Norway Economy

Overview:

The Norwegian economy is a prosperous bastion of welfare capitalism, featuring a combination of free market activity and government intervention. The government controls key areas such as the vital petroleum sector (through large-scale state enterprises). The country is richly endowed with natural resources - petroleum, hydropower, fish, forest, and minerals - and is higly dependent on its oil production and international oil prices, with oil and gas accoutning for one-third fo exports. Only Saudi Arabia and Russia export more oil than Norway. norway opted to stay out for the EU during a referendum in Norvember 1994. Nonetheless, it contributes sizably to the EU budget. The government has moved ahead with privatization. Norwegians worry about that time in the next two decades when the oil and gas will begin to run out; accordingly, Norway has been saving its oil-boosted budget surpluses in a Governemnt Petroleum Fund, which is invested abroad and now is valued at more than $ 150 billion.

 

GDP pr.capita: NOK 412 000 ( EUR 52 600) (as pr. 2005)

 

GDP (2005): NOK 1 906 Billion (EUR 243,3 billion)

 

GDP composition by sector: Agriculture; 2,2%. Industry: 37,2%. Services: 60,6%

 

Unemployment rate: 4,2%

 

Public debt: 36% of GDP.

 

Agriculture products: Barley, wheat, potatoes, pork, beef, veal, milk and fish.

 

Industries: Petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles, fishing.

 

Oil production: 3.22 million bbl/day

 

Natural gas production: 73.4 billion cu m

 

Export: $ 111.2 billion f.o.b

 

Export commodities: machinery and equiment, chemicals, metals, foodstuffs.

 

Debt - external: $ 281 billion; note- Norway is a net external creditor (30.June.2005)

 

Currency code: Norwegian krone (NOK)

 

Useful links:

 

 

Note: All values are est. values from 2005



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