Norwegian Krone

Overview

Economy

• Norway is a member of NATO, EEA, OECD, Nordic Council, Council of Europe.
• Main industries include: Petroleum and gas, Shipping, Fishing, Aquaculture, Food processing, Shipbuilding, Pulp and paper products, Metals, Chemicals, Timber, Mining, Textiles.
• Norway is part of the World Trade Organization.
• Imports are machinery, equipment, chemicals, metals, foodstuffs.
• Major exports include petroleum and petroleum products, machinery, metals, chemicals, ships, fish.
• GDP: $579.3 billion (2023 est.).
• GDP per capita: $106,149 (2023 est.).
• Unemployment rate: 3.8% (2023 est.).
• Inflation rate: 5.5% (2023 est.).
• Main trading partners: United Kingdom, Germany, Netherlands, Sweden, China, United States.
• Trade agreements: EEA Agreement, EFTA agreements, Various bilateral agreements.

History

• Previous currencies used: Norwegian speciedaler, Various historical currencies.
• The krone was introduced in 1875 as part of the Scandinavian Monetary Union with Denmark and Sweden. It has been Norway's currency through various political and economic changes.
• 1875: Krone introduced in Scandinavian Monetary Union
• 1914: End of Scandinavian Monetary Union
• 1949: Devaluation and NATO membership
• 1969: North Sea oil discovery
• 1992: EEA membership but rejected EU
• 2001: Inflation targeting adopted
• Exchange rate peg: Gold standard (1875-1914).
• Exchange rate peg: USD (1944-1971).
• Exchange rate peg: Free floating (1973-present).

General Information

• ISO 4217 Code: NOK
• Symbols: NOK/kr
• Currency Subunits: 100 øre
• Central Bank: Norges Bank
• Monetary Policy: Inflation targeting with 2% target. Free-floating exchange rate with focus on domestic price stability.
• Bills: 50 NOK, 100 NOK, 200 NOK, 500 NOK, 1000 NOK
• Coins: 1 krone, 5 kroner, 10 kroner, 20 kroner
• USD Exchange Rate: Variable (approximately 10.5-11.0 NOK per USD)
• Pegged To: None (Floating)
• Capital: Oslo
• Population: 5,474,360 (2023 est.)
• Area: 323,802 km²
• Languages: Norwegian (official), Sami, Finnish
• Time Zones: UTC+1 (CET), UTC+2 (CEST in summer)
• Government Type: Parliamentary constitutional monarchy
• Head of Government: King (head of state), Prime Minister (head of government)
• Independence: June 7, 1905 (from Sweden)
• Ethnic Groups: Norwegian 81.5%, Other European 8.1%, Other 10.4%
• Religions: Church of Norway 67.5%, Muslim 3.1%, Roman Catholic 3.1%, Other Christian 3.8%, Other 2.6%, Unspecified 19.9%
• Literacy Rate: 99% (2003 est.)
• Transport: Oslo Airport, excellent road networks, extensive railway system, North Sea oil platforms, Arctic shipping routes
• Communications: Advanced telecommunications, 98% internet penetration, comprehensive 5G coverage
• Energy: Hydroelectric 96%, Wind 3%, Thermal 1%
• Countries Using This Currency: Norway
• Data Sources: Central Bank: Norges Bank (norges-bank.no), Economic Data: Statistics Norway, World Bank, IMF, Trade Data: Norwegian Customs, Demographic Data: Statistics Norway, Geographic Data: Norwegian Meteorological Institute, Historical Data: Norges Bank archives
• Last Updated: 2025