🇳🇴 Norway
Public Sector Debt · 2026
Total Debt
50.5%
of GDP
Global Rank
#122
of 192
S&P Rating
AAA
Credit rating
SOE Debt
+8.0%
2 categories
Sovereign Wealth
366%
of GDP in SWF assets
5yr Change
-3pp
improving
Where the Debt Sits
Central Government
Subnational
Energy SOEs
Central Government: 14.4%Subnational: 28.1%Energy SOEs: 6.5%Infrastructure: 1.5%
Who Holds This Debt
Holder Breakdown
Domestic 40%
Foreign 60%
Domestic: 40%Foreign: 60%
Currency Denomination
Local 100%
Local currency: 100%Foreign currency: 0%
Full Debt Breakdown
Central Government14.4% of GDP
Central GovernmentIMF WEO — General Government Debt
14.4%Subnational / Regional28.1% of GDP
SubnationalIMF WEO — General Government Debt
28.1%Energy SOEs6.5% of GDP
EquinorEquinor 2024 Annual ReportNet debt $27.8B. State owns 67%. Major North Sea operator.
5.7%StatkraftStatkraft 2025 Annual ReportNet interest-bearing debt NOK 42.8B. Europe largest renewable energy producer.
0.8%Infrastructure SOEs1.5% of GDP
TelenorTelenor FY2025 ReportNet interest-bearing debt NOK 86.3B ($7.7B). State owns 53.97%.
1.5%Total Corporate Debt134.1% of GDP
Nonfinancial corporate debtBIS/FRED Q3 2025
134.1%Household Debt86.1% of GDP
Household debtBIS Credit Statistics Q3 2025High — oil wealth inflates housing.
86.1%Unfunded Pension Liabilities280.0% of GDP
Public pension unfunded entitlements (est.)SSB Norway (2021)Total entitlements ~400% GDP per SSB. GPFG ($1.7T) is NOT earmarked for pensions. Funded occupational ~120% GDP. Net unfunded ~280%.
280.0%All Layers Total550.7%
Credit Ratings
S&P
AAA
Moody's
Aaa
Fitch
AAA
Data Sources
IMF WEO — General Government Debtgeneral_government · Updated semi_annual
Dec 202642.5% GDP
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