However, the are some internal differences: While Sweden has the highest gross domestic product (GDP) overall, Norway has the highest GDP per capita. All five Nordic countries are among the 20 countries in the world with the highest GDP per capita, showing just how economically successful the region is.
Gross domestic product
The Nordic countries are among the richest in the world measured in per capita GDP – significantly above the EU average. Norway is top of the Nordic ranking.
Norway has a massive sovereign wealth fund that it has built up through the sale of its North Sea oil. The Norwegian oil company Statoil is 67% owned by the Norwegian government.
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.
Comparison In 2021, Norway ranked 38 in the Economic Complexity Index (ECI 0.69), and 33 in total exports ($164B). That same year, Sweden ranked 8 in the Economic Complexity Index (ECI 1.54), and 32 in total exports ($185B).
Norway has a per capita GDP of $88,750 (IMF, 2023), making it the fourth-richest economy in Europe. The country is known for its natural resources, particularly oil and gas. These resources make up a significant portion of its economy.
The average tax rate in the world is 31.37%, the European average is 32% and the OECD average is 41.58%. In the Nordic countries however, the tax rates are higher with Denmark at 55.56%, Finland at 51.25%, Iceland at 46.22%, Norway at 47.2% and Sweden at 57% 6 .
Denmark, Sweden and Norway are home to some of the most stunning, nature-filled cities and national parks in the world.
Heat generated by the Gulf Stream and its extension into the Norwegian Sea is the most important reason why Norway experiences a milder climate than Sweden.
Here, Sweden was in the middle of the Nordic countries, with Norway and Denmark recording fewer homicides (1.28 and 1.48 per 100,000 people respectively), and Iceland and Finland recording more (1.74 and 1.82, respectively).
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.
Monaco. Monaco is not only the richest country in Europe but is also the richest country in the world in terms of GDP per capita.
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.
Sweden: One of the happiest countries in the world
A strong economy, good education, and excellent healthcare are very important factors in why Sweden performs so well in the happiness index (as each of the Scandinavian countries also tends to do).
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.
The economy of Sweden is a highly developed export-oriented economy, aided by timber, hydropower, and iron ore. These constitute the resource base of an economy oriented toward foreign trade.
Røros sits in the uplands and interior, and is one of the coldest places in Europe during winter. The coldest temperature measured in Røros is -50,4°C on 13 January 1914. This is the lowest temperature measured in the southern part of Norway which makes it one the coldest places in the country.
Greenland. Greenland is an autonomous country that belongs to the Kingdom of Denmark with self-governance, and the coldest temperature ever recorded on the largest island in the world was −66.1 °C (−87.0 °F) in 1954.
Stockholm generally has warmer weather than Oslo. The average mean temperature in Stockholm is 8.29°C (46.92°F) while Oslo's temperature is 6.09°C (42.96°F) and the difference is 2.2°C (35.96°F).
The answers depend on personal preference. The Swedish women are said to be the most beautiful on the globe, according to Traveller's Break down. However , a few women may prefer a different European region, such as Finland or Norway.
Stockholm, Sweden has on average the warmest summer of the Nordic capitals, with an average maximum temperature of 23 °C (73 °F) in July; Copenhagen, Oslo and Helsinki have an average July maximum temperature of 22 °C (72 °F).
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.
However, the are some internal differences: While Sweden has the highest gross domestic product (GDP) overall, Norway has the highest GDP per capita. All five Nordic countries are among the 20 countries in the world with the highest GDP per capita, showing just how economically successful the region is.
No. While public healthcare is available across Norway, it is only free for people 16 years and younger. It also free for pregnant and/or nursing women, regardless of coverage. Everyone else must pay an annual deductible equivalent to an average of 2,040 NOK (222 USD).