Economy of Norway

Mother Earth Travel > Country Index > Norway > Map Economy

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, forests, and minerals - and is highly dependent on its oil production and international oil prices; in 1999, oil and gas accounted for 35% of exports. Only Saudi Arabia exports more oil than Norway. Oslo opted to stay out of the EU during a referendum in November 1994. Growth picked up in 2000 to 2.7%, compared to the meager 0.8% of 1999, but may fall back in 2001. The government moved ahead with privatization in 2000, even proposing the sale of up to one-third of the 100% state-owned oil company Statoil. Despite their high per capita income and generous welfare benefits, Norwegians worry about that time in the next two decades when the oil and gas begin to run out. Accordingly, Norway has been saving its oil-boosted budget surpluses in a Government Petroleum Fund, which is invested abroad and now is valued at more than $43 billion.
GDP: purchasing power parity - $111.3 billion (1999 est.)
GDP - real growth rate: 0.8% (1999 est.), 2.7% (2000 est.)
GDP - per capita: purchasing power parity - $27,700 (2000 est.)
GDP - composition by sector:
agriculture:  2%
industry:  25%
services:  73% (1999)
Household income or consumption by percentage share:
lowest 10%: 4.1%
highest 10%: 21.8% (1995)
Inflation rate (consumer prices): 2.8% (1999 est.), 2.9% (2000 est.)
Labor force: 2.4 million (2000 est.)
Labor force - by occupation: services 74%, industry 22%, agriculture, forestry, and fishing 4% (1995)
Unemployment rate: 2.9% (1999 est.), 3% (2000 est.)
Budget:
revenues:  $71.7 billion
expenditures:  $57.6 billion (2000 est.)
Industries: petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles, fishing
Industrial production growth rate: 0.7% (1999 est.), 3% (2000 est.)
Electricity - production: 121.084 billion kWh (1999)
Electricity - production by source:
fossil fuel:  0.63%
hydro:  99.11%
nuclear:  0%
other:  0.26% (1999)
Electricity - consumption: 110.795 billion kWh (1999)
Electricity - exports: 8.28 billion kWh (1999)
Electricity - imports: 6.467 billion kWh (1999)
Agriculture - products: barley, other grains, potatoes; beef, milk; fish
Exports: $47.3 billion (f.o.b., 1999 est.), $59.2 billion (f.o.b., 2000 est.)
Exports - commodities: petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Exports - partners: EU 73% (UK 17%, Germany 11%, Netherlands 10%, Sweden 9%), US 5% (1999)
Imports: $38.6 billion (f.o.b., 1999 est.), $35.2 billion (f.o.b., 2000 est.)
Imports - commodities: machinery and equipment, chemicals, metals, foodstuffs
Imports - partners: EU 66% (Sweden 15%, Germany 12%, UK 9%, Denmark 7%), US 10%, Japan (1999)
Debt - external: $0 (Norway is a net external creditor)
Economic aid - donor: ODA, $1.4 billion (1998)
Currency: Norwegian krone (NOK)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Norway > Map Economy