest sovereign wealth funds.
At a glance
Net inflows of foreign direct investment were −$7.08bn in 2025, against an average of $6.04bn a year in 2015–2024. Investors based in Norway put a net $3.37bn into direct investment abroad in the same year, more than Norway received. Foreign investors were net buyers of $2.45bn of shares in Norway in 2025. Norway ran a current account surplus in every year shown, which means it was a net lender to the rest of the world. Investors in Norway held $214.0bn of US Treasury securities at the end of August 2026, −$0.9bn on a year earlier, and $1.06tn of US shares.
Norway's current account surplus jumped when energy prices rose in 2022. The fund's holdings of US Treasuries and shares are a large part of what the US Treasury records under Norway.
Norway's holdings of US securities
Treasuries, shares and bonds issued in the US and held by investors in Norway.
Holdings of US securities
End of month, Aug 2025 to Aug 2026, $bn.
Net purchases of long-term US securities
Each month, $bn. Positive means net buying.
The US Treasury records holdings by the country where securities are held in custody, which is not always the owner's country. Why this matters.
Direct and equity investment
Annual net flows, $bn. Direct investment means building or buying businesses; portfolio equity means buying listed shares and fund units.
Net flows by year
Direct investment into and out of Norway, and foreign buying of its shares, $bn.
Current account and reserves
The balance of trade and income with the rest of the world, and the reserves held by the central bank.
Current account balance
Each year, $bn. A surplus means the country lends to the rest of the world.
Foreign exchange reserves, including gold
End of year, $bn.
Remittances
Money sent home by people working abroad, compared with direct investment, $bn.
Remittances and direct investment
Each year, $bn.
The economy
GDP
Current US dollars, $bn. Dollar figures also move with exchange rates.
Growth and inflation
Real GDP growth and consumer price inflation, per cent.
All figures
Annual figures from the World Bank, as published. Download them for every country on the data page.
| Indicator | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Population (m) | 5.19 | 5.23 | 5.28 | 5.31 | 5.35 | 5.38 | 5.41 | 5.46 | 5.52 | 5.57 | 5.61 |
| GDP ($bn) | 400.7 | 383.3 | 415.7 | 454.6 | 424.2 | 382.3 | 521.6 | 617.3 | 502.2 | 500.9 | 530.8 |
| GDP per person ($) | 77,221 | 73,222 | 78,771 | 85,579 | 79,329 | 71,058 | 96,443 | 113,122 | 90,984 | 89,889 | 94,594 |
| Real GDP growth (%) | 2.0 | 1.3 | 2.7 | 1.1 | 1.5 | −1.4 | 4.1 | 4.1 | 0.4 | 1.4 | 1.1 |
| Inflation (%) | 2.2 | 3.5 | 1.9 | 2.7 | 2.2 | 1.3 | 3.5 | 5.8 | 5.5 | 3.2 | 3.0 |
| Current account ($bn) | 31.11 | 14.77 | 21.65 | 34.96 | 11.92 | 4.21 | 74.50 | 172.02 | 86.23 | 75.34 | 74.79 |
| Current account (% GDP) | 7.8 | 3.9 | 5.2 | 7.7 | 2.8 | 1.1 | 14.3 | 27.9 | 17.2 | 15.0 | 14.1 |
| Reserves incl. gold ($bn) | 57.5 | 60.4 | 65.9 | 63.1 | 66.9 | 75.3 | 84.3 | 72.1 | 80.5 | 81.2 | 85.5 |
| Direct investment in ($bn) | 7.27 | −18.67 | 5.90 | −5.66 | 16.33 | −3.28 | 18.36 | 14.28 | 13.79 | 12.13 | −7.08 |
| Direct investment out ($bn) | 21.42 | 6.26 | 0.70 | 13.83 | 7.67 | −8.31 | 31.11 | 27.82 | 10.90 | 5.62 | 3.37 |
| Portfolio equity in ($bn) | 4.37 | 0.61 | 6.10 | 1.00 | 4.06 | 2.46 | 11.81 | 3.81 | −3.05 | −7.13 | 2.45 |
| Remittances ($bn) | — | — | 0.62 | 0.64 | 0.62 | 0.59 | 0.67 | 1.00 | 0.96 | 0.95 | 1.03 |
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