Economy of Norway explained

Country:Norway
Year:Calendar year
Organs:EFTA, OECD, WTO, EEA and others
Group:
Population:5,367,580 (1 January 2020)[3]
Gdp:
  • $547 Billion (nominal; 2023)[4]
  • $425 billion (PPP; 2023)
Gdp Rank:
Growth:
  • 3.3% (2022)[5]
  • 2.1% (2023)
  • 2.5% (2024)
Per Capita:
  • $92,646 (nominal; 2023)
  • $78,128 (PPP; 2023)
Per Capita Rank:
Cpi: 84 out of 100 points (2023)[6] (4th)
Sectors:
Inflation:4.5% (Feb. 2024 est.)[8] [9]
Poverty:
  • NA
  • 15.8% at risk of poverty or social exclusion (AROPE, 2023)[10]
Gini:24.7 (2023)[11]
Hdi:
Edbr: 9th (very easy, 2020)[14]
Labor:
  • 2.8 million (Q2 2020)[15]
  • 80.4% employment rate (2023)[16]
Occupations:
Unemployment:
  • 3.9% (Jan. 2024) [17]
  • 12.8% youth unemployment (15 to 24-year-olds; June 2020)[18]
  • 129,000 unemployed (Q2 2020)
Average Gross Salary:€55,200 annual
Average Net Salary:€40,500 annual
Exports:$102.8 billion (2017 est.)
Export-Goods:petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Export-Partners:
Imports:$95.06 billion (2017 est.)
Import-Goods:machinery and equipment, chemicals, metals, foodstuffs
Import-Partners:
Current Account:$22.01 billion (2017 est.)
Fdi:
  • $236.5 billion (31 December 2017 est.)
  • Abroad: $196.3 billion (31 December 2017 est.)
Gross External Debt:
  • $642.3 billion (31 March 2016 est.)
  • Norway is a net external creditor
Debt:36.5% of GDP (2017 est.)
Revenue:217.1 billion (2017 est.)
Expenses:199.5 billion (2017 est.)
Balance:+4.4% (of GDP) (2017 est.)
Aid:$4.0 billion (donor), 1.1% of GDP (2017) https://www.norad.no/en/front/about-norad/news/2016/norwegian-development-aid-in-2015/
Credit:
  • Standard & Poor's

[21]
AAA (Domestic)
AAA (Foreign)
AAA (T&C Assessment)
Outlook: Stable[22]


Aaa
Outlook: Stable


AAA
Outlook: Stable

  • Scope:[23]
    AAA
    Outlook: Stable
Reserves:$65.92 billion (31 December 2017 est.)
Cianame:norway

The economy of Norway is a highly developed mixed economy with state-ownership in strategic areas. Although sensitive to global business cycles, the economy of Norway has shown robust growth since the start of the industrial era. The country has a very high standard of living compared with other European countries. Norway's modern manufacturing and welfare system rely on a financial reserve produced by exploitation of natural resources, particularly North Sea oil.[24] [25] [26] [27] [28] Among OECD nations, Norway has a highly efficient and strong social security system; social expenditure stood at roughly 22.6% of GDP.[29] [30] [31]

History

Pre–industrial revolution

Norway was the poorest of the three Scandinavian kingdoms (the others being Denmark and Sweden) during the Viking Age.[32]

Prior to the industrial revolution, Norway's economy was largely based on agriculture, timber, and fishing. Norwegians typically lived under conditions of considerable scarcity, though famine was rare. Except for certain fertile areas in Hedemarken and Østfold, crops were limited to hardy grains, such as oats, rye, and barley; and livestock to sheep, goats, cattle, pigs, and some poultry; in places this was complemented with hunting. In areas of Central and Northern Norway, the Sami subsisted on the nomadic herding of reindeer. Fishing all around the coast was dangerous work, though fish such as herring, cod, halibut, and other cold-water species were found in abundance. The introduction of the potato to Norway, promoted by practical priests and the king in Copenhagen in the 18th century, provided considerable relief and became common food for Norwegians.

All around the coast, the harvesting of fish (including cod, herring, halibut, and other cold water species) was an important supplement to farming and was in many areas in the north and west the primary household subsistence. Fishing was typically supplemented with crop-growing and the raising of livestock on small farms.

The economic conditions in Norway did not lend themselves to the formation of feudal system, though several kings did reward land to loyal subjects who became knights. Self-owning farmers were—and continue to be—the main unit of work in Norwegian agriculture, but leading up to the 19th century farmers ran out of land available for farming. Many agricultural families were reduced to poverty as tenant farmers, and served as the impetus for emigration to North America. Norway, after Ireland, became the country losing the most people to this emigration in percentage relative to its population

Industrial revolution

Aside from mining in Kongsberg, Røros and Løkken, industrialization came with the first textile mills that were built in Norway in the middle of the 19th century. But the first large industrial enterprises came into formation when entrepreneurs' politics led to the founding of banks to serve those needs.

Industries also offered employment for a large number of individuals who were displaced from the agricultural sector. As wages from industry exceeded those from agriculture, the shift started a long-term trend of reduction in cultivated land and rural population patterns. The working class became a distinct phenomenon in Norway, with its own neighborhoods, culture, and politics.

Social democratic reforms

After World War II, the Norwegian Labour Party, with Einar Gerhardsen as prime minister, embarked on a number of social democratic reforms aimed at flattening the income distribution, eliminating poverty, ensuring social services such as retirement, medical care, and disability benefits to all, and putting more of the capital into the public trust.

Highly progressive income taxes, the introduction of value-added tax, and a wide variety of special surcharges and taxes made Norway one of the most heavily taxed economies in the world. Authorities particularly taxed discretionary spending, levying special taxes on automobiles, tobacco, alcohol, cosmetics, etc.

Norway's long-term social democratic policies, extensive governmental tracking of information, and the homogeneity of its population lent themselves particularly well for economic study, and academic research from Norway proved to make significant contributions to the field of macroeconomics during this era. When Norway became a petroleum-exporting country, the economic effects came under further study.

Petroleum and post-industrialism

Oil-exporting country

See main article: Energy in Norway.

In May 1963, Norway asserted sovereign rights over natural resources in its sector of the North Sea. Exploration started on 19 July 1966, when Ocean Traveler drilled its first well.[33] Oil was first encountered at the Balder oil field at flank of the Utsira High, about 190 km west of Stavanger, in 1967.[34] Initial exploration was fruitless, until Ocean Viking found oil on 21 August 1969. By the end of 1969, it was clear that there were large oil and gas reserves in the North Sea. The first oil field was Ekofisk, produced of crude in 1980. Since then, large natural gas reserves have also been discovered.

Against the backdrop of the Norwegian referendum to not join the European Union, the Norwegian Ministry of Industry, headed by Ola Skjåk Bræk moved quickly to establish a national energy policy. Norway decided to stay out of OPEC, keep its own energy prices in line with world markets, and spend the revenue – known as the "currency gift" – wisely. The Norwegian government established its own oil company, Statoil (now known as Equinor), and awarded drilling and production rights to Norsk Hydro and the newly formed Saga Petroleum. Petroleum exports are taxed at a marginal rate of 78% (standard corporate tax of 24%, and a special petroleum tax of 54%).[35]

The North Sea turned out to present many technological challenges for production and exploration, and Norwegian companies invested in building capabilities to meet these challenges. A number of engineering and construction companies emerged from the remnants of the largely lost shipbuilding industry, creating centers of competence in Stavanger and the western suburbs of Oslo. Stavanger also became the land-based staging area for the offshore drilling industry. Presently North Sea is past its peak oil production. New oil and gas fields have been found and developed in the large Norwegian areas of the Norwegian Sea and the Barents Sea, including Snøhvit.

Reservations about European Union

In September 1972, the Norwegian parliament put to a referendum the question whether Norway should join the European Economic Community. The proposal was turned down with a slim margin. The Norwegian government proceeded to negotiate a trade agreement with the EU that would give Norwegian companies access to European markets. Over time, Norway renegotiated and refined this agreement, ultimately joining the European Free Trade Association and the European Economic Area.

Although Norway's trade policies have long aimed at harmonizing its industrial and trade policy with the EU's, a new referendum in 1994 gave the same result as in 1972, and Norway remains one of only two Nordic countries outside the EU, the other being Iceland.

Although much of the highly divisive public debate about EU membership turned on political rather than economic issues, it formed economic policy in several important ways:

Norwegians have sought accommodations on a range of specific issues, such as products from fish farms, agricultural products, emission standards, etc., but these do not appear to differ substantially from those sought by bona fide EU members. It is expected that the issue of membership will be brought to a referendum again at some point.

Post-industrial economic developments

Several issues have dominated the debate on Norway's economy since the 1970s:

See main article: Taxation in Norway. The primary purpose of the Norwegian tax system has been to raise revenue for public expenditures; but it is also viewed as a means to achieve social objectives, such as redistribution of income, reduction in alcohol and tobacco consumption, and as a disincentive against certain behaviors. Three elements of the tax system seem to attract the most debate:

State ownership role

The Norwegian state maintains large ownership positions in key industrial sectors concentrated in natural resources and strategic industries such as the strategic petroleum sector (Equinor), hydroelectric energy production (Statkraft), aluminum production (Norsk Hydro), the largest Norwegian bank (DNB) and telecommunication provider (Telenor). The government controls around 35% of the total value of publicly listed companies on the Oslo stock exchange, with five of its largest seven listed firms partially owned by the state.[36] When non-listed companies are included the state has an even higher share in ownership (mainly from direct oil license ownership). Norway's state-owned enterprises comprise 9.6% of all non-agricultural employment, a number that rises to almost 13% when companies with minority state ownership stakes are included, the highest among OECD countries.[37] Both listed and non-listed firms with state ownership stakes are market-driven and operate in a highly liberalized market economy.[38]

The oil and gas industries play a dominant role in the Norwegian economy, providing a source of finance for the Norwegian welfare state through direct ownership of oil fields, dividends from its shares in Equinor, and licensure fees and taxes. The oil and gas industry is Norway's largest in terms of government revenue and value-added. The organization of this sector is designed to ensure the exploration, development and extraction of petroleum resources result in public value creation for the entire society through a mixture of taxation, licensing and direct state ownership through a system called the State's Direct Financial Interest (SDFI). The SDFI was established in 1985 and represents state-owned holdings in a number of oil and gas fields, pipelines and onshore facilities as well as 67% of the shares in Equinor. Government revenues from the petroleum industry are transferred to the Government Pension Fund of Norway Global in a structure that forbids the government from accessing the fund for public spending; only income generated by the funds' capital can be used for government spending.[39]

The high levels of state ownership have been motivated for a variety of reasons, but most importantly by a desire for national control of the utilization of natural resources. Direct state involvement began prior to the 20th century with the provision of public infrastructure, and expanded greatly into industry and commercial enterprises after the Second World War through the acquisition of German assets in several manufacturing companies. The largest expansion of state ownership occurred with the establishment of Statoil in 1972. Industries and commercial enterprises where the state owns stakes are and market-driven, with marketization extending to public service providers as well as industry.

Data

The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation under 5% is in green.[40]

YearGDP(in Bil. US$PPP)GDP per capita(in US$ PPP)GDP(in Bil. US$nominal)GDP per capita(in US$ nominal)GDP growth(real)Inflation rate(in Percent)Unemployment(in Percent)Government debt(in % of GDP)
198060.614,799.864.415,746.34.5%10.9%1.7%47.7%
198167.416,399.963.615,484.71.6%13.6%2.0%43.4%
198271.717,388.962.615,196.30.2%11.3%2.6%38.5%
198377.518,733.961.614,906.24.0%8.5%3.4%35.4%
198485.120,527.762.114,968.86.1%6.2%3.1%35.2%
198592.722,281.165.415,728.25.6%5.7%2.6%36.9%
198698.423,564.678.718,853.14.0%7.2%2.0%46.0%
1987102.624,428.794.222,445.01.8%8.7%2.1%38.5%
1988105.925,091.7101.924,143.1-0.3%6.7%3.1%32.4%
1989111.226,269.0102.624,245.41.0%4.5%4.9%32.3%
1990117.627,669.5119.828,187.21.9%4.1%5.2%28.9%
1991125.329,320.7121.928,514.53.1%3.4%5.5%39.2%
1992132.830,878.7130.830,432.93.6%2.3%5.9%45.0%
1993139.832,317.7120.627,880.62.8%2.3%5.9%53.7%
1994150.034,488.5127.129,236.45.1%1.4%5.4%50.6%
1995159.536,494.1152.034,790.04.2%2.5%4.9%32.7%
1996170.638,828.6163.537,225.35.0%1.3%4.8%28.4%
1997182.741,391.4161.436,561.45.3%2.6%4.0%25.8%
1998189.642,692.1154.234,717.12.6%2.3%3.2%23.6%
1999196.143,841.6162.336,278.32.0%2.4%3.2%25.0%
2000207.045,989.4171.238,047.93.2%3.1%3.4%28.7%
2001216.047,803.6174.038,494.72.1%3.0%3.5%27.3%
2002222.648,948.7195.542,998.01.4%1.3%3.9%34.0%
2003229.050,086.8228.950,046.30.9%2.5%4.5%43.2%
2004244.553,167.4264.557,512.24.0%0.5%4.5%44.0%
2005258.855,878.3308.966,687.82.6%1.5%4.6%42.5%
2006273.258,478.9345.673,970.22.4%2.3%3.4%52.8%
2007289.061,205.9400.984,915.63.0%0.7%2.5%49.7%
2008295.961,820.4462.396,563.20.5%3.8%2.7%47.8%
2009292.760,439.5386.279,746.9-1.7%2.2%3.3%42.7%
2010298.360,773.6428.887,356.20.7%2.4%3.8%43.2%
2011307.561,827.8498.3100,197.21.0%1.3%3.4%29.8%
2012328.065,101.0509.5101,129.92.7%0.7%3.3%31.1%
2013340.166,742.1522.8102,576.71.0%2.1%3.8%31.6%
2014338.565,647.1498.496,657.62.0%2.0%3.6%29.9%
2015313.360,189.9385.874,115.22.0%2.2%4.5%34.5%
2016308.558,735.9368.870,223.81.1%3.6%4.7%38.1%
2017332.162,782.1398.475,306.72.3%1.9%4.2%38.6%
2018343.964,590.3437.082,082.11.1%2.8%3.9%39.7%
2019352.665,829.9404.975,594.00.7%2.2%3.7%40.9%
2020354.365,804.0362.267,265.9-0.7%1.3%4.6%46.8%
2021383.470,796.1482.289,041.63.9%3.5%4.4%43.4%
2022425.678,127.6504.792,646.03.6%4.7%3.9%40.3%
2023452.182,496.2486.488,748.82.6%3.8%3.8%39.5%
2024471.985,599.5495.189,809.92.2%2.7%3.7%39.2%
2025488.488,050.6502.890,663.81.6%2.5%3.7%38.7%
2026504.090,331.6509.691,330.91.3%2.0%3.7%38.2%
2027520.492,711.2522.693,107.31.3%2.0%3.7%37.7%

Companies

In 2022, the sector with the highest number of companies registered in Norway is Services with 296,849 companies followed by Finance, Insurance, and Real Estate with 118,411 companies respectively.[41]

Economic structure and sustained growth

The emergence of Norway as an oil-exporting country has raised a number of issues for Norwegian economic policy. There has been concern that much of Norway's human capital investment has been concentrated in petroleum-related industries. Critics have pointed out that Norway's economic structure is highly dependent on natural resources that do not require skilled labor, making economic growth highly vulnerable to fluctuations in the demand and pricing for these natural resources. The Government Pension Fund of Norway is part of several efforts to hedge against dependence on petroleum revenue.

Because of the oil boom since the 1970s, there has been little government incentive to help develop and encourage new industries in the private sector, in contrast to other Nordic countries like Sweden and particularly Finland. However the last decades have started to see some incentive on national and local government levels to encourage formation of new "mainland" industries that are competitive internationally. In addition to aspirations for a high-tech industry, there is growing interest in encouraging small business growth as a source of employment for the future. In 2006, the Norwegian government formed nine "centers of expertise" to facilitate this business growth. Later in June 2007, the government contributed to the formation of the Oslo Cancer Cluster (OCC) as a center of expertise, capitalizing on the fact that 80% of cancer research in Norway takes place in proximity to Oslo and that most Norwegian biotechnology companies are focused on cancer.

Agriculture of Norway

Pest control

Pesticide usage information for the entire country is available from Statistics Norway.[42]

Antimicrobial resistance

Overall the risk of antimicrobial resistance in the food supply chains is "negligible". Specifically cattle, milk/dairy products, fish, seafood, drinking water, and pork are considered to be negligible risks. On the other hand, there is a more-than-negligible risk from contact with live pigs (farming and processing them), live poultry, and poultry meat.[43]

Regional variation

See also: List of Norwegian counties by GDP.

RegionGDP per capita 2015
in eurosAs % of EU-28 average
29,000 100%
Norway46,300 160%
RichestOslo and Akershus51,800 178%
Agder and Rogaland40,600 140%
Vestlandet39,400 136%
Trøndelag35,500 122%
Nord-Norge33,500 115%
Sør-Østlandet 30,000 103%
PoorestHedmark and Oppland29,100 100%
Source: Eurostat[44]

See also

References and further reading

External links

External links

Notes and References

  1. Web site: World Economic Outlook Database, April 2024 . . IMF.org.
  2. Web site: World Bank Country and Lending Groups . . datahelpdesk.worldbank.org . 29 September 2019.
  3. Web site: Population on 1 January . . ec.europa.eu/eurostat . 13 July 2020.
  4. Web site: Report for Selected Countries and Subjects: April 2023. International Monetary Fund. imf.org.
  5. Web site: The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID. International Monetary Fund. April 11, 2023 .
  6. Web site: Corruption Perceptions Index . 30 January 2024 . . 15 July 2024 . 30 January 2024 . https://web.archive.org/web/20240130062042/https://www.transparency.org/en/cpi/2023 . live .
  7. Web site: The World Factbook . . CIA.gov . 29 June 2019.
  8. Web site: Konsumprisindeksen .
  9. Web site: World Economic Outlook Database, April 2020 . IMF.org . International Monetary Fund . 15 April 2020.
  10. Web site: People at risk of poverty or social exclusion . ec.europa.eu/eurostat . Eurostat.
  11. Web site: Gini coefficient of equivalised disposable income – EU-SILC survey . . ec.europa.eu/eurostat.
  12. Web site: Human Development Index (HDI) . . hdr.undp.org . 11 October 2022.
  13. Web site: Inequality-adjusted HDI (IHDI) . hdr.undp.org . . 11 October 2022.
  14. Web site: Ease of Doing Business in Norway . Doingbusiness.org . 2017-11-21 . live . https://web.archive.org/web/20171104060817/http://www.doingbusiness.org/data/exploreeconomies/norway/ . 4 November 2017 .
  15. Web site: Labor Force Survey . . ssb.no . 29 September 2020.
  16. Web site: Employment rate by sex, age group 20-64 . . ec.europa.eu/eurostat . 20 July 2024.
  17. Web site: Arbeidsledighet i Norge .
  18. Web site: Unemployment rate by age group . data.oecd.org . . 8 September 2020.
  19. SSB, https://www.ssb.no/utenriksokonomi/utenrikshandel/statistikk/utenrikshandel-med-varer/artikler/norges-viktigste-handelspartnere, 2023
  20. SSB, https://www.ssb.no/utenriksokonomi/utenrikshandel/statistikk/utenrikshandel-med-varer/artikler/norges-viktigste-handelspartnere, 2023
  21. Web site: Sovereigns rating list . Standard & Poor's . 26 May 2011 . live . https://web.archive.org/web/20110928234500/http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39 . 28 September 2011 .
  22. News: How Fitch, Moody's and S&P rate each country's credit rating . 15 April 2011 . Simon . Rogers . Ami . Sedghi . The Guardian . 31 May 2011 . live . https://web.archive.org/web/20130801105234/http://www.theguardian.com/news/datablog/2010/apr/30/credit-ratings-country-fitch-moodys-standard . 1 August 2013 .
  23. Web site: Scope affirms Norway's AAA rating with Stable Outlook. Scope Ratings. 30 September 2023.
  24. http://home.bi.no/a0310125/Bjornland_SJPE_1998.pdf The economic effects of north sea oil on the manufacturing sector
  25. http://www.offshorecenter.dk/filer/files/Project/Internationalisering/OCD%20report%20(Norway).pdf Overview of the Norwegian oil and gas sector
  26. Web site: Archived copy . 2012-12-28 . dead . https://web.archive.org/web/20130620044025/http://www.sv.uio.no/tik/forskning/publikasjoner/tik-artikkelserie/Ryggvik.pdf . 20 June 2013 .
  27. https://books.google.com/books?id=jZIOAAAAQAAJ&pg=PA221 The Oil Industry and Government Strategy in the North Sea
  28. News: The rich cousin. 1 February 2013. The Economist. 1 February 2013. live. https://web.archive.org/web/20130201053858/http://www.economist.com/news/special-report/21570842-oil-makes-norway-different-rest-region-only-up-point-rich. 1 February 2013.
  29. 3005973. Do Social-Welfare Policies Reduce Poverty? A Cross-National Assessment. Social Forces. 77. 3. 1119–1139. Kenworthy. Lane. 1999. 10.2307/3005973. https://web.archive.org/web/20130810134045/http://www.lisdatacenter.org/wps/liswps/188.pdf. 10 August 2013. live.
  30. 3088901. Determinants of Relative Poverty in Advanced Capitalist Democracies. American Sociological Review. 68. 1. 22–51. Moller. Stephanie. Huber. Evelyne. Stephens. John D.. Bradley. David. Nielsen. François. 2003. 10.2307/3088901.
  31. Web site: Social Expenditure – Aggregated data. Organisation for Economic Co-operation and Development.
  32. Book: Bagge, Sverre. From Viking Stronghold to Christian Kingdom: State Formation in Norway, c. 900-1350. 2010. Museum Tusculanum Press. 978-87-635-0791-2. 70. en.
  33. Web site: Norway's petroleum history . 2022-04-12 . www.norskoljeoggass.no . en . 27 July 2022 . https://web.archive.org/web/20220727091611/https://www.norskoljeoggass.no/en/about-us/oljehistorien/ . dead .
  34. Riber . Lars . Dypvik . Henning. Sørlie . Ronald . 2015 . Altered basement rocks on the Utsira High and its surroundings, Norwegian North Sea . . 95 . 1 . 57–89 . 3 February 2018.
  35. Web site: Norway – Corporate – Taxes on corporate income . 2018-01-14 . live . https://web.archive.org/web/20180114140733/http://taxsummaries.pwc.com/ID/Norway-Corporate-Taxes-on-corporate-income . 14 January 2018 .
  36. Lie . Einar . Context and Contingency: Explaining State Ownership in Norway . Enterprise & Society . 6 April 2016 . 17 . 4 . 904–930 . 10.1017/eso.2016.18 . 157325276 .
  37. Web site: The Size and Sectoral Distribution of State-Owned Enterprises. Korin Kane . 17 September 2018. oecd.org . 3 October 2019.
  38. Web site: Norway – Marketisation of Government Services State-Owned Enterprises. 2003. oecd.org . 3 October 2019.
  39. Web site: The Government's Revenues. 15 May 2019. Norwegian Petroleum . 3 October 2019.
  40. Web site: Report for Selected Countries and Subjects .
  41. Web site: Industry Breakdown of Companies in Norway . HitHorizons.
  42. Web site: Pesticide use . . 2016-09-27 . 2021-07-22.
  43. Book: Yazdankhah . Siamak . Grahek-Ogden . Danica . Hjeltnes . Brit . Langsrud . Solveig . Lassen . Jørgen . Norström . Madelaine . Sunde . Marianne . Eckner . Karl . Kapperud . Georg . Narvhus . Judith . Nesbakken . Truls . Robertson . Lucy . Rosnes . Jan Thomas . Skjerdal . Olaug Taran . Skjerve . Eystein . Vold . Line . Wasteson . Yngvild . Norwegian Scientific Committee for Food Safety . Norwegian Scientific Committee for Food Safety . Assessment of Antimicrobial Resistance in the Food Chains in Norway (Rep. No. 2015:29) . VKM Report . 3 November 2014 . Norwegian Scientific Committee for Food and Environment [Vitenskapskomiteen for mat og miljø] . 978-82-8259-184-3.
  44. http://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-513634_QID_-7680EC27_UID_-3F171EB0&layout=TIME,C,X,0;GEO,L,Y,0;UNIT,L,Z,0;INDICATORS,C,Z,1;&zSelection=DS-513634INDICATORS,OBS_FLAG;DS-513634UNIT,PPS_HAB;&rankName1=UNIT_1_2_-1_2&rankName2=INDICATORS_1_2_-1_2&rankName3=TIME_1_0_0_0&rankName4=GEO_1_2_0_1&sortC=ASC_-1_FIRST&rStp=&cStp=&rDCh=&cDCh=&rDM=true&cDM=true&footnes=false&empty=false&wai=false&time_mode=ROLLING&time_most_recent=false&lang=EN&cfo=%23%23%23%2C%23%23%23.%23%23%23 Gross domestic product (GDP) at current market prices by NUTS 2 regions