Norway

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Economics

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-majority-owned 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 the largest portion of export revenue and about 20% of government revenue. Norway is the world's second-largest gas exporter; and sixth largest oil exporter, making one of its largest offshore oil finds in 2011. 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 state revenue from the petroleum sector in the world's second largest sovereign wealth fund, valued at over $500 billion in 2011 and uses the fund's return to help finance public expenses. After solid GDP growth in 2004-07, the economy slowed in 2008, and contracted in 2009, before returning to positive growth in 2010-11, however, the government budget is set to remain in surplus.

GDP (purchasing power parity):

$264.5 billion (2011 est.)

country comparison to the world: 47

$260.1 billion (2010 est.)

$259.2 billion (2009 est.)

note: data are in 2011 US dollars

GDP (official exchange rate):

$479.3 billion (2011 est.)

GDP - real growth rate:

1.7% (2011 est.)

country comparison to the world: 164

0.3% (2010 est.)

-1.7% (2009 est.)

GDP - per capita (PPP):

$53,300 (2011 est.)

country comparison to the world: 7

$53,000 (2010 est.)

$53,500 (2009 est.)

note: data are in 2011 US dollars

GDP - composition by sector:

agriculture: 2.7%

industry: 38.3%

services: 59% (2011 est.)

Labor force:

2.617 million (2011 est.)

country comparison to the world: 107

Labor force - by occupation:

agriculture: 2.9%

industry: 21.1%

services: 76% (2008)

Unemployment rate:

3.4% (2011 est.)

country comparison to the world: 29

3.6% (2010 est.)

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%: 3.9%

highest 10%: 21% (2008)

Distribution of family income - Gini index:

25 (2008)

country comparison to the world: 137

25.8 (1995)

Investment (gross fixed):

19.9% of GDP (2011 est.)

country comparison to the world: 118

Budget:

revenues: $283.8 billion

expenditures: $219.3 billion (2011 est.)

Taxes and other revenues:

59.2% of GDP (2011 est.)

country comparison to the world: 9

Budget surplus (+) or deficit (-):

13.5% of GDP (2011 est.)

country comparison to the world: 6

Public debt:

48.4% of GDP (2011 est.)

country comparison to the world: 56

49.7% of GDP (2010 est.)

note: data cover general Government Debt, and includes debt instruments issued (or owned) by Government entities other than the treasury; the data exclude treasury debt held by foreign entities; the data exclude debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment. Debt instruments for the social funds are not sold at public auctions.

Inflation rate (consumer prices):

1.4% (2011 est.)

country comparison to the world: 10

2.5% (2010 est.)

Central bank discount rate:

6.25% (31 December 2010 est.)

country comparison to the world: 119

1.75% (31 December 2009 est.)

Commercial bank prime lending rate:

5% (31 December 2011 est.)

country comparison to the world: 166

4.6% (31 December 2010 est.)

Stock of narrow money:

$150.3 billion (31 December 2011 est.)

country comparison to the world: 24

$134.6 billion (31 December 2010 est.)

Stock of broad money:

$309.2 billion (31 December 2011 est.)

country comparison to the world: 33

$280.4 billion (31 December 2010 est.)

Stock of domestic credit:

$658.6 billion (31 December 2011 est.)

country comparison to the world: 23

$584.4 billion (31 December 2010 est.)

Market value of publicly traded shares:

$250.9 billion (31 December 2010)

country comparison to the world: 27

$227.2 billion (31 December 2009)

$125.9 billion (31 December 2008)

Agriculture - products:

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

Industries:

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

Industrial production growth rate:

-6.2% (2011 est.)

country comparison to the world: 164

Electricity - production:

129.9 billion kWh (2009 est.)

country comparison to the world: 26

Electricity - consumption:

115.6 billion kWh (2008 est.)

country comparison to the world: 27

Electricity - exports:

14.63 billion kWh (2009 est.)

Electricity - imports:

8.983 billion kWh (2009 est.)

Oil - production:

2.134 million bbl/day (2010 est.)

country comparison to the world: 15

Oil - consumption:

221,300 bbl/day (2010 est.)

country comparison to the world: 53

Oil - exports:

2.184 million bbl/day (2009 est.)

country comparison to the world: 6

Oil - imports:

118,200 bbl/day (2009 est.)

country comparison to the world: 61

Natural gas - production:

106.3 billion cu m (2010 est.)

country comparison to the world: 7

Natural gas - consumption:

6.6 billion cu m (2010 est.)

country comparison to the world: 54

Natural gas - exports:

99.75 billion cu m (2010 est.)

country comparison to the world: 2

Natural gas - imports:

0 cu m (2010 est.)

country comparison to the world: 105

Natural gas - proved reserves:

2.039 trillion cu m (1 January 2011 est.)

country comparison to the world: 18

Current account balance:

$63.5 billion (2011 est.)

country comparison to the world: 9

$51.44 billion (2010 est.)

Exports:

$159.8 billion (2011 est.)

country comparison to the world: 31

$132.7 billion (2010 est.)

Exports - commodities:

petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish

Exports - partners:

UK 26.7%, Netherlands 12.1%, Germany 11.4%, Sweden 7%, France 6.6%, US 5% (2010)

Imports:

$92.63 billion (2011 est.)

country comparison to the world: 37

$74.3 billion (2010 est.)

Imports - commodities:

machinery and equipment, chemicals, metals, foodstuffs

Imports - partners:

Sweden 14.1%, Germany 12.4%, China 8.5%, Denmark 6.3%, UK 5.9%, US 5.4% (2010)

Reserves of foreign exchange and gold:

$52.8 billion (31 December 2010 est.)

country comparison to the world: 36

$52.8 billion (31 December 2010 est.)

Debt - external:

$644.5 billion (30 June 2011)

country comparison to the world: 19

$2.232 trillion

note: Norway is a net external creditor

Stock of direct foreign investment - at home:

$156.5 billion (31 December 2011 est.)

country comparison to the world: 24

$148.3 billion (31 December 2010 est.)

Stock of direct foreign investment - abroad:

$230.9 billion (31 December 2011 est.)

country comparison to the world: 18

$213.6 billion (31 December 2010 est.)

Exchange rates:

Norwegian kroner (NOK) per US dollar -

5.432 (2011 est.)

6.0442 (2010 est.)

6.288 (2009)

5.6361 (2008)

5.86 (2007)