Norway

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Norway - In Short.

Overview of Norway

Two centuries of Viking raids into Europe tapered off following the adoption of Christianity by King Olav TRYGGVASON in 994; conversion of the Norwegian kingdom occurred over the next several decades. In 1397, Norway was absorbed into a union with Denmark that lasted more than four centuries. In 1814, Norwegians resisted the cession of their country to Sweden and adopted a new constitution. Sweden then invaded Norway but agreed to let Norway keep its constitution in return for accepting the union under a Swedish king. Rising nationalism throughout the 19th century led to a 1905 referendum granting Norway independence. Although Norway remained neutral in World War I, it suffered heavy losses to its shipping. Norway proclaimed its neutrality at the outset of World War II, but was nonetheless occupied for five years by Nazi Germany (1940-45). In 1949, Norway abandoned neutrality and became a member of NATO. Discovery of oil and gas in adjacent waters in the late 1960s boosted Norway’s economic fortunes. In referenda held in 1972 and 1994, Norway rejected joining the EU. Key domestic issues include immigration and integration of ethnic minorities, maintaining the country’s extensive social safety net with an aging population, and preserving economic competitiveness.
Value
Country Full Name
Norway
Country Code
NOR
Region
Europe & Central Asia
Income Group
High income
Currency Unit
GDP
3.62E+11
Population
5379475
Land Area
365107.85
Net National Income Per Capita
53476.15848
GDP per Capita (PPP)
62644.84574

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Norway - Economic

Economy of Norway

Norway has a stable economy with a vibrant private sector, a large state sector, and an extensive social safety net. Norway opted out of the EU during a referendum in November 1994. However, as a member of the European Economic Area, Norway partially participates in the EU’s single market and contributes sizably to the EU budget.The country is richly endowed with natural resources such as oil and gas, fish, forests, and minerals. Norway is a leading producer and the world’s second largest exporter of seafood, after China. The government manages the country’s petroleum resources through extensive regulation. The petroleum sector provides about 9% of jobs, 12% of GDP, 13% of the state’s revenue, and 37% of exports, according to official national estimates. Norway is one of the world’s leading petroleum exporters, although oil production is close to 50% below its peak in 2000. Gas production, conversely, has more than doubled since 2000. Although oil production is historically low, it rose in 2016 for the third consecutive year due to the higher production of existing oil fields and to new fields coming on stream. Norway’s domestic electricity production relies almost entirely on hydropower.In anticipation of eventual declines in oil and gas production, Norway saves state revenue from petroleum sector activities in the world’s largest sovereign wealth fund, valued at over $1 trillion at the end of 2017. To help balance the federal budget each year, the government follows a “fiscal rule,” which states that spending of revenues from petroleum and fund investments shall correspond to the expected real rate of return on the fund, an amount it estimates is sustainable over time. In February 2017, the government revised the expected rate of return for the fund downward from 4% to 3%.After solid GDP growth in the 2004-07 period, the economy slowed in 2008, and contracted in 2009, before returning to modest, positive growth from 2010 to 2017. The Norwegian economy has been adjusting to lower energy prices, as demonstrated by growth in labor force participation and employment in 2017. GDP growth was about 1.5% in 2017, driven largely by domestic demand, which has been boosted by the rebound in the labor market and supportive fiscal policies. Economic growth is expected to remain constant or improve slightly in the next few years.

Unemployment Rate

Inflation Rate

Norway - GDP Composition

GDP Composiiton & Value Added of Norway

Last Updated: Jan, 2021, Updated For 2020.

Norway - GDP, Value Added

Demographics of Norway

most Norweigans live in the south where the climate is milder and there is better connectivity to mainland Europe; population clusters are found all along the North Sea coast in the southwest, and Skaggerak in the southeast; the interior areas of the north remain sparsely populated
Geographic Location

Northern Europe, bordering the North Sea and the North Atlantic Ocean, west of Sweden

Races

Norwegian 81.5% (includes about 60,000 Sami), other European 8.9%, other 9.6% (2021 est.)

Languages

Bokmal Norwegian (official), Nynorsk Norwegian (official), small Sami- and Finnish-speaking minorities; note - Sami has three dialects: Lule, North Sami, and South Sami; Sami is an official language in nine municipalities in Norway's three northernmost counties: Finnmark, Nordland, and Tromsmajor-language

Religion

Church of Norway (Evangelical Lutheran - official) 67.5%, Muslim 3.1%, Roman Catholic 3.1%, other Christian 3.8%, other 2.6%, unspecified 19.9% (2021 est.)

Dependency & Expectancy of Norway

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

Politics & Policies of Norway

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ADB (nonregional member), AfDB (nonregional member), Arctic Council, Australia Group, BIS, CBSS, CD, CE, CERN, EAPC, EBRD, EFTA, EITI (implementing country), ESA, FAO, FATF, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IGAD (partners), IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINUSMA, NATO, NC, NEA, NIB, NSG, OAS (observer), OECD, OPCW, OSCE, Paris Club, PCA, Schengen Convention, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNITAR, UNMISS, UNRWA, UNTSO, UNWTO, UPU, WCO, WHO, WIPO, WMO, WTO, ZC

Import of Norway

Export of Norway

Import Destination

Export Destination