Despite the nation's oil riches being located outside the Norwegian capital, Oslo still stands as one of the globally leading cities in terms wealth. With the economy driven by 76,400 enterprises, Oslo's GDP per capita reached USD94,600 in 2016: 25% higher than Stockholm's and 37% higher than Copenhagen's. However, unemployment has been growing steadily in Oslo, as the global oil price plunge has left the industry's companies reducing their administrative labour force in the capital.
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In 2016, Oslo's labour productivity (GVA per employee) reached USD155,400 - 39% higher than that of the rest of the country. The difference stems from Oslo's focus on business services (which generated 37% of the total GVA in Oslo versus 14% in the rest of the country in 2016), as the city is one of the leading global centres of maritime finance (lending, insurance, investment etc in relation to the maritime/shipping industry).
Greater labour productivity, as well as higher labour force participation (84% of the labour force is either in employment or looking for a job versus 81% in the rest of the country in 2016), has led to 13% greater per household disposable income in the capital than in the rest of Norway. Regionally, Oslo's disposable household income stood 15%, 35% and 37% higher than Stockholm's, Copenhagen's and Helsinki's, respectively, in 2016.
Per household expenditure (excluding transport and housing) in Oslo was 9.8% above the rest of the country's level in 2016. Being home to the largest concentration of private educational institutions (private schools, private kindergartens, etc) in Norway, Oslo's expenditure on education stood 96% higher than in the rest of the country in 2016.
Housing was allocated 41% higher levels of expenditure in Oslo than in the rest of the country in 2016. This is the result of Oslo's property market being one of the hottest in Europe, with detached house prices rising by 36% over 2011-2016.