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 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 for the EU during a referendum in November 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 Government Petroleum Fund, which is invested abroad and now is valued at more than $ 150 billion.

GDP per capita (as of 2022) : NOK 1,020,532

GDP (2022) : NOK 5,569 Billion

GDP composition by sector (as of 2021) : Agriculture; 1,61%. Industry: 35,54%. Services: 52,5%

Unemployment rate (as of 2022) : 3,17%

Public debt (as of 2022) : 39,6% 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 : 1,831 million bbl/day

Natural gas production : 45 billion cu m

Export : NOK 3,100 Billion

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

Currency code : Norwegian krone (NOK)

Useful links:

• Starting business in Norway

• Innovasjon Norway

• Norwegian Trade Portal

• Company register

• Statistics Norway

• Norges Bank

• Oslo Stock Exchange

• Norway-Malaysia Business Council

 Note: All values are estimated from 2021-2022