Makrognosis

Norway Credit Rating & Sovereign Risk Score

Model scoreCode CREDIT:NO

Model score94 / 1009 Nov 2026
Grade equivalentAA+model-implied
BandUpper investment grade0–100 scale, 100 = strongest
Rank9th of 84economies scored

Makrognosis sovereign credit model scores Norway at 94 out of 100 as of 9 November 2026, equivalent to AA+ on the familiar letter scale — upper investment grade.

The score is up 0.9 points from 93 on 1 October 2026.

That places Norway 9th of the 84 economies the model scores; Russia has the highest score at 100.

Key inputs include government debt of 60.8% of GDP, a fiscal balance of 13.2% of GDP, a current account balance of 15.2% of GDP.

This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.

Norway sovereign credit score (0–100), 18 Jun 2026 – 9 Nov 202692949698100Robomacro
Norway sovereign credit score (0–100), 18 Jun 2026 – 9 Nov 2026. Source: Makrognosis sovereign credit model.

Score history

Assessment dateScoreGrade equivalent
9 November 202693.5AA+
1 October 202692.6AA+
31 July 202692.6AA+
30 July 2026100.0AAA
26 July 2026100.0AAA
21 June 2026100.0AAA
18 June 2026100.0AAA
Get the Norway sovereign risk score in your code

Score, grade equivalent and inputs for 84 economies. Free tier available.

curl -H "X-API-Key: $MAKROGNOSIS_KEY" \
  "https://makrognosis.robomacro.com/v1/credit/NO"

# Python
import requests
r = requests.get("https://makrognosis.robomacro.com/v1/credit/NO",
                 headers={"X-API-Key": KEY})
score = r.json()["headline"]["score_0_100"]
Get a free API key → · API docs

What drives the score

The model's published inputs for Norway, from official national and international statistics.

InputValueVintage
GDP per capitaUS$106,9202026
Real GDP growth, 5-year average2.3%2026
Inflation, recent average3.2%2026
Government debt60.8% of GDP2026
Fiscal balance13.2% of GDP2026
Current account balance15.2% of GDP2026
Foreign-exchange reserves4.4 months of imports2026
Governance (World Bank WGI composite)1.712026

How Norway compares

#EconomyAs ofScore
1Russia9 Nov 2026100
2Turkey9 Nov 2026100
3Denmark9 Nov 202698
4Switzerland9 Nov 202696
5Netherlands9 Nov 202695
6Germany9 Nov 202694
7Ireland9 Nov 202694
8Sweden9 Nov 202694
9Norway9 Nov 202694
10Canada9 Nov 202691
11Australia9 Nov 202690
12Japan9 Nov 202689
13United Kingdom9 Nov 202688
14Finland9 Nov 202688
15United States9 Nov 202687

All 84 economies ranked →

Norway economic indicators

Norway GDP (Gross Domestic Product)Norway GDP (total, incl. petroleum and ocean transport), current prices, seasonally adjusted (NOK million), quarterly (SSB 09190)Norway Inflation Rate (CPI)Norway Core Inflation RateNorway Unemployment RateNorway 10-Year Government Bond YieldNorway Industrial ProductionNorway Retail SalesNorway Producer Price Inflation (PPI)Norway Current account balance, current prices (NOK million), , quarterly NSANorway Trade Balance: Goods & ServicesNorway Total exports of goods (NOK million), , monthly NSANorway Total imports of goods (NOK million), , monthly NSANorway Government Debt to GDPNorway EmploymentNorway 5-Year Government Generic Bond Yield (Norges Bank)

FAQ

What is Norway's credit rating?
Makrognosis sovereign credit model scores Norway at 94/100 as of 9 November 2026, equivalent to AA+ (upper investment grade). This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.
How is the sovereign risk score calculated?
A statistical model scores each economy from published inputs — government debt and fiscal balance, current account and external debt, GDP per capita and growth, inflation, reserves and governance — on a 0–100 scale where 100 is the strongest credit. It is re-run as the inputs update.
Where can I get the data?
Through the Makrognosis API: GET /v1/credit/NO returns the score history and inputs; /v1/credit/universe lists every economy.

This is a model-implied assessment built from official macroeconomic data. It is not a credit rating issued by S&P, Moody's or Fitch, and agency ratings are not reproduced here.

Last assessed 2026-11-09. Source: Makrognosis sovereign credit model.