Krish Schmitt

2022-10-06

Norway population is 5,379,000. Its GDP is 3,265,240 Million in Norway’s local currency the Krone. A United States dollar can buy 9.02 Krones (or 1 Krone is $0.11086). Calculate Norway GDP in U.S. Dollar. What’s Norway GDP per capita in U.S. Dollar? In your opinion and in comparison, to other countries, what does this GDP per capita indicate? Show all work.

Jarrett Pearson

Beginner2022-10-07Added 4 answers

DATA GIVEN

Norway population = 5,379,000

Norway GDP = 3,265,240 Million Krone or 3265240000000 Krone

1 US Dollar = 9.02 Krone

CALCULATION

Norway GDP in $\frac{\text{US Dollar}=3,265,240\text{Million Krone}}{9.02}=362,000\text{Million Dollar}$

Norway GDP percapita in US Dollar = GDP of the country / Population of the country

$=\frac{362,000\text{Million Dollar}}{5,379,000}$

$=\frac{362000000000\text{Dollar}}{5,379,000}$

$=67,298.7544\text{PPP Dollars}$

Norway usually occupies its position in top 20 countries in the world in terms of per capita income. This shows high standard of living of the people in Norway.

Dear student, please upvote the solution if it is really helpful. For any queries, please comment.

Thank you!

Norway population = 5,379,000

Norway GDP = 3,265,240 Million Krone or 3265240000000 Krone

1 US Dollar = 9.02 Krone

CALCULATION

Norway GDP in $\frac{\text{US Dollar}=3,265,240\text{Million Krone}}{9.02}=362,000\text{Million Dollar}$

Norway GDP percapita in US Dollar = GDP of the country / Population of the country

$=\frac{362,000\text{Million Dollar}}{5,379,000}$

$=\frac{362000000000\text{Dollar}}{5,379,000}$

$=67,298.7544\text{PPP Dollars}$

Norway usually occupies its position in top 20 countries in the world in terms of per capita income. This shows high standard of living of the people in Norway.

Dear student, please upvote the solution if it is really helpful. For any queries, please comment.

Thank you!

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