Norway Economy



Despite having a small economy, economy of Norway is very stable. Norway does not have any foreign debt and the trade balance is positive. It has an active government, which looks into the day to day affairs of the country.
It takes care of the social welfare of its people and supports activities pertaining to free market economy. The country has one of the highest gross domestic product per capita in the world and was USD$28,100 in the year 1999.

Norway’s natural reserves:
Norway boasts of possessing rich reserves of natural resources. The North sea has many natural gas fields and offshore oil sources.

As per records of the Central bank of Norway, the foreign direct investment or FDI in the year 1998 was USD$22.7 billion.

United States of America is the major foreign investor in Norway. Sweden ranks second in foreign investment in Norway. There are other countries affiliated to the European Union investing in Norway.

Norway exports natural gas and oil. Saudi Arabia was the only country, whose crude oil export was more than Norway in the year 2000. Other industries in Norway include shipbuilding, fishing, information technology, paper and products of pulp. These areas are also flourishing rapidly in Norway. Shipbuilding industry in Norway is facing competition from its Asian counterparts. Norway Economic Performance GDP Graph 1980-2013

Norway Economic Performance Inflation Graph 1980-2013

Norway and its European Union membership:
The people of Norway decided not to get affiliated to the EU so that it could maintain its high standards of living and continue to enjoy the economic vantages. However, Norway, still maintains a close association with the EU via the European Economic Area or the EEA agreement.

Norway Economic Performance 1980-2013
Year GDP % Change Inflation % Change Year GDP % Change Inflation % Change
1980 4.50 10.90 1997 5.39 2.58
1981 1.55 13.64 1998 2.68 2.26
1982 0.12 11.37 1999 2.03 2.33
1983 3.87 8.41 2000 3.25 3.09
1984 5.89 6.28 2001 1.99 3.02
1985 5.35 5.67 2002 1.50 1.29
1986 4.04 7.19 2003 0.98 2.48
1987 1.78 8.73 2004 3.96 0.47
1988 -0.17 6.70 2005 2.59 1.52
1989 1.00 4.56 2006 2.30 2.33
1990 1.93 4.11 2007 2.65 0.73
1991 3.11 3.42 2008 0.07 3.77
1992 3.52 2.34 2009 -1.63 2.17
1993 2.79 2.27 2010 0.48 2.40
1994 5.05 1.40 2011 1.34 1.30
1995 4.19 2.46 2012 2.90 0.71
1996 5.10 1.26 2013 0.65 2.13

Source: World Bank

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Last Updated on : 26th February 2015 Next Update : February 2016