| Economy | Norway |
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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 the petroleum sector, which accounts for nearly half of exports and over 30% of state revenue. Norway is the world's third-largest gas exporter; its position as an oil exporter has slipped to seventh-largest as production has begun to decline. 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. In anticipation of eventual declines in oil and gas production, Norway saves almost all state revenue from the petroleum sector in a sovereign wealth fund. After lackluster growth of less than 1.5% in 2002-03, GDP growth picked up to 2.5-6.2% in 2004-07, partly due to higher oil prices. Growth fell to 2.3% in 2008 as a result of the slowing world economy and the drop in oil prices. |
GDP (purchasing power parity):
|
$256.5 billion (2008 est.)
$252 billion (2007)
$243 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
|
$55,200 (2008 est.)
$54,400 (2007 est.)
$52,700 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$481.1 billion (2008 est.) |
GDP - real growth rate:
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1.8% (2008 est.)
3.7% (2007 est.)
2.5% (2006 est.) |
GDP - composition by sector:
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agriculture: 2.4%
industry: 40.7%
services: 56.8% (2008 est.) |
Investment (gross fixed):
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20.3% of GDP (2008 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 3.9%
highest 10%: 23.4% (2000) |
Distribution of family income - Gini index:
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25 (2008) |
Inflation rate (consumer prices):
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3.6% (2008 est.) |
Central bank discount rate:
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2.5% (1st quarter 2009) |
Commercial bank prime lending rate:
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3.5% (1st quarter 2009) |
Stock of money:
|
NA |
Stock of money - per capita:
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void |
Stock of quasi money:
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NA |
Stock of quasi money - per capita:
|
void |
Stock of domestic credit:
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NA |
Stock of domestic credit - per capita:
|
void |
Labor force:
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2.59 million (2008 est.) |
Labor force participation rate:
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55.57 % of population |
Labor force - by occupation:
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agriculture: 2.9%
industry: 21.1%
services: 76% (2008) |
Unemployment rate:
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2.6% (2008 est.) |
Budget:
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revenues: $283.7 billion
expenditures: $197 billion (2008 est.) |
Budget revenues per capita:
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60,873 USD per capita |
Public debt:
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52% of GDP (2007) |
Industries:
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petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles, fishing |
Industrial production growth rate:
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0.2% (2008 est.) |
Electricity - production:
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142.7 billion kWh (2008 est.) |
Electricity - production per capita:
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30,619 kWh per capita |
Electricity - consumption:
|
128.8 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
27,637 kWh per capita |
Electricity - exports:
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17.3 billion kWh (2008 est.) |
Electricity - imports:
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3.45 billion kWh (2008 est.) |
Oil - production:
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2.565 million bbl/day (2007 est.) |
Oil - production per capita:
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550,366 bbl/day per capita |
Oil - consumption:
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224,500 bbl/day (2007 est.) |
Oil - consumption - per capita:
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17.58 bbl/year per capita |
Oil - exports:
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2.31 million bbl/day (2007) |
Oil - imports:
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92,650 bbl/day (2005) |
Oil - proved reserves:
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6.865 billion bbl (1 January 2008 est.) |
Natural gas - production:
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99.3 billion cu m (2008 est.) |
Natural gas - production per capita:
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21,307 cu m per capita |
Natural gas - consumption:
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6.5 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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1,395 cu m per capita |
Natural gas - exports:
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85.7 billion cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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2.241 trillion cu m (1 January 2008 est.) |
Agriculture - products:
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barley, wheat, potatoes; pork, beef, veal, milk; fish |
Current account balance:
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$84.35 billion (2008 est.) |
Current account balance - per capita:
|
18,099 USD per capita |
Exports:
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$177.6 billion f.o.b. (2008 est.) |
Exports per capita:
|
38,108 USD per capita |
Exports - commodities:
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petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish |
Exports - partners:
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UK 26.3%, Germany 12.3%, Netherlands 10.2%, France 8%, Sweden 6.5%, US 6.2% (2007) |
Imports:
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$93.21 billion f.o.b. (2008 est.) |
Imports per capita:
|
20,000 USD per capita |
Imports - commodities:
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machinery and equipment, chemicals, metals, foodstuffs |
Imports - partners:
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Sweden 14.7%, Germany 13.6%, UK 6.9%, Denmark 6.4%, China 6.1%, US 4.8%, Canada 4.3% (2007) |
Reserves of foreign exchange and gold:
|
$60.84 billion (2006 est.) |
Reserves of foreign exchange and gold - per capita:
|
13,055 USD per capita |
Debt - external:
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$469.1 billion; note - Norway is a net external creditor (30 June 2007) |
Debt - external - per capita:
|
100,654 USD per capita |
Stock of direct foreign investment - at home:
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$69.04 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
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14,814 USD per capita |
Stock of direct foreign investment - abroad:
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$142.3 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
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30,533 USD per capita |
Market value of publicly traded shares:
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$142.5 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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30,576 USD per capita |
Economic aid - donor:
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ODA, $2.954 billion (2006) |
Economic aid - recipient:
|
void |
Economic aid - recipient per capita:
|
void |
Currency (code):
|
Norwegian krone (NOK) |
Exchange rates:
|
Norwegian kroner (NOK) per US dollar - 5.6361 (2008), 5.86 (2007), 6.418 (2006), 6.445 (2005), 6.7327 (2004) |
Fiscal year:
|
calendar year |
|
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