It doesn't take that much to be formal here; to wear an ensemble would fall under that category. Wearing a tie certainly does. Almost only the king wears one at a regular basis, ministers - not always. Commoners, never.
You must remember we are a homogeneous country of peasants and fishermen. Until we found oil some few years ago, now we are spending money like drunken sailors.
In some professions maybe; lawyers and stockbrokers, but for ordinary people it is not common to be dressed; people tend to wear the same: causal jeans/chinos, sneakers and t-shirt with a pullover, maybe a casual flannel shirt, unbuttoned at the top and every now and then not tucked in - except national day, x-mass, and events like weddings and funerals. Then people dress up in a suit or national costume.
Sweden is quite different when it comes to clothing, much more rigid. Denmark not so much...
Then I think you must admit that your country is an outlier. Even in the context of a casualizing world. If that is the case then I think it's misleading to say that my fit is at all formal. You'd only be able to say that Norwegians have a highly casualized idea of formality which you could then say informs your response. However you can't make the claim that my fit is objectively too formal for an OCBD shirt.