Norway Business Resources

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, it contributes sizably to the EU budget. The government has moved ahead with privatization. With arguably the highest quality of life worldwide, Norwegians still 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. After lackluster growth of 1% in 2002 and 0.5% in 2003, GDP growth picked up to 3.3% in 2004.

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

Airlines
Airlines in Europe
Airlines Worldwide

Airports
Airports in Europe
Airports Worldwide

Country Budget
revenues: $134 billion
expenditures: $116.8 billion, including capital expenditures of NA (2004 est.)

Currency (code)
Norwegian krone (NOK)

Currency Exchange Rate
Norwegian kroner per US dollar - 6.7408 (2004), 7.0802 (2003), 7.9838 (2002), 8.9917 (2001), 8.8018 (2000)

Fiscal Year
calendar year

GDP (Gross Domestic Product)
GDP (purchasing power parity): $183 billion (2004 est.)
GDP - real growth rate: 3.3% (2004 est.)
GDP - per capita: purchasing power parity - $40,000 (2004 est.)
GDP - composition by sector:
agriculture: 2.2%
industry: 36.3%
services: 61.6% (2004 est.)

Imports / Exports
Exports: $76.64 billion f.o.b. (2004 est.)
Exports - commodities: petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Exports - partners: UK 22.4%, Germany 12.9%, Netherlands 9.9%, France 9.6%, US 8.4%, Sweden 6.7% (2004)

Imports: $45.96 billion f.o.b. (2004 est.)
Imports - commodities: machinery and equipment, chemicals, metals, foodstuffs
Imports - partners: Sweden 15.7%, Germany 13.6%, Denmark 7.3%, UK 6.5%, China 5%, US 4.9%, Netherlands 4.4%, France 4.3%, Finland 4.1% (2004)

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

Investing
Forex, Foreign Exchange Market: Currency Trading

Labor Force & Unemployment Rate
Labor force: 2.38 million (2004 est.)
Labor force - by occupation: agriculture, forestry, and fishing 4%, industry 22%, services 74% (1995) 
Unemployment rate: 4.3% (2004 est.)