Norway

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Introduction - Norway:
Location - Norway:
People - Norway:
Government - Norway:
Economy - 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, 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 3-4% in 2004-06. Norways 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.

Gdp purchasing power parity

$213.6 billion (2006 est.)

Gdp official exchange rate

$264.4 billion (2006 est.)

Gdp real growth rate

4.6% (2006 est.)

Gdp per capita ppp

$46,300 (2006 est.)

Gdp composition by sector

agriculture: 2.3%
industry: 41.4%
services: 56.3% (2006 est.)

Labor force

2.42 million (2006 est.)

Labor force by occupation

agriculture: 4%
industry: 22%
services: 74% (1995)

Unemployment rate

3.5% (2006 est.)

Population below poverty line

NA%

Household income or consumption by percentage share

lowest 10%: 4.1%
highest 10%: 21.8% (1995)

Distribution of family income gini index

25.8 (2000)

Inflation rate consumer prices

2.3% (2006 est.)

Investment gross fixed

19.1% of GDP (2006 est.)

Budget

revenues: $195.8 billion
expenditures: $133.1 billion; including capital expenditures of $NA (2006 est.)

Public debt

44.8% of GDP (2006 est.)

Agriculture products

barley, wheat, potatoes; pork, beef, veal, milk; fish

Industries

petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles, fishing

Industrial production growth rate

1.8% (2006 est.)

Electricity production

108.9 billion kWh (2004)

Electricity consumption

112.8 billion kWh (2004)

Electricity exports

3.8 billion kWh (2004)

Electricity imports

15.3 billion kWh (2004)

Oil production

3.22 million bbl/day (2005 est.)

Oil consumption

244,300 bbl/day (2004 est.)

Oil exports

3.018 million bbl/day (2004)

Oil imports

91,930 bbl/day (2004)

Oil proved reserves

8.5 billion bbl (1 January 2005)

Natural gas production

83.49 billion cu m (2004 est.)

Natural gas consumption

8.09 billion cu m (2004 est.)

Natural gas exports

75.4 billion cu m (2004 est.)

Natural gas imports

0 cu m (2004 est.)

Natural gas proved reserves

2.085 trillion cu m (1 January 2005 est.)

Current account balance

$63.33 billion (2006 est.)

Exports

$122.6 billion f.o.b. (2006 est.)

Exports commodities

petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish

Exports partners

UK 26.6%, Germany 12.2%, Netherlands 10.4%, France 8.2%, Sweden 6.5%, US 5.9% (2006)

Imports

$59.9 billion f.o.b. (2006 est.)

Imports commodities

machinery and equipment, chemicals, metals, foodstuffs

Imports partners

Sweden 15%, Germany 13.5%, Denmark 6.9%, UK 6.4%, China 5.7%, US 5.3%, Netherlands 4.1% (2006)

Reserves of foreign exchange and gold

$49.62 billion (August 2006 est.)

Economic aid donor

ODA, $1.4 billion (1998)

Debt external

$350.3 billion; note - Norway is a net external creditor (30 June 2006)

Currency code

Norwegian krone (NOK)

Exchange rates

Norwegian kroner per US dollar - 6.4117 (2006), 6.4425 (2005), 6.7408 (2004), 7.0802 (2003), 7.9838 (2002)

Communications - Norway:
Transportation - Norway:
Military - Norway:
This page was last updated on 16 September, 2007
Source: CIA >>>


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