Nordics: GDP index per capita 2020, by country | Statista (2024)

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Gross domestic product (GDP) per capita in the Nordic countries in 2020, by country (as index) Statistics on " Development aid in the Nordic countries " Statistics on Development aid in the Nordic countries Statistics Topics FAQs

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    Published by Statista Research Department, Dec 6, 2022

    In 2020, Norway had the highest gross domestic product (GDP) per capita index of the Nordic countries. Norway's GDP per capita index was at 144, where the EU-27 average equals 100. All five Nordic countries had a GDP per capita index of over 110. Finland had the lowest, with 111.

    Gross domestic product (GDP) per capita in the Nordic countries in 2020, by country (as index)

    CharacteristicGDP index 2019 (EU27_2020=100)
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    Release date

    December 2020

    More information

    Region

    Denmark, Finland, Iceland, Norway, Sweden

    Survey time period

    December 2020

    Special properties

    GDP per capita European Ranking (Index 2019)

    Supplementary notes

    Index value of EU-27 equals 100. The average of the EU-27 countries is used to calculate the index value.

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    Statistics on " Development aid in the Nordic countries "

    Statistics on Development aid in the Nordic countries

    Overview

    6

    Bilateral aid

    7

    Multilateral aid

    6

    NGOs and other private bodies

    4

    Aid by sector

    6

    Country Programmable Aid

    6

    Further related statistics

    13

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    Nordics: GDP index per capita 2020, by country | Statista (2024)

    FAQs

    Nordics: GDP index per capita 2020, by country | Statista? ›

    In 2020, Norway had the highest gross domestic product (GDP) per capita index of the Nordic countries. Norway's GDP per capita index was at 144, where the EU-27 average equals 100. All five Nordic countries had a GDP per capita index of over 110. Finland had the lowest, with 111.

    Read On ›
    Which Nordic country has the highest GDP per capita? ›

    Norway is top of the Nordic ranking. GDP Per Capita (PPS Euro). 2021. Åland: 2020-data.

    Discover More Details ›
    What is the GDP of the Nordic countries? ›

    THE NORDIC MARKET. With a combined population of 27 million and a GDP of USD 1,5 trillion, the Nordic region is ranked as the 5th largest economy in Europe and the 10th largest economy in the World.

    Continue Reading ›
    Why do Nordic countries have high GDP per capita? ›

    The Nordic economies of Denmark, Finland, Iceland, Norway, and Sweden are among the world's wealthiest. Their inhabitants enjoy some of the highest standards of living in the world due to relatively small wage gaps, high employment, and high taxation combined with accessible education and social security.

    See Details ›
    What country has the highest GDP and GDP per capita? ›

    The Briefing
    • The world GDP per capita continues to grow every year, and is projected to be $13,920 for 2023.
    • Luxembourg is the richest country with a GDP per capita of $128,820.
    Mar 29, 2023

    Find Out More ›
    Why are the Nordics so rich? ›

    Natural resources and exports: similar traits amongst the Nordic countries. The early industrialisation of the Nordic countries was based on some key natural resources. Finland, Norway and Sweden had large forest resources, and, thus, timber and pulp and paper have been important export products.

    Tell Me More ›
    Why does Norway have such a high GDP per capita? ›

    Norway is one of the world's most prosperous countries, and the production of oil and gas accounts for 20 percent of its economy. Other important sectors include hydropower, fish, forests, and minerals. Revenues from petroleum are deposited in the world's largest sovereign wealth fund.

    Show Me More ›
    Why are Nordic countries so successful? ›

    These nations are known for high living standards and low-income disparity. The Nordic model merges free-market capitalism with a generous welfare system.

    Explore More ›
    Are Nordic countries more capitalist? ›

    The Nordic model is underpinned by a mixed-market capitalist economic system that features high degrees of private ownership, with the exception of Norway which includes a large number of state-owned enterprises and state ownership in publicly listed firms.

    Continue Reading ›
    What is the most advanced Nordic country? ›

    Denmark ranks at the top, while Sweden is no. 4 and Norway no. 9. For the first time in the 34 years that the IMD Business School has published its World Competitiveness Ranking, Denmark rose from third place last year to the top spot for 2022.

    Show Me More ›

    Why is income inequality so low in Nordic countries? ›

    The “Nordic model” is often celebrated as an alternative to the United States' escalating inequality. The Nordic countries – Norway, Sweden, Denmark, and Finland – typically have considerably less income and wealth inequality, thanks to both robust social safety nets and progressive taxation.

    Read The Full Story ›
    What is the Nordic model of economy? ›

    What Is the Nordic Model? The Nordic model is the combination of social welfare and economic systems adopted by Nordic countries. It combines features of capitalism, such as a market economy and economic efficiency, with social benefits, such as state pensions and income distribution.

    See Details ›
    Why is higher GDP per capita better? ›

    Sustained economic growth increases average incomes and is strongly linked to poverty reduction. GDP per capita provides a basic measure of the value of output per person, which is an indirect indicator of per capita income. Growth in GDP and GDP per capita are considered broad measures of economic growth.

    Get More Info Here ›
    Which 4 countries have the highest GDP per capita? ›

    30 Countries with Highest GDP per Capita
    • State of Israel. ...
    • Canada. ...
    • Kingdom of Sweden. ...
    • Denmark. ...
    • Commonwealth of Australia. GDP Per Capita in 2023: $68,080. ...
    • Iceland. GDP Per Capita in 2023: $77,960. ...
    • United States of America. GDP Per Capita in 2023: $78,420. ...
    • Republic of Singapore. GDP Per Capita in 2023: $84,500.
    More items...
    Mar 23, 2023

    Continue Reading ›
    What is the difference between GDP and GDP per capita? ›

    GDP per capita, purchasing power parity (PPP) (current international $) - This is the GDP divided by the midyear population, where GDP is the total value of goods and services for final use produced by resident producers in an economy, regardless of the allocation to domestic and foreign claims.

    View More ›
    Why is US GDP per capita so high? ›

    All values, unless otherwise stated, are in US dollars. The American economy is fueled by high productivity, transportation infrastructure, and extensive natural resources. Americans have the highest average household and employee income among OECD member states. In 2021, they had the highest median household income.

    View Details ›
    How big is the Nordic economy? ›

    The Nordics, with a total population of 27 million people and GDP of 1366 billion, not only rank on the happiest countries listing. Their economies are steady and growing. It is the 12th largest economy in the world.

    See More ›
    Why are Nordic countries so healthy? ›

    They consume diets that include considerably fewer processed foods that are lower in unhealthy fats while being higher in fruits, vegetables, fiber, and lean proteins. Dinner is served early in Norway, and eating together as a family is important.

    Learn More ›
    Why are Nordic countries more sustainable? ›

    The Nordic region is rich in natural resources and environment-based sectors such as forestry, agriculture, fisheries and mining. This is important for ensuring vibrant rural areas. To strengthen the economy and sustainable development, it is important that these resources are used but not depleted.

    Discover More Details ›
    Does Norway have a better economy than the US? ›

    The United States has a lower per capita GDP than Norway with a GDP of 51,749 compared to 99,558, respectively, and is also home to one of the most pressing income distribution gaps in any industrialized nation, surpassed in income inequality by only Russia and Mexico.

    Show Me More ›

    Why is Norway's standard of living so high? ›

    One of the key factors contributing to Norway's high standard of living is its strong economy. The country has a very high GDP per capita, which is one of the highest in the world. This means that the average Norwegian enjoys a high level of income, which in turn allows them to enjoy a high standard of living.

    Learn More Now ›
    Is Norway wealthier than the United States? ›

    Using World Bank data, Norway appears to be very rich: GDP per capita in nominal terms was about $90,000 in 2021. Compare that with $70,000 in the US, which is a very rich country itself. Sounds extremely wealthy!

    Explore More ›
    Why do Nordic countries rank high in happiness? ›

    One simple factor could be that the region's high societal trust, strong welfare systems, relatively low crime and low unemployment means there are far fewer people who consider themselves unhappy.

    Explore More ›
    Why are Scandinavian countries so productive? ›

    2 The key causes of Nordic prosperity and quality of life are often identified as wage equality, high public welfare spending, solid public primary and secondary education, and a relatively hom*ogeneous population.

    Continue Reading ›
    What is the major source of Norway's wealth? ›

    Oil, gas, seafood, and products from energy-intensive industry are among our main export commodities. Our sea areas are six times the size of our land area, and our ocean-based industries account for almost 40 % of our total value creation, and 70 % of our exports.

    Read The Full Story ›
    What country is 100% capitalist? ›

    In practice, no country in the world has ever achieved a 100% capitalist, "laissez-faire," or free-market economy. All capitalist economies are mixed to one degree or another.

    Keep Reading ›
    Are people in Nordic countries happier? ›

    The Nordic countries are always winning when it comes to the happiness race. Finland took the top spot for the sixth year in a row in 2023, followed by Denmark and Iceland. But why are they so consistently happy? Some say it's because they are small, hom*ogenous, and wealthy.

    Explore More ›
    Are Nordic countries productive? ›

    Norway has won bragging rights as the second-most productive country in the world. And Iceland, Norway, Sweden, and Finland are ranked in the top four, respectively, for most gender-equal countries.

    See Details ›
    What is the best Nordic country to live in as an American? ›

    The best Scandinavian country to live in: Norway

    Norway offers expats and locals a much higher salary than many other Scandinavian countries, so you can expect to earn a decent amount in your profession. Norway is also one of the top places to live in if you're looking for a happy life and excellent work/life balance.

    See More ›
    Which Nordic country is best for Americans? ›

    The best Nordic places for 2023
    1. Iceland. Iceland was the destination in 2021 as it was one of the first countries to re-open after international borders closed in 2020. ...
    2. Norway. ...
    3. Denmark. ...
    4. Sweden & Finland. ...
    5. Greenland.
    Apr 4, 2023

    Explore More ›

    Which Nordic country has strongest military? ›

    Denmark is a Scandinavian country with one of the most powerful military infrastructures in Europe. In 2023, it has a global-firepower-index score of 0.8011. The country has 115 aircraft in its inventory, with four F-35s and 33 F-16s.

    See Details ›
    Which Nordic countries are poor? ›

    Of the Nordic countries, Sweden has had the highest at-risk-of-poverty rate from 2011 to 2020. In 2020, 16 percent of Sweden's population lived at risk of poverty. Since 2015, Norway, Denmark, and Finland all have similar at-risk-of-poverty rates, around 12 percent in 2020.

    Keep Reading ›
    Why is Sweden's poverty rate so low? ›

    The free, universal healthcare in Sweden aids the country in fighting poverty. The healthcare system is highly tax-funded and provides equal access to substantial health benefits for all citizens. Life expectancy in Sweden is one of the highest in the world: almost 85 years for women and 81 years for men.

    Explore More ›
    Why is corruption low in Scandinavian countries? ›

    The low levels of corruption are attributed to an efficient public administration, high quality comprehensive services to citizens and enterprises, and a long tradition of openness and transparency of Swedish society and institutions, along with a strong respect for the rule of law, according to an Anti-corruption ...

    Know More ›
    How do Nordic countries tax? ›

    In addition to income taxes and social security contributions, all Scandinavian countries collect a significant amount of revenue from Value-Added Taxes (VATs). VATs are similar to sales taxes in that they aim to tax consumption.

    See More ›
    How is the economy of Denmark compared to Sweden? ›

    Comparison In 2021, Denmark ranked 27 in the Economic Complexity Index (ECI 1.02), and 37 in total exports ($120B). That same year, Sweden ranked 8 in the Economic Complexity Index (ECI 1.54), and 32 in total exports ($185B).

    Discover More Details ›
    What are the three characteristics of the Nordic model? ›

    The three distinct but interrelated features of the Nordic model are a high degree of compression of wage differentials, a dynamic process of creative destruction and innovation, and a high level of public welfare spending.

    Show Me More ›
    Does GDP per capita really matter? ›

    GDP per capita is an important indicator of economic performance and a useful unit to make cross-country comparisons of average living standards and economic wellbeing.

    Tell Me More ›
    Is a high GDP per capita good or bad? ›

    Economists traditionally use gross domestic product (GDP) to measure economic progress. If GDP is rising, the economy is in solid shape, and the nation is moving forward. On the other hand, if gross domestic product is falling, the economy might be in trouble, and the nation is losing ground.

    View More ›
    What is better for a country a higher or lower GDP per capita? ›

    As a result, higher GDP per capita is often associated with positive outcomes in a wide range of areas such as better health, more education, and even greater life satisfaction.

    Find Out More ›

    What is the US ranking for GDP per capita? ›

    GDP per Capita
    #Countryvs. World PPP GDP per capita ($17,100)
    11Norway364%
    12Hong Kong361%
    13United States350%
    14Iceland324%
    93 more rows

    Continue Reading ›
    Who is the No 1 richest country in the world? ›

    Luxembourg. In terms of purchasing power parity (PPP) Luxembourg scores at the top of the richest countries. Also, it has an average income of $88,190 and is one of the highest-annual income countries.

    Discover More Details ›
    What is the most powerful country in the world? ›

    This North American country has maintained the position of a superpower nation for decades. The United States is the most powerful country in the world. Its capital is Washington, DC. The country has the highest GDP of $23 trillion.

    See Details ›
    What does it mean if a country has a high GDP per capita? ›

    Gross domestic product per capita is sometimes used to describe the standard of living of a population, with a higher GDP meaning a higher standard of living.

    Tell Me More ›
    What is the world's largest economy? ›

    With a GDP of 23.32 trillion dollars, the USA is by far the world's largest economy in this ranking for 2021. It is followed by China in second place with a GDP of 17.73 trillion dollars.

    Discover More ›
    Is China's economy better than US? ›

    Therefore, China's GDP growth rate of 3 percent was higher than the US' 2.1 percent last year, but the increment of the US' GDP slightly surpassed China's. This is worth paying attention to. Last year, the US boasted that its GDP growth rate might surpass China's for the first time since 1976.

    See More ›
    Is China richer than the US? ›

    The United States is the richest country in the world with the highest GDP, as of 2021. China is the second richest country in the world with a $17.734 trillion GDP.

    Learn More ›
    Is Norway the richest country per capita? ›

    Norway. With a 2021 GDP per capita of $89,242 USD, Norway ranked as the world's seventh-richest worldwide—a feat made more remarkable by the fact that it is one of very few countries in the top 10 that are not considered to be international tax havens.

    Keep Reading ›
    Why is Sweden's GDP per capita so high? ›

    It is due to good education, healthcare, and child care available to all citizens and financed by high taxation. Sweden has one of the highest personal income taxes amounting to 52% income tax compared to only 37% in the United States.

    Keep Reading ›
    Who is richer Denmark or Norway? ›

    Denmark has a GDP per capita of $55,900 as of 2020, while in Norway, the GDP per capita is $63,600 as of 2020.

    Continue Reading ›

    Who are the 5 major Nordic countries? ›

    The Nordic Region consists of Denmark, Norway, Sweden, Finland, and Iceland, as well as the Faroe Islands, Greenland, and Åland.

    Discover More Details ›
    Is Norway the 4th richest country in the world? ›

    In terms of GDP per capita we ranked number 4 in 2020 (see the list here). When it comes to having the largest Sovereign Wealth Fund in the world we rank number 1!

    Discover More ›
    What is the GDP per capita of Norway compared to the US? ›

    The average monthly income in Norway is 6,990 US Dollar per capita. In the USA, the figure is 5,911 US Dollar.

    View Details ›
    Why is Finland so rich? ›

    The largest sector of Finland's economy is its service sector; which contributes 72.7% to the country's gross domestic product (GDP), followed by manufacturing and refining at 31.4%, and Finland's the country's primary sector at 2.9%.

    View More ›
    Why is Denmark so rich? ›

    The economy of Denmark is dominated by the service sector with 80% of all jobs, whereas about 11% of all employees work in manufacturing and 2% in agriculture. The nominal gross national income per capita was the ninth-highest in the world at $68,827 in 2023.

    Get More Info ›
    How did Sweden go from poor to rich? ›

    Sweden did not become wealthy through social democracy, big government and a large welfare state. It developed economically by adopting free-market policies in the late 19th century and early 20th century. It also benefited from positive cultural norms, including a strong work ethic and high levels of trust.

    Get More Info Here ›
    Which country is better to live Norway or Sweden? ›

    If you're searching for a quick city break with plenty of things to do in a short amount of time, Sweden is the way to go. However, if you're looking for a breathtaking, once-in-a-lifetime adventure with stunning natural landscapes, Norway is the destination for you.

    Find Out More ›
    Why Norway is so wealthy? ›

    The country has a very high standard of living compared with other European countries, and a strongly integrated welfare system. Norway's modern manufacturing and welfare system rely on a financial reserve produced by exploitation of natural resources, particularly North Sea oil.

    Continue Reading ›
    Is Finland richer than Denmark? ›

    Denmark is richer than Finland overall. For example, Denmark's GDP is higher than Finland and Danish salaries also tend to be slightly higher than Finnish ones.

    Discover More Details ›
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