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Norway:
Economy

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Economy - overview
Definition
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, with oil and gas accounting for one-third of exports. Only Saudi Arabia and Russia export more oil than Norway. Norway opted to stay out of the EU during a referendum in November 1994; nonetheless, as a member of the European Economic Area, it contributes sizably to the EU budget. The government has moved ahead with privatization. Although Norwegian oil production peaked in 2000, natural gas production is still rising. Norwegians realize that once their gas production peaks they will eventually face declining oil and gas revenues; accordingly, Norway has been saving its oil-and-gas-boosted budget surpluses in a Government Petroleum Fund, which is invested abroad and now is valued at more than $250 billion. After lackluster growth of less than 1% in 2002-03, GDP growth picked up to 3-5% in 2004-07, partly due to higher oil prices. Norway's economy remains buoyant. Domestic economic activity is, and will continue to be, the main driver of growth, supported by high consumer confidence and strong investment spending in the offshore oil and gas sector. Norway's record high budget surplus and upswing in the labor market in 2007 highlight the strength of its economic position going into 2008.
GDP (purchasing power parity)
Definition - World rank and map
$247.4 billion (2007 est.)
GDP (official exchange rate)
Definition
$391.5 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
3.5% (2007 est.)
GDP - per capita
Definition - World rank and map
$53,000 (2007 est.)
GDP - composition by sector
Definition
agriculture: 2.4%
industry: 42.9%
services: 54.7% (2007 est.)
Labor force
Definition
2.507 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 4%
industry: 22%
services: 74% (1995)
Unemployment rate
Definition - World rank and map
2.5% (2007 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: 3.9%
highest 10%: 23.4% (2000)
Distribution of family income - Gini index
Definition - World rank and map
28 (2005)
Inflation rate (consumer prices)
Definition - World rank and map
0.8% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
20.7% of GDP (2007 est.)
Budget
Definition
revenues: $224.2 billion
expenditures: $158 billion (2007 est.)
Public debt
Definition - World rank and map
75.1% of GDP (2007 est.)
Agriculture - products
Definition
barley, wheat, potatoes; pork, beef, veal, milk; fish
Industries
Definition
petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles, fishing
Industrial production growth rate
Definition - World rank and map
1% (2007 est.)
Electricity - production
Definition - World rank and map
135.8 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
113.9 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
24,523.9 kWh (2005)
Electricity - exports
Definition
15.7 billion kWh (2005)
Electricity - imports
Definition
3.652 billion kWh (2005)
Oil - production
Definition - World rank and map
2.978 million bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
228,400 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
49.2 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
3.018 million bbl/day (2004)
Oil - imports
Definition - World rank and map
91,930 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
7.705 billion bbl (1 January 2006 est.)
Natural gas - production
Definition - World rank and map
83.44 billion cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
5.342 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
1,150 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
78.1 billion cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
2.288 trillion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$63.66 billion (2007 est.)
Exports
Definition - World rank and map
$139.4 billion f.o.b. (2007 est.)
Exports - commodities
Definition
petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Exports - partners
Definition
UK 26.1%, Germany 12.7%, Netherlands 10.2%, France 8.5%, Sweden 6.4%, US 6.1% (2006)
Imports
Definition - World rank and map
$78.11 billion f.o.b. (2007 est.)
Imports - commodities
Definition
machinery and equipment, chemicals, metals, foodstuffs
Imports - partners
Definition
Sweden 14.6%, Germany 13.6%, UK 6.8%, Denmark 6.4%, China 6.1%, US 4.9%, Canada 4.3% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$60.84 billion (2006 est.)
Debt - external
Definition - World rank and map
$469.1 billion; note - Norway is a net external creditor (30 June 2007)
Stock of direct foreign investment - at home
Definition
$62.56 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$124.7 billion (2007 est.)
Market value of publicly traded shares
Definition
$191 billion (2005)
Economic aid - donor
Definition
ODA, $2.954 billion (2006)
Currency (code)
Definition
Norwegian krone (NOK)
Exchange rates
Definition
Norwegian kroner per US dollar - 5.8396 (2007), 6.4117 (2006), 6.4425 (2005), 6.7408 (2004), 7.0802 (2003)
Fiscal year
Definition
calendar year


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