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NOK/USD
Foreign Exchange · Currency Pair

Norwegian krone priced in US dollars, including the historical reference series used to convert NOK financial statements and share prices into USD.

Forex Fundamentals

NOK/USD: Compare the economic areas behind a currency pair: policy interest rates, inflation, real GDP growth, government yields, money supply and upcoming releases, with dated historical charts and source definitions.

The forces behind NOK / USD

NOK/USD forex fundamentals. Two economies.
One exchange rate.

Follow the rates, prices and economic momentum that shape the relationship between NOK and USD.

Source-backed economic data ·

At a glance

The comparison that matters

Latest reported values · periods may differ
Policy interest rate
NOK4.50%
USD4.00%

Central-bank benchmark. US uses the Fed target upper bound.

Consumer inflation
NOK3.38%
USD3.74%

Annual change in consumer prices; CPI / euro-area HICP.

Economic growth
NOK1.60%
USD2.19%

Real GDP change versus the same quarter a year earlier.

10-year government yield
NOK4.48%
USD5.13%

Longer-term borrowing cost. Euro area uses Germany.

01 / Monetary policy

Follow the interest-rate cycle

When central banks move at different speeds, the gap between currencies changes.

Policy rates over time

% per year
NOK policy benchmark 4.50%USD target midpoint 3.88%

NOK policy benchmark: Oct 1996 – Oct 2026 · USD target midpoint: Oct 1996 – Oct 2026 · Quarterly samples + latest

Policy rate historyNOK policy benchmark, latest 4.50% on 2026-10-13; USD target midpoint, latest 3.88% on 2026-10-20. Exact values are available in the data table below.0.02.04.06.08.0Oct 1996Apr 2004Oct 2011Apr 2019Oct 2026NOK policy benchmark · Oct 1996: 4.50%NOK policy benchmark · Dec 1996: 4.00%NOK policy benchmark · Mar 1997: 3.25%NOK policy benchmark · Jun 1997: 3.25%NOK policy benchmark · Sept 1997: 3.50%NOK policy benchmark · Dec 1997: 3.50%NOK policy benchmark · Mar 1998: 3.75%NOK policy benchmark · Jun 1998: 4.50%NOK policy benchmark · Sept 1998: 8.00%NOK policy benchmark · Dec 1998: 8.00%NOK policy benchmark · Mar 1999: 7.00%NOK policy benchmark · Jun 1999: 6.00%NOK policy benchmark · Sept 1999: 5.50%NOK policy benchmark · Dec 1999: 5.50%NOK policy benchmark · Mar 2000: 5.50%NOK policy benchmark · Jun 2000: 6.25%NOK policy benchmark · Sept 2000: 7.00%NOK policy benchmark · Dec 2000: 7.00%NOK policy benchmark · Mar 2001: 7.00%NOK policy benchmark · Jun 2001: 7.00%NOK policy benchmark · Sept 2001: 7.00%NOK policy benchmark · Dec 2001: 6.50%NOK policy benchmark · Mar 2002: 6.50%NOK policy benchmark · Jun 2002: 6.50%NOK policy benchmark · Sept 2002: 7.00%NOK policy benchmark · Dec 2002: 6.50%NOK policy benchmark · Mar 2003: 5.50%NOK policy benchmark · Jun 2003: 4.00%NOK policy benchmark · Sept 2003: 2.50%NOK policy benchmark · Dec 2003: 2.25%NOK policy benchmark · Mar 2004: 1.75%NOK policy benchmark · Jun 2004: 1.75%NOK policy benchmark · Sept 2004: 1.75%NOK policy benchmark · Dec 2004: 1.75%NOK policy benchmark · Mar 2005: 1.75%NOK policy benchmark · Jun 2005: 1.75%NOK policy benchmark · Sept 2005: 2.00%NOK policy benchmark · Dec 2005: 2.25%NOK policy benchmark · Mar 2006: 2.50%NOK policy benchmark · Jun 2006: 2.75%NOK policy benchmark · Sept 2006: 3.00%NOK policy benchmark · Dec 2006: 3.50%NOK policy benchmark · Mar 2007: 4.00%NOK policy benchmark · Jun 2007: 4.50%NOK policy benchmark · Sept 2007: 5.00%NOK policy benchmark · Dec 2007: 5.25%NOK policy benchmark · Mar 2008: 5.25%NOK policy benchmark · Jun 2008: 5.75%NOK policy benchmark · Sept 2008: 5.75%NOK policy benchmark · Dec 2008: 3.00%NOK policy benchmark · Mar 2009: 2.00%NOK policy benchmark · Jun 2009: 1.25%NOK policy benchmark · Sept 2009: 1.25%NOK policy benchmark · Dec 2009: 1.75%NOK policy benchmark · Mar 2010: 1.75%NOK policy benchmark · Jun 2010: 2.00%NOK policy benchmark · Sept 2010: 2.00%NOK policy benchmark · Dec 2010: 2.00%NOK policy benchmark · Mar 2011: 2.00%NOK policy benchmark · Jun 2011: 2.25%NOK policy benchmark · Sept 2011: 2.25%NOK policy benchmark · Dec 2011: 1.75%NOK policy benchmark · Mar 2012: 1.50%NOK policy benchmark · Jun 2012: 1.50%NOK policy benchmark · Sept 2012: 1.50%NOK policy benchmark · Dec 2012: 1.50%NOK policy benchmark · Mar 2013: 1.50%NOK policy benchmark · Jun 2013: 1.50%NOK policy benchmark · Sept 2013: 1.50%NOK policy benchmark · Dec 2013: 1.50%NOK policy benchmark · Mar 2014: 1.50%NOK policy benchmark · Jun 2014: 1.50%NOK policy benchmark · Sept 2014: 1.50%NOK policy benchmark · Dec 2014: 1.25%NOK policy benchmark · Mar 2015: 1.25%NOK policy benchmark · Jun 2015: 1.00%NOK policy benchmark · Sept 2015: 0.75%NOK policy benchmark · Dec 2015: 0.75%NOK policy benchmark · Mar 2016: 0.50%NOK policy benchmark · Jun 2016: 0.50%NOK policy benchmark · Sept 2016: 0.50%NOK policy benchmark · Dec 2016: 0.50%NOK policy benchmark · Mar 2017: 0.50%NOK policy benchmark · Jun 2017: 0.50%NOK policy benchmark · Sept 2017: 0.50%NOK policy benchmark · Dec 2017: 0.50%NOK policy benchmark · Mar 2018: 0.50%NOK policy benchmark · Jun 2018: 0.50%NOK policy benchmark · Sept 2018: 0.75%NOK policy benchmark · Dec 2018: 0.75%NOK policy benchmark · Mar 2019: 1.00%NOK policy benchmark · Jun 2019: 1.25%NOK policy benchmark · Sept 2019: 1.50%NOK policy benchmark · Dec 2019: 1.50%NOK policy benchmark · Mar 2020: 0.25%NOK policy benchmark · Jun 2020: 0.00%NOK policy benchmark · Sept 2020: 0.00%NOK policy benchmark · Dec 2020: 0.00%NOK policy benchmark · Mar 2021: 0.00%NOK policy benchmark · Jun 2021: 0.00%NOK policy benchmark · Sept 2021: 0.25%NOK policy benchmark · Dec 2021: 0.50%NOK policy benchmark · Mar 2022: 0.75%NOK policy benchmark · Jun 2022: 1.25%NOK policy benchmark · Sept 2022: 2.25%NOK policy benchmark · Dec 2022: 2.75%NOK policy benchmark · Mar 2023: 3.00%NOK policy benchmark · Jun 2023: 3.75%NOK policy benchmark · Sept 2023: 4.25%NOK policy benchmark · Dec 2023: 4.50%NOK policy benchmark · Mar 2024: 4.50%NOK policy benchmark · Jun 2024: 4.50%NOK policy benchmark · Sept 2024: 4.50%NOK policy benchmark · Dec 2024: 4.50%NOK policy benchmark · Mar 2025: 4.50%NOK policy benchmark · Jun 2025: 4.25%NOK policy benchmark · Sept 2025: 4.00%NOK policy benchmark · Dec 2025: 4.00%NOK policy benchmark · Mar 2026: 4.00%NOK policy benchmark · Jun 2026: 4.25%NOK policy benchmark · Sept 2026: 4.50%NOK policy benchmark · Oct 2026: 4.50%USD target midpoint · Oct 1996: 5.25%USD target midpoint · Dec 1996: 5.25%USD target midpoint · Mar 1997: 5.50%USD target midpoint · Jun 1997: 5.50%USD target midpoint · Sept 1997: 5.50%USD target midpoint · Dec 1997: 5.50%USD target midpoint · Mar 1998: 5.50%USD target midpoint · Jun 1998: 5.50%USD target midpoint · Sept 1998: 5.25%USD target midpoint · Dec 1998: 4.75%USD target midpoint · Mar 1999: 4.75%USD target midpoint · Jun 1999: 5.00%USD target midpoint · Sept 1999: 5.25%USD target midpoint · Dec 1999: 5.50%USD target midpoint · Mar 2000: 6.00%USD target midpoint · Jun 2000: 6.50%USD target midpoint · Sept 2000: 6.50%USD target midpoint · Dec 2000: 6.50%USD target midpoint · Mar 2001: 5.00%USD target midpoint · Jun 2001: 3.75%USD target midpoint · Sept 2001: 3.00%USD target midpoint · Dec 2001: 1.75%USD target midpoint · Mar 2002: 1.75%USD target midpoint · Jun 2002: 1.75%USD target midpoint · Sept 2002: 1.75%USD target midpoint · Dec 2002: 1.25%USD target midpoint · Mar 2003: 1.25%USD target midpoint · Jun 2003: 1.00%USD target midpoint · Sept 2003: 1.00%USD target midpoint · Dec 2003: 1.00%USD target midpoint · Mar 2004: 1.00%USD target midpoint · Jun 2004: 1.25%USD target midpoint · Sept 2004: 1.75%USD target midpoint · Dec 2004: 2.25%USD target midpoint · Mar 2005: 2.75%USD target midpoint · Jun 2005: 3.25%USD target midpoint · Sept 2005: 3.75%USD target midpoint · Dec 2005: 4.25%USD target midpoint · Mar 2006: 4.75%USD target midpoint · Jun 2006: 5.25%USD target midpoint · Sept 2006: 5.25%USD target midpoint · Dec 2006: 5.25%USD target midpoint · Mar 2007: 5.25%USD target midpoint · Jun 2007: 5.25%USD target midpoint · Sept 2007: 4.75%USD target midpoint · Dec 2007: 4.25%USD target midpoint · Mar 2008: 2.25%USD target midpoint · Jun 2008: 2.00%USD target midpoint · Sept 2008: 2.00%USD target midpoint · Dec 2008: 0.13%USD target midpoint · Mar 2009: 0.13%USD target midpoint · Jun 2009: 0.13%USD target midpoint · Sept 2009: 0.13%USD target midpoint · Dec 2009: 0.13%USD target midpoint · Mar 2010: 0.13%USD target midpoint · Jun 2010: 0.13%USD target midpoint · Sept 2010: 0.13%USD target midpoint · Dec 2010: 0.13%USD target midpoint · Mar 2011: 0.13%USD target midpoint · Jun 2011: 0.13%USD target midpoint · Sept 2011: 0.13%USD target midpoint · Dec 2011: 0.13%USD target midpoint · Mar 2012: 0.13%USD target midpoint · Jun 2012: 0.13%USD target midpoint · Sept 2012: 0.13%USD target midpoint · Dec 2012: 0.13%USD target midpoint · Mar 2013: 0.13%USD target midpoint · Jun 2013: 0.13%USD target midpoint · Sept 2013: 0.13%USD target midpoint · Dec 2013: 0.13%USD target midpoint · Mar 2014: 0.13%USD target midpoint · Jun 2014: 0.13%USD target midpoint · Sept 2014: 0.13%USD target midpoint · Dec 2014: 0.13%USD target midpoint · Mar 2015: 0.13%USD target midpoint · Jun 2015: 0.13%USD target midpoint · Sept 2015: 0.13%USD target midpoint · Dec 2015: 0.38%USD target midpoint · Mar 2016: 0.38%USD target midpoint · Jun 2016: 0.38%USD target midpoint · Sept 2016: 0.38%USD target midpoint · Dec 2016: 0.63%USD target midpoint · Mar 2017: 0.88%USD target midpoint · Jun 2017: 1.13%USD target midpoint · Sept 2017: 1.13%USD target midpoint · Dec 2017: 1.38%USD target midpoint · Mar 2018: 1.63%USD target midpoint · Jun 2018: 1.88%USD target midpoint · Sept 2018: 2.13%USD target midpoint · Dec 2018: 2.38%USD target midpoint · Mar 2019: 2.38%USD target midpoint · Jun 2019: 2.38%USD target midpoint · Sept 2019: 1.88%USD target midpoint · Dec 2019: 1.63%USD target midpoint · Mar 2020: 0.13%USD target midpoint · Jun 2020: 0.13%USD target midpoint · Sept 2020: 0.13%USD target midpoint · Dec 2020: 0.13%USD target midpoint · Mar 2021: 0.13%USD target midpoint · Jun 2021: 0.13%USD target midpoint · Sept 2021: 0.13%USD target midpoint · Dec 2021: 0.13%USD target midpoint · Mar 2022: 0.38%USD target midpoint · Jun 2022: 1.63%USD target midpoint · Sept 2022: 3.13%USD target midpoint · Dec 2022: 4.38%USD target midpoint · Mar 2023: 4.88%USD target midpoint · Jun 2023: 5.13%USD target midpoint · Sept 2023: 5.38%USD target midpoint · Dec 2023: 5.38%USD target midpoint · Mar 2024: 5.38%USD target midpoint · Jun 2024: 5.38%USD target midpoint · Sept 2024: 4.88%USD target midpoint · Dec 2024: 4.38%USD target midpoint · Mar 2025: 4.38%USD target midpoint · Jun 2025: 4.38%USD target midpoint · Sept 2025: 4.13%USD target midpoint · Dec 2025: 3.63%USD target midpoint · Mar 2026: 3.63%USD target midpoint · Jun 2026: 3.63%USD target midpoint · Sept 2026: 3.88%USD target midpoint · Oct 2026: 3.88%Hover a point, or use the data table for exact values.
View chart data ↓
Policy rate history · percent
PeriodCurrencyValue
2026-10-20USD target midpoint3.88%
2026-10-13NOK policy benchmark4.50%
2026-09-30NOK policy benchmark4.50%
2026-09-30USD target midpoint3.88%
2026-06-30NOK policy benchmark4.25%
2026-06-30USD target midpoint3.63%
2026-03-31NOK policy benchmark4.00%
2026-03-31USD target midpoint3.63%
2025-12-31NOK policy benchmark4.00%
2025-12-31USD target midpoint3.63%
2025-09-30NOK policy benchmark4.00%
2025-09-30USD target midpoint4.13%
2025-06-30NOK policy benchmark4.25%
2025-06-30USD target midpoint4.38%
2025-03-31NOK policy benchmark4.50%
2025-03-31USD target midpoint4.38%
2024-12-31NOK policy benchmark4.50%
2024-12-31USD target midpoint4.38%
2024-09-30NOK policy benchmark4.50%
2024-09-30USD target midpoint4.88%
2024-06-30USD target midpoint5.38%
2024-06-28NOK policy benchmark4.50%
2024-03-31USD target midpoint5.38%
2024-03-27NOK policy benchmark4.50%
2023-12-31USD target midpoint5.38%
2023-12-29NOK policy benchmark4.50%
2023-09-30USD target midpoint5.38%
2023-09-29NOK policy benchmark4.25%
2023-06-30NOK policy benchmark3.75%
2023-06-30USD target midpoint5.13%
2023-03-31NOK policy benchmark3.00%
2023-03-31USD target midpoint4.88%
2022-12-31USD target midpoint4.38%
2022-12-30NOK policy benchmark2.75%
2022-09-30NOK policy benchmark2.25%
2022-09-30USD target midpoint3.13%
2022-06-30NOK policy benchmark1.25%
2022-06-30USD target midpoint1.63%
2022-03-31NOK policy benchmark0.75%
2022-03-31USD target midpoint0.38%
2021-12-31NOK policy benchmark0.50%
2021-12-31USD target midpoint0.13%
2021-09-30NOK policy benchmark0.25%
2021-09-30USD target midpoint0.13%
2021-06-30NOK policy benchmark0.00%
2021-06-30USD target midpoint0.13%
2021-03-31NOK policy benchmark0.00%
2021-03-31USD target midpoint0.13%
2020-12-31NOK policy benchmark0.00%
2020-12-31USD target midpoint0.13%
2020-09-30NOK policy benchmark0.00%
2020-09-30USD target midpoint0.13%
2020-06-30NOK policy benchmark0.00%
2020-06-30USD target midpoint0.13%
2020-03-31NOK policy benchmark0.25%
2020-03-31USD target midpoint0.13%
2019-12-31NOK policy benchmark1.50%
2019-12-31USD target midpoint1.63%
2019-09-30NOK policy benchmark1.50%
2019-09-30USD target midpoint1.88%
2019-06-30USD target midpoint2.38%
2019-06-28NOK policy benchmark1.25%
2019-03-31USD target midpoint2.38%
2019-03-29NOK policy benchmark1.00%
2018-12-31NOK policy benchmark0.75%
2018-12-31USD target midpoint2.38%
2018-09-30USD target midpoint2.13%
2018-09-28NOK policy benchmark0.75%
2018-06-30USD target midpoint1.88%
2018-06-29NOK policy benchmark0.50%
2018-03-31USD target midpoint1.63%
2018-03-28NOK policy benchmark0.50%
2017-12-31USD target midpoint1.38%
2017-12-29NOK policy benchmark0.50%
2017-09-30USD target midpoint1.13%
2017-09-29NOK policy benchmark0.50%
2017-06-30NOK policy benchmark0.50%
2017-06-30USD target midpoint1.13%
2017-03-31NOK policy benchmark0.50%
2017-03-31USD target midpoint0.88%
2016-12-31USD target midpoint0.63%
2016-12-30NOK policy benchmark0.50%
2016-09-30NOK policy benchmark0.50%
2016-09-30USD target midpoint0.38%
2016-06-30NOK policy benchmark0.50%
2016-06-30USD target midpoint0.38%
2016-03-31NOK policy benchmark0.50%
2016-03-31USD target midpoint0.38%
2015-12-31USD target midpoint0.38%
2015-12-30NOK policy benchmark0.75%
2015-09-30NOK policy benchmark0.75%
2015-09-30USD target midpoint0.13%
2015-06-30NOK policy benchmark1.00%
2015-06-30USD target midpoint0.13%
2015-03-31NOK policy benchmark1.25%
2015-03-31USD target midpoint0.13%
2014-12-31NOK policy benchmark1.25%
2014-12-31USD target midpoint0.13%
2014-09-30NOK policy benchmark1.50%
2014-09-30USD target midpoint0.13%
2014-06-30NOK policy benchmark1.50%
2014-06-30USD target midpoint0.13%
2014-03-31NOK policy benchmark1.50%
2014-03-31USD target midpoint0.13%
2013-12-31NOK policy benchmark1.50%
2013-12-31USD target midpoint0.13%
2013-09-30NOK policy benchmark1.50%
2013-09-30USD target midpoint0.13%
2013-06-30USD target midpoint0.13%
2013-06-28NOK policy benchmark1.50%
2013-03-31USD target midpoint0.13%
2013-03-27NOK policy benchmark1.50%
2012-12-31NOK policy benchmark1.50%
2012-12-31USD target midpoint0.13%
2012-09-30USD target midpoint0.13%
2012-09-28NOK policy benchmark1.50%
2012-06-30USD target midpoint0.13%
2012-06-29NOK policy benchmark1.50%
2012-03-31USD target midpoint0.13%
2012-03-30NOK policy benchmark1.50%
2011-12-31USD target midpoint0.13%
2011-12-30NOK policy benchmark1.75%
2011-09-30NOK policy benchmark2.25%
2011-09-30USD target midpoint0.13%
2011-06-30NOK policy benchmark2.25%
2011-06-30USD target midpoint0.13%
2011-03-31NOK policy benchmark2.00%
2011-03-31USD target midpoint0.13%
2010-12-31NOK policy benchmark2.00%
2010-12-31USD target midpoint0.13%
2010-09-30NOK policy benchmark2.00%
2010-09-30USD target midpoint0.13%
2010-06-30NOK policy benchmark2.00%
2010-06-30USD target midpoint0.13%
2010-03-31NOK policy benchmark1.75%
2010-03-31USD target midpoint0.13%
2009-12-31NOK policy benchmark1.75%
2009-12-31USD target midpoint0.13%
2009-09-30NOK policy benchmark1.25%
2009-09-30USD target midpoint0.13%
2009-06-30NOK policy benchmark1.25%
2009-06-30USD target midpoint0.13%
2009-03-31NOK policy benchmark2.00%
2009-03-31USD target midpoint0.13%
2008-12-31NOK policy benchmark3.00%
2008-12-31USD target midpoint0.13%
2008-09-30NOK policy benchmark5.75%
2008-09-30USD target midpoint2.00%
2008-06-30NOK policy benchmark5.75%
2008-06-30USD target midpoint2.00%
2008-03-31NOK policy benchmark5.25%
2008-03-31USD target midpoint2.25%
2007-12-31NOK policy benchmark5.25%
2007-12-31USD target midpoint4.25%
2007-09-30USD target midpoint4.75%
2007-09-28NOK policy benchmark5.00%
2007-06-30USD target midpoint5.25%
2007-06-29NOK policy benchmark4.50%
2007-03-31USD target midpoint5.25%
2007-03-30NOK policy benchmark4.00%
2006-12-31USD target midpoint5.25%
2006-12-29NOK policy benchmark3.50%
2006-09-30USD target midpoint5.25%
2006-09-29NOK policy benchmark3.00%
2006-06-30NOK policy benchmark2.75%
2006-06-30USD target midpoint5.25%
2006-03-31NOK policy benchmark2.50%
2006-03-31USD target midpoint4.75%
2005-12-31USD target midpoint4.25%
2005-12-30NOK policy benchmark2.25%
2005-09-30NOK policy benchmark2.00%
2005-09-30USD target midpoint3.75%
2005-06-30NOK policy benchmark1.75%
2005-06-30USD target midpoint3.25%
2005-03-31NOK policy benchmark1.75%
2005-03-31USD target midpoint2.75%
2004-12-31NOK policy benchmark1.75%
2004-12-31USD target midpoint2.25%
2004-09-30NOK policy benchmark1.75%
2004-09-30USD target midpoint1.75%
2004-06-30NOK policy benchmark1.75%
2004-06-30USD target midpoint1.25%
2004-03-31NOK policy benchmark1.75%
2004-03-31USD target midpoint1.00%
2003-12-31USD target midpoint1.00%
2003-12-30NOK policy benchmark2.25%
2003-09-30NOK policy benchmark2.50%
2003-09-30USD target midpoint1.00%
2003-06-30NOK policy benchmark4.00%
2003-06-30USD target midpoint1.00%
2003-03-31NOK policy benchmark5.50%
2003-03-31USD target midpoint1.25%
2002-12-31NOK policy benchmark6.50%
2002-12-31USD target midpoint1.25%
2002-09-30NOK policy benchmark7.00%
2002-09-30USD target midpoint1.75%
2002-06-30USD target midpoint1.75%
2002-06-28NOK policy benchmark6.50%
2002-03-31USD target midpoint1.75%
2002-03-27NOK policy benchmark6.50%
2001-12-31NOK policy benchmark6.50%
2001-12-31USD target midpoint1.75%
2001-09-30USD target midpoint3.00%
2001-09-28NOK policy benchmark7.00%
2001-06-30USD target midpoint3.75%
2001-06-29NOK policy benchmark7.00%
2001-03-31USD target midpoint5.00%
2001-03-30NOK policy benchmark7.00%
2000-12-31USD target midpoint6.50%
2000-12-29NOK policy benchmark7.00%
2000-09-30USD target midpoint6.50%
2000-09-29NOK policy benchmark7.00%
2000-06-30NOK policy benchmark6.25%
2000-06-30USD target midpoint6.50%
2000-03-31NOK policy benchmark5.50%
2000-03-31USD target midpoint6.00%
1999-12-31NOK policy benchmark5.50%
1999-12-31USD target midpoint5.50%
1999-09-30NOK policy benchmark5.50%
1999-09-30USD target midpoint5.25%
1999-06-30NOK policy benchmark6.00%
1999-06-30USD target midpoint5.00%
1999-03-31NOK policy benchmark7.00%
1999-03-31USD target midpoint4.75%
1998-12-31NOK policy benchmark8.00%
1998-12-31USD target midpoint4.75%
1998-09-30NOK policy benchmark8.00%
1998-09-30USD target midpoint5.25%
1998-06-30NOK policy benchmark4.50%
1998-06-30USD target midpoint5.50%
1998-03-31NOK policy benchmark3.75%
1998-03-31USD target midpoint5.50%
1997-12-31NOK policy benchmark3.50%
1997-12-31USD target midpoint5.50%
1997-09-30NOK policy benchmark3.50%
1997-09-30USD target midpoint5.50%
1997-06-30NOK policy benchmark3.25%
1997-06-30USD target midpoint5.50%
1997-03-31USD target midpoint5.50%
1997-03-26NOK policy benchmark3.25%
1996-12-31USD target midpoint5.25%
1996-12-30NOK policy benchmark4.00%
1996-10-31NOK policy benchmark4.50%
1996-10-31USD target midpoint5.25%

NOK policy benchmark: BIS · USD target midpoint: BIS · Quarter-end samples plus the latest observation. Coverage dates are shown above the chart.

History follows the BIS policy benchmark. USD is the Fed target midpoint. Current-rate cards use their labelled benchmarks. Historical instruments can differ; see definitions below.

Historical rate definitions ↓

NOK policy benchmark: From 11 Jun 1993 onwards: official deposit facility rate; from 3 Mar 1986 to 10 Jun 1993 official credit facility rate.

USD target midpoint: From 19 Dec 1985 onwards: mid-point of the Federal Reserve target rate; from 1 Jul 1954 to 18 Dec 1985: US Fed Funds effective rate.

02 / Economic momentum

What is happening beneath the currency?

Prices reveal inflation pressure. Growth shows the pace of the underlying economy.

Is inflation cooling?

Annual change, %
NOK 3.38%USD 3.74%

NOK: Nov 2021 – Sept 2026 · USD: Nov 2006 – Sept 2026 · Quarterly samples + latest

Consumer price inflationNOK, latest 3.38% on 2026-09-30; USD, latest 3.74% on 2026-09-30. Exact values are available in the data table below.-5.00.05.010.0Nov 2006Nov 2011Oct 2016Oct 2021Sept 2026NOK · Nov 2021: 5.15%NOK · Dec 2021: 5.24%NOK · Mar 2022: 4.57%NOK · Jun 2022: 6.33%NOK · Sept 2022: 6.79%NOK · Dec 2022: 5.91%NOK · Mar 2023: 6.55%NOK · Jun 2023: 6.40%NOK · Sept 2023: 3.40%NOK · Dec 2023: 4.70%NOK · Mar 2024: 3.88%NOK · Jun 2024: 2.64%NOK · Sept 2024: 2.97%NOK · Dec 2024: 2.30%NOK · Mar 2025: 2.60%NOK · Jun 2025: 2.98%NOK · Sept 2025: 3.60%NOK · Dec 2025: 3.17%NOK · Mar 2026: 3.64%NOK · Jun 2026: 2.70%NOK · Sept 2026: 3.38%USD · Nov 2006: 1.97%USD · Dec 2006: 2.54%USD · Mar 2007: 2.78%USD · Jun 2007: 2.69%USD · Sept 2007: 2.76%USD · Dec 2007: 4.08%USD · Mar 2008: 3.98%USD · Jun 2008: 5.02%USD · Sept 2008: 4.94%USD · Dec 2008: 0.09%USD · Mar 2009: -0.38%USD · Jun 2009: -1.43%USD · Sept 2009: -1.29%USD · Dec 2009: 2.72%USD · Mar 2010: 2.31%USD · Jun 2010: 1.05%USD · Sept 2010: 1.14%USD · Dec 2010: 1.50%USD · Mar 2011: 2.68%USD · Jun 2011: 3.56%USD · Sept 2011: 3.87%USD · Dec 2011: 2.96%USD · Mar 2012: 2.65%USD · Jun 2012: 1.66%USD · Sept 2012: 1.99%USD · Dec 2012: 1.74%USD · Mar 2013: 1.47%USD · Jun 2013: 1.75%USD · Sept 2013: 1.18%USD · Dec 2013: 1.50%USD · Mar 2014: 1.51%USD · Jun 2014: 2.07%USD · Sept 2014: 1.66%USD · Dec 2014: 0.76%USD · Mar 2015: -0.07%USD · Jun 2015: 0.12%USD · Sept 2015: -0.04%USD · Dec 2015: 0.73%USD · Mar 2016: 0.85%USD · Jun 2016: 1.00%USD · Sept 2016: 1.46%USD · Dec 2016: 2.07%USD · Mar 2017: 2.38%USD · Jun 2017: 1.63%USD · Sept 2017: 2.23%USD · Dec 2017: 2.11%USD · Mar 2018: 2.36%USD · Jun 2018: 2.87%USD · Sept 2018: 2.28%USD · Dec 2018: 1.91%USD · Mar 2019: 1.86%USD · Jun 2019: 1.65%USD · Sept 2019: 1.71%USD · Dec 2019: 2.29%USD · Mar 2020: 1.54%USD · Jun 2020: 0.65%USD · Sept 2020: 1.37%USD · Dec 2020: 1.36%USD · Mar 2021: 2.62%USD · Jun 2021: 5.39%USD · Sept 2021: 5.39%USD · Dec 2021: 7.04%USD · Mar 2022: 8.54%USD · Jun 2022: 9.06%USD · Sept 2022: 8.20%USD · Dec 2022: 6.45%USD · Mar 2023: 4.98%USD · Jun 2023: 2.97%USD · Sept 2023: 3.70%USD · Dec 2023: 3.35%USD · Mar 2024: 3.48%USD · Jun 2024: 2.97%USD · Sept 2024: 2.44%USD · Dec 2024: 2.89%USD · Mar 2025: 2.39%USD · Jun 2025: 2.67%USD · Sept 2025: 3.01%USD · Dec 2025: 2.68%USD · Mar 2026: 3.26%USD · Jun 2026: 3.53%USD · Sept 2026: 3.74%Hover a point, or use the data table for exact values.
View chart data ↓
Consumer price inflation · percent
PeriodCurrencyValue
2026-09-30NOK3.38%
2026-09-30USD3.74%
2026-06-30NOK2.70%
2026-06-30USD3.53%
2026-03-31NOK3.64%
2026-03-31USD3.26%
2025-12-31NOK3.17%
2025-12-31USD2.68%
2025-09-30NOK3.60%
2025-09-30USD3.01%
2025-06-30NOK2.98%
2025-06-30USD2.67%
2025-03-31NOK2.60%
2025-03-31USD2.39%
2024-12-31NOK2.30%
2024-12-31USD2.89%
2024-09-30NOK2.97%
2024-09-30USD2.44%
2024-06-30NOK2.64%
2024-06-30USD2.97%
2024-03-31NOK3.88%
2024-03-31USD3.48%
2023-12-31NOK4.70%
2023-12-31USD3.35%
2023-09-30NOK3.40%
2023-09-30USD3.70%
2023-06-30NOK6.40%
2023-06-30USD2.97%
2023-03-31NOK6.55%
2023-03-31USD4.98%
2022-12-31NOK5.91%
2022-12-31USD6.45%
2022-09-30NOK6.79%
2022-09-30USD8.20%
2022-06-30NOK6.33%
2022-06-30USD9.06%
2022-03-31NOK4.57%
2022-03-31USD8.54%
2021-12-31NOK5.24%
2021-12-31USD7.04%
2021-11-30NOK5.15%
2021-09-30USD5.39%
2021-06-30USD5.39%
2021-03-31USD2.62%
2020-12-31USD1.36%
2020-09-30USD1.37%
2020-06-30USD0.65%
2020-03-31USD1.54%
2019-12-31USD2.29%
2019-09-30USD1.71%
2019-06-30USD1.65%
2019-03-31USD1.86%
2018-12-31USD1.91%
2018-09-30USD2.28%
2018-06-30USD2.87%
2018-03-31USD2.36%
2017-12-31USD2.11%
2017-09-30USD2.23%
2017-06-30USD1.63%
2017-03-31USD2.38%
2016-12-31USD2.07%
2016-09-30USD1.46%
2016-06-30USD1.00%
2016-03-31USD0.85%
2015-12-31USD0.73%
2015-09-30USD-0.04%
2015-06-30USD0.12%
2015-03-31USD-0.07%
2014-12-31USD0.76%
2014-09-30USD1.66%
2014-06-30USD2.07%
2014-03-31USD1.51%
2013-12-31USD1.50%
2013-09-30USD1.18%
2013-06-30USD1.75%
2013-03-31USD1.47%
2012-12-31USD1.74%
2012-09-30USD1.99%
2012-06-30USD1.66%
2012-03-31USD2.65%
2011-12-31USD2.96%
2011-09-30USD3.87%
2011-06-30USD3.56%
2011-03-31USD2.68%
2010-12-31USD1.50%
2010-09-30USD1.14%
2010-06-30USD1.05%
2010-03-31USD2.31%
2009-12-31USD2.72%
2009-09-30USD-1.29%
2009-06-30USD-1.43%
2009-03-31USD-0.38%
2008-12-31USD0.09%
2008-09-30USD4.94%
2008-06-30USD5.02%
2008-03-31USD3.98%
2007-12-31USD4.08%
2007-09-30USD2.76%
2007-06-30USD2.69%
2007-03-31USD2.78%
2006-12-31USD2.54%
2006-11-30USD1.97%

Falling inflation means prices are rising more slowly—not necessarily falling.

NOK: OECD · USD: OECD · Headline measures; baskets differ.

Which economy is growing faster?

Year over year, %
NOK 1.60%USD 2.19%

NOK: Mar 2022 – Jun 2026 · USD: Dec 2016 – Jun 2026

Real GDP growthNOK, latest 1.60% on 2026-06-30; USD, latest 2.19% on 2026-06-30. Exact values are available in the data table below.-10-5051015Dec 2016May 2019Sept 2021Feb 2024Jun 2026NOK · Mar 2022: 4.59%NOK · Jun 2022: 5.64%NOK · Sept 2022: 3.39%NOK · Dec 2022: 2.59%NOK · Mar 2023: 2.84%NOK · Jun 2023: 0.64%NOK · Sept 2023: -1.92%NOK · Dec 2023: 0.85%NOK · Mar 2024: 0.69%NOK · Jun 2024: 2.49%NOK · Sept 2024: 2.50%NOK · Dec 2024: 0.12%NOK · Mar 2025: 0.33%NOK · Jun 2025: 0.19%NOK · Sept 2025: 2.25%NOK · Dec 2025: 1.97%NOK · Mar 2026: 1.91%NOK · Jun 2026: 1.60%NOK · Mar 2022: 4.59%NOK · Jun 2022: 5.64%NOK · Sept 2022: 3.39%NOK · Dec 2022: 2.59%NOK · Mar 2023: 2.84%NOK · Jun 2023: 0.64%NOK · Sept 2023: -1.92%NOK · Dec 2023: 0.85%NOK · Mar 2024: 0.69%NOK · Jun 2024: 2.49%NOK · Sept 2024: 2.50%NOK · Dec 2024: 0.12%NOK · Mar 2025: 0.33%NOK · Jun 2025: 0.19%NOK · Sept 2025: 2.25%NOK · Dec 2025: 1.97%NOK · Mar 2026: 1.91%NOK · Jun 2026: 1.60%USD · Dec 2016: 2.18%USD · Mar 2017: 2.09%USD · Jun 2017: 2.33%USD · Sept 2017: 2.41%USD · Dec 2017: 2.99%USD · Mar 2018: 3.33%USD · Jun 2018: 3.30%USD · Sept 2018: 3.13%USD · Dec 2018: 2.13%USD · Mar 2019: 1.93%USD · Jun 2019: 2.24%USD · Sept 2019: 2.80%USD · Dec 2019: 3.35%USD · Mar 2020: 1.36%USD · Jun 2020: -7.40%USD · Sept 2020: -1.36%USD · Dec 2020: -0.92%USD · Mar 2021: 1.92%USD · Jun 2021: 12.56%USD · Sept 2021: 5.27%USD · Mar 2022: 3.98%USD · Jun 2022: 2.34%USD · Sept 2022: 2.23%USD · Dec 2022: 1.23%USD · Mar 2023: 2.33%USD · Jun 2023: 2.74%USD · Sept 2023: 3.18%USD · Dec 2023: 3.42%USD · Mar 2024: 2.93%USD · Jun 2024: 3.29%USD · Sept 2024: 2.95%USD · Dec 2024: 2.64%USD · Mar 2025: 2.31%USD · Jun 2025: 2.42%USD · Sept 2025: 2.60%USD · Dec 2025: 2.05%USD · Mar 2026: 2.64%USD · Jun 2026: 2.19%USD · Dec 2016: 2.18%USD · Mar 2017: 2.09%USD · Jun 2017: 2.33%USD · Sept 2017: 2.41%USD · Dec 2017: 2.99%USD · Mar 2018: 3.33%USD · Jun 2018: 3.30%USD · Sept 2018: 3.13%USD · Dec 2018: 2.13%USD · Mar 2019: 1.93%USD · Jun 2019: 2.24%USD · Sept 2019: 2.80%USD · Dec 2019: 3.35%USD · Mar 2020: 1.36%USD · Jun 2020: -7.40%USD · Sept 2020: -1.36%USD · Dec 2020: -0.92%USD · Mar 2021: 1.92%USD · Jun 2021: 12.56%USD · Sept 2021: 5.27%USD · Mar 2022: 3.98%USD · Jun 2022: 2.34%USD · Sept 2022: 2.23%USD · Dec 2022: 1.23%USD · Mar 2023: 2.33%USD · Jun 2023: 2.74%USD · Sept 2023: 3.18%USD · Dec 2023: 3.42%USD · Mar 2024: 2.93%USD · Jun 2024: 3.29%USD · Sept 2024: 2.95%USD · Dec 2024: 2.64%USD · Mar 2025: 2.31%USD · Jun 2025: 2.42%USD · Sept 2025: 2.60%USD · Dec 2025: 2.05%USD · Mar 2026: 2.64%USD · Jun 2026: 2.19%Hover a point, or use the data table for exact values.
View chart data ↓
Real GDP growth · percent
PeriodCurrencyValue
2026-06-30NOK1.60%
2026-06-30USD2.19%
2026-03-31NOK1.91%
2026-03-31USD2.64%
2025-12-31NOK1.97%
2025-12-31USD2.05%
2025-09-30NOK2.25%
2025-09-30USD2.60%
2025-06-30NOK0.19%
2025-06-30USD2.42%
2025-03-31NOK0.33%
2025-03-31USD2.31%
2024-12-31NOK0.12%
2024-12-31USD2.64%
2024-09-30NOK2.50%
2024-09-30USD2.95%
2024-06-30NOK2.49%
2024-06-30USD3.29%
2024-03-31NOK0.69%
2024-03-31USD2.93%
2023-12-31NOK0.85%
2023-12-31USD3.42%
2023-09-30NOK-1.92%
2023-09-30USD3.18%
2023-06-30NOK0.64%
2023-06-30USD2.74%
2023-03-31NOK2.84%
2023-03-31USD2.33%
2022-12-31NOK2.59%
2022-12-31USD1.23%
2022-09-30NOK3.39%
2022-09-30USD2.23%
2022-06-30NOK5.64%
2022-06-30USD2.34%
2022-03-31NOK4.59%
2022-03-31USD3.98%
2021-09-30USD5.27%
2021-06-30USD12.56%
2021-03-31USD1.92%
2020-12-31USD-0.92%
2020-09-30USD-1.36%
2020-06-30USD-7.40%
2020-03-31USD1.36%
2019-12-31USD3.35%
2019-09-30USD2.80%
2019-06-30USD2.24%
2019-03-31USD1.93%
2018-12-31USD2.13%
2018-09-30USD3.13%
2018-06-30USD3.30%
2018-03-31USD3.33%
2017-12-31USD2.99%
2017-09-30USD2.41%
2017-06-30USD2.33%
2017-03-31USD2.09%
2016-12-31USD2.18%

Bars above zero show a larger economy than a year earlier. Below zero indicates contraction.

NOK: OECD · USD: OECD · Quarterly observations · Max shows all GDP history in this publication. Euro-area series uses EA20.

03 / Money & liquidity

Follow the layers
of money.

Choose the aggregate, then compare its expansion. The index starts at 100 so different currencies can be read on the same scale.

M1 · Ready to spend
Cash and immediately accessible deposits. US M1 expanded in May 2020 to include savings deposits; the earlier definition stays separate.

M2 · Money plus liquid savings
Includes M1 and additional savings or short-term deposits. National definitions differ.

M3 · The broader layer
Where published, includes M2 and selected larger deposits or marketable instruments. The US stopped publishing M3 in 2006.

USD M223.34 trillion USD

M1 is included in M2, and M2 in M3 where defined. Do not sum these layers. Amounts in different currencies are not directly comparable.

M2 relative expansion

USD 333.37

USD: Oct 2006 – Aug 2026 · Quarterly samples + latest

M2 indexed to a common starting monthUSD, latest 333.37 index points on 2026-08-31. Exact values are available in the data table below.0100200300400Oct 2006Oct 2011Sept 2016Sept 2021Aug 2026USD · Oct 2006: 100.00 index pointsUSD · Dec 2006: 101.10 index pointsUSD · Mar 2007: 102.32 index pointsUSD · Jun 2007: 104.12 index pointsUSD · Sept 2007: 105.88 index pointsUSD · Dec 2007: 106.86 index pointsUSD · Mar 2008: 109.47 index pointsUSD · Jun 2008: 110.64 index pointsUSD · Sept 2008: 112.45 index pointsUSD · Dec 2008: 117.15 index pointsUSD · Mar 2009: 119.69 index pointsUSD · Jun 2009: 120.86 index pointsUSD · Sept 2009: 120.86 index pointsUSD · Dec 2009: 121.54 index pointsUSD · Mar 2010: 121.66 index pointsUSD · Jun 2010: 123.26 index pointsUSD · Sept 2010: 124.53 index pointsUSD · Dec 2010: 125.99 index pointsUSD · Mar 2011: 128.07 index pointsUSD · Jun 2011: 131.16 index pointsUSD · Sept 2011: 136.43 index pointsUSD · Dec 2011: 138.29 index pointsUSD · Mar 2012: 140.66 index pointsUSD · Jun 2012: 143.15 index pointsUSD · Sept 2012: 146.08 index pointsUSD · Dec 2012: 149.75 index pointsUSD · Mar 2013: 151.08 index pointsUSD · Jun 2013: 152.89 index pointsUSD · Sept 2013: 155.18 index pointsUSD · Dec 2013: 157.99 index pointsUSD · Mar 2014: 160.36 index pointsUSD · Jun 2014: 162.79 index pointsUSD · Sept 2014: 164.53 index pointsUSD · Dec 2014: 167.40 index pointsUSD · Mar 2015: 170.22 index pointsUSD · Jun 2015: 171.68 index pointsUSD · Sept 2015: 173.84 index pointsUSD · Dec 2015: 177.00 index pointsUSD · Mar 2016: 180.83 index pointsUSD · Jun 2016: 183.51 index pointsUSD · Sept 2016: 186.41 index pointsUSD · Dec 2016: 189.09 index pointsUSD · Mar 2017: 192.29 index pointsUSD · Jun 2017: 193.90 index pointsUSD · Sept 2017: 196.27 index pointsUSD · Dec 2017: 198.33 index pointsUSD · Mar 2018: 200.15 index pointsUSD · Jun 2018: 201.84 index pointsUSD · Sept 2018: 203.42 index pointsUSD · Dec 2018: 205.54 index pointsUSD · Mar 2019: 207.93 index pointsUSD · Jun 2019: 211.35 index pointsUSD · Sept 2019: 214.90 index pointsUSD · Dec 2019: 219.24 index pointsUSD · Mar 2020: 228.99 index pointsUSD · Jun 2020: 259.64 index pointsUSD · Sept 2020: 265.71 index pointsUSD · Dec 2020: 273.05 index pointsUSD · Mar 2021: 283.84 index pointsUSD · Jun 2021: 292.38 index pointsUSD · Sept 2021: 299.70 index pointsUSD · Dec 2021: 307.09 index pointsUSD · Mar 2022: 311.17 index pointsUSD · Jun 2022: 309.15 index pointsUSD · Sept 2022: 307.64 index pointsUSD · Dec 2022: 304.10 index pointsUSD · Mar 2023: 299.09 index pointsUSD · Jun 2023: 297.04 index pointsUSD · Sept 2023: 296.39 index pointsUSD · Dec 2023: 296.77 index pointsUSD · Mar 2024: 299.42 index pointsUSD · Jun 2024: 300.92 index pointsUSD · Sept 2024: 303.85 index pointsUSD · Dec 2024: 306.87 index pointsUSD · Mar 2025: 309.68 index pointsUSD · Jun 2025: 313.37 index pointsUSD · Sept 2025: 316.71 index pointsUSD · Dec 2025: 319.27 index pointsUSD · Mar 2026: 323.34 index pointsUSD · Jun 2026: 330.11 index pointsUSD · Aug 2026: 333.37 index pointsHover a point, or use the data table for exact values.
View chart data ↓
M2 indexed to a common starting month · index points
PeriodCurrencyValue
2026-08-31USD333.37 index points
2026-06-30USD330.11 index points
2026-03-31USD323.34 index points
2025-12-31USD319.27 index points
2025-09-30USD316.71 index points
2025-06-30USD313.37 index points
2025-03-31USD309.68 index points
2024-12-31USD306.87 index points
2024-09-30USD303.85 index points
2024-06-30USD300.92 index points
2024-03-31USD299.42 index points
2023-12-31USD296.77 index points
2023-09-30USD296.39 index points
2023-06-30USD297.04 index points
2023-03-31USD299.09 index points
2022-12-31USD304.10 index points
2022-09-30USD307.64 index points
2022-06-30USD309.15 index points
2022-03-31USD311.17 index points
2021-12-31USD307.09 index points
2021-09-30USD299.70 index points
2021-06-30USD292.38 index points
2021-03-31USD283.84 index points
2020-12-31USD273.05 index points
2020-09-30USD265.71 index points
2020-06-30USD259.64 index points
2020-03-31USD228.99 index points
2019-12-31USD219.24 index points
2019-09-30USD214.90 index points
2019-06-30USD211.35 index points
2019-03-31USD207.93 index points
2018-12-31USD205.54 index points
2018-09-30USD203.42 index points
2018-06-30USD201.84 index points
2018-03-31USD200.15 index points
2017-12-31USD198.33 index points
2017-09-30USD196.27 index points
2017-06-30USD193.90 index points
2017-03-31USD192.29 index points
2016-12-31USD189.09 index points
2016-09-30USD186.41 index points
2016-06-30USD183.51 index points
2016-03-31USD180.83 index points
2015-12-31USD177.00 index points
2015-09-30USD173.84 index points
2015-06-30USD171.68 index points
2015-03-31USD170.22 index points
2014-12-31USD167.40 index points
2014-09-30USD164.53 index points
2014-06-30USD162.79 index points
2014-03-31USD160.36 index points
2013-12-31USD157.99 index points
2013-09-30USD155.18 index points
2013-06-30USD152.89 index points
2013-03-31USD151.08 index points
2012-12-31USD149.75 index points
2012-09-30USD146.08 index points
2012-06-30USD143.15 index points
2012-03-31USD140.66 index points
2011-12-31USD138.29 index points
2011-09-30USD136.43 index points
2011-06-30USD131.16 index points
2011-03-31USD128.07 index points
2010-12-31USD125.99 index points
2010-09-30USD124.53 index points
2010-06-30USD123.26 index points
2010-03-31USD121.66 index points
2009-12-31USD121.54 index points
2009-09-30USD120.86 index points
2009-06-30USD120.86 index points
2009-03-31USD119.69 index points
2008-12-31USD117.15 index points
2008-09-30USD112.45 index points
2008-06-30USD110.64 index points
2008-03-31USD109.47 index points
2007-12-31USD106.86 index points
2007-09-30USD105.88 index points
2007-06-30USD104.12 index points
2007-03-31USD102.32 index points
2006-12-31USD101.10 index points
2006-10-31USD100.00 index points

USD: Federal Reserve Only one side has this aggregate. First valid shared displayed month = 100.

USD: H6 M1 definition break in May 2020; YoY windows must not cross the break. M1 and M2 overlap.

04 / Government finances

Government debt. Two useful perspectives.

Compare debt with the size of each economy, or see the total amount on a shared US-dollar scale.

Government debt / GDP
NOK54.00%
USD124.40%

General-government gross debt, not net debt. Each value shows its own reference year.

The debt burden through time

% of GDP · General-government gross debt

NOK 54.00%USD 124.40%

NOK: Dec 1980 – Dec 2025 · USD: Dec 2001 – Dec 2025 · Annual observations

General-government gross debt as a share of GDPNOK, latest 54.00% on 2025-12-31; USD, latest 124.40% on 2025-12-31. Exact values are available in the data table below.050100150Dec 1980Apr 1992Jul 2003Oct 2014Dec 2025NOK · Dec 1980: 47.90%NOK · Dec 1981: 43.50%NOK · Dec 1982: 38.60%NOK · Dec 1983: 35.50%NOK · Dec 1984: 35.30%NOK · Dec 1985: 37.00%NOK · Dec 1986: 46.10%NOK · Dec 1987: 38.60%NOK · Dec 1988: 32.60%NOK · Dec 1989: 32.50%NOK · Dec 1990: 29.10%NOK · Dec 1991: 39.50%NOK · Dec 1992: 45.30%NOK · Dec 1993: 54.00%NOK · Dec 1994: 51.00%NOK · Dec 1995: 32.90%NOK · Dec 1996: 28.60%NOK · Dec 1997: 26.00%NOK · Dec 1998: 23.80%NOK · Dec 1999: 25.10%NOK · Dec 2000: 28.80%NOK · Dec 2001: 27.30%NOK · Dec 2002: 34.00%NOK · Dec 2003: 43.10%NOK · Dec 2004: 43.80%NOK · Dec 2005: 42.10%NOK · Dec 2006: 52.20%NOK · Dec 2007: 48.90%NOK · Dec 2008: 46.80%NOK · Dec 2009: 41.70%NOK · Dec 2010: 42.10%NOK · Dec 2011: 28.90%NOK · Dec 2012: 30.20%NOK · Dec 2013: 30.60%NOK · Dec 2014: 28.80%NOK · Dec 2015: 33.20%NOK · Dec 2016: 36.70%NOK · Dec 2017: 36.90%NOK · Dec 2018: 38.10%NOK · Dec 2019: 39.00%NOK · Dec 2020: 44.30%NOK · Dec 2021: 40.10%NOK · Dec 2022: 34.80%NOK · Dec 2023: 42.40%NOK · Dec 2024: 52.80%NOK · Dec 2025: 54.00%USD · Dec 2001: 53.50%USD · Dec 2002: 55.90%USD · Dec 2003: 59.00%USD · Dec 2004: 66.40%USD · Dec 2005: 65.80%USD · Dec 2006: 64.50%USD · Dec 2007: 65.00%USD · Dec 2008: 73.90%USD · Dec 2009: 87.10%USD · Dec 2010: 95.70%USD · Dec 2011: 100.00%USD · Dec 2012: 103.70%USD · Dec 2013: 105.00%USD · Dec 2014: 105.00%USD · Dec 2015: 105.50%USD · Dec 2016: 107.50%USD · Dec 2017: 106.50%USD · Dec 2018: 107.70%USD · Dec 2019: 108.80%USD · Dec 2020: 132.60%USD · Dec 2021: 125.00%USD · Dec 2022: 119.20%USD · Dec 2023: 120.00%USD · Dec 2024: 122.30%USD · Dec 2025: 124.40%Hover a point, or use the data table for exact values.
View chart data ↓
General-government gross debt as a share of GDP · percent
PeriodCurrencyValue
2025-12-31NOK54.00%
2025-12-31USD124.40%
2024-12-31NOK52.80%
2024-12-31USD122.30%
2023-12-31NOK42.40%
2023-12-31USD120.00%
2022-12-31NOK34.80%
2022-12-31USD119.20%
2021-12-31NOK40.10%
2021-12-31USD125.00%
2020-12-31NOK44.30%
2020-12-31USD132.60%
2019-12-31NOK39.00%
2019-12-31USD108.80%
2018-12-31NOK38.10%
2018-12-31USD107.70%
2017-12-31NOK36.90%
2017-12-31USD106.50%
2016-12-31NOK36.70%
2016-12-31USD107.50%
2015-12-31NOK33.20%
2015-12-31USD105.50%
2014-12-31NOK28.80%
2014-12-31USD105.00%
2013-12-31NOK30.60%
2013-12-31USD105.00%
2012-12-31NOK30.20%
2012-12-31USD103.70%
2011-12-31NOK28.90%
2011-12-31USD100.00%
2010-12-31NOK42.10%
2010-12-31USD95.70%
2009-12-31NOK41.70%
2009-12-31USD87.10%
2008-12-31NOK46.80%
2008-12-31USD73.90%
2007-12-31NOK48.90%
2007-12-31USD65.00%
2006-12-31NOK52.20%
2006-12-31USD64.50%
2005-12-31NOK42.10%
2005-12-31USD65.80%
2004-12-31NOK43.80%
2004-12-31USD66.40%
2003-12-31NOK43.10%
2003-12-31USD59.00%
2002-12-31NOK34.00%
2002-12-31USD55.90%
2001-12-31NOK27.30%
2001-12-31USD53.50%
2000-12-31NOK28.80%
1999-12-31NOK25.10%
1998-12-31NOK23.80%
1997-12-31NOK26.00%
1996-12-31NOK28.60%
1995-12-31NOK32.90%
1994-12-31NOK51.00%
1993-12-31NOK54.00%
1992-12-31NOK45.30%
1991-12-31NOK39.50%
1990-12-31NOK29.10%
1989-12-31NOK32.50%
1988-12-31NOK32.60%
1987-12-31NOK38.60%
1986-12-31NOK46.10%
1985-12-31NOK37.00%
1984-12-31NOK35.30%
1983-12-31NOK35.50%
1982-12-31NOK38.60%
1981-12-31NOK43.50%
1980-12-31NOK47.90%

IMF World Economic Outlook · Historical reported values and staff estimates · Current and future years excluded.

Government boundaries and accounting practices differ. Debt-to-GDP provides fiscal context; it does not determine an exchange rate or default risk on its own.

05 / What to watch

The next releases on the horizon

Selected releases for these two economies. Dates can change; unverified times are omitted.

Next 3 months
28Oct
Norway Key release

Retail sales

2026-09 · Time not confirmed

NOK
28Oct
United States Policy decision

Interest-rate decision

2026-10-28 · Time not confirmed

USD
29Oct
United States Key release

GDP release

2026-Q3 · Time not confirmed

USD
5Nov
Norway Key release

Interest-rate decision

2026-11-05 · Time not confirmed

NOK
6Nov
United States Key release

Labour market report

2026-10 · Time not confirmed

USD
10Nov
Norway Key release

Inflation report

2026-10 · Time not confirmed

NOK

Published calendar snapshot checked 24 Oct 2026. Importance labels describe release type, not predicted market impact.

Putting it together

Read the relationship,
not a single number.

Norway and United States are the economies behind NOK/USD. NOK has the higher displayed policy rate by 0.50 percentage points.

Compare changes over time, then watch the next release. Higher rates, stronger growth or lower inflation do not guarantee a stronger currency: markets also price what comes next.

Transparent by design

Sources, definitions & useful context

4 data providers
What do these numbers tell me about NOK / USD?+

Norway and United States are the economies behind NOK/USD. NOK has the higher displayed policy rate by 0.50 percentage points. These measures describe monetary policy and economic conditions; they are not a buy or sell signal.

Why do the dates and measurements differ?+

Rates and yields are daily observations, inflation is monthly and GDP is quarterly. Each number shows its own observation period. We preserve native units and definitions, including the Fed target upper bound, euro-area HICP and Germany as the euro-area government-yield benchmark. Latest values may refer to different periods.

How are the charts calculated?+

The 10-, 20- and 30-year views use the final available observation in each quarter, plus the latest observation. The 5-year view uses month-end samples. Each chart shows its actual available date range; a 30-year selection does not manufacture missing history. Lines do not imply intraday updates. GDP uses native quarterly observations with its own 5Y, 10Y and Max controls. Government debt uses annual observations. Monetary growth compares the same series 12 months apart; the index starts at 100 in a shared month. We do not combine different currencies, interpolate missing observations, or sum overlapping monetary aggregates. Expand each chart’s data table for exact plotted values.

Snapshot and coverage details+

Last checked 2026-10-24T04:58:48.175642+00:00. Published automatically after accepted daily ingestion. Each series shows its own reported observation period and available history. Hong Kong is intentionally outside local macro coverage. Policy history covers up to 30 years using the available official benchmark series, with definition changes disclosed above. Euro-area policy history starts in January 1999; no pre-euro national rate is substituted; several inflation, GDP and monetary series extend about 20 years. Some currencies have shorter histories or only one-sided M2 coverage.