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Norway Economy 2014
http://www.theodora.com/wfbcurrent/norway/norway_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on February 3, 2014

Economy - overview:
The Norwegian economy is a prosperous mixed economy, with a vibrant private sector, a large state sector, and an extensive social safety net. The government controls key areas, such as the vital petroleum sector, through extensive regulation and 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 third-largest natural gas exporter; and seventh 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 $700 billion in January 2013 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 2010-12, however, the government budget is set to remain in surplus.

GDP (purchasing power parity):
$274.1 billion (2012 est.)
country comparison to the world: 46

$266 billion (2011 est.)
$262.6 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$492.9 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3% (2012 est.)
country comparison to the world: 111

1.3% (2011 est.)
0.2% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$54,400 (2012 est.)
country comparison to the world: 10

$53,500 (2011 est.)
$53,500 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
39.4% of GDP (2012 est.)
country comparison to the world: 13

37% of GDP (2011 est.)
35.2% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 40.4%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 21.3%
investment in fixed capital: 20.6%
investment in inventories: 4.5%
exports of goods and services: 40.7%
imports of goods and services: -27.5%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 1.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 42.5%
services: 56.3% (2012 est.)

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:
3.2% (2012 est.)
country comparison to the world: 85
[see also: Industrial production growth rate country ranks ]

Labor force:
2.678 million (2012 est.)
country comparison to the world: 111
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 2.9%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21.1%
services: 76% (2008)

Unemployment rate:
3.2% (2012 est.)
country comparison to the world: 25

3.3% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 3.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 21% (2008)

Distribution of family income - Gini index:
25 (2008)
country comparison to the world: 131

25.8 (1995)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $285.7 billion
[see also: Budget revenues country ranks ]
expenditures: $216.5 billion (2012 est.)

Taxes and other revenues:
58% of GDP (2012 est.)
country comparison to the world: 7
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
14% of GDP (2012 est.)
country comparison to the world: 5
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
29.1% of GDP (2012 est.)
country comparison to the world: 119

28.4% of GDP (2011 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
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.7% (2012 est.)
country comparison to the world: 12

1.3% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.25% (31 December 2010 est.)
country comparison to the world: 125

1.75% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
3.7% (31 December 2012 est.)
country comparison to the world: 163

4.4% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$152.1 billion (31 December 2012 est.)
country comparison to the world: 26

$138.9 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$309.2 billion (31 December 2011 est.)
country comparison to the world: 30

$280.4 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$705.4 billion (31 December 2012 est.)
country comparison to the world: 21

$615.3 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$219.2 billion (31 December 2011)
country comparison to the world: 30

$250.9 billion (31 December 2010)
$227.2 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$71.87 billion (2012 est.)
country comparison to the world: 6

$63.06 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$166 billion (2012 est.)
country comparison to the world: 30

$164.8 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish

Exports - partners:
UK 25.6%, Germany 12.6%, Netherlands 12%, France 6.7%, Sweden 6.3%, US 5% (2012)

Imports:
$89.05 billion (2012 est.)
country comparison to the world: 37

$92.05 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and equipment, chemicals, metals, foodstuffs

Imports - partners:
Sweden 13.6%, Germany 12.4%, China 9.3%, Denmark 6.3%, UK 6.1%, US 5.4% (2012)

Reserves of foreign exchange and gold:
$51.86 billion (31 December 2012 est.)
country comparison to the world: 36

$49.4 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$659.1 billion (31 December 2012)
country comparison to the world: 20

$595.7 billion (31 December 2011)
note: Norway is a net external creditor
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$256.8 billion (31 December 2012 est.)
country comparison to the world: 21

$236.5 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$241.3 billion (31 December 2012 est.)
country comparison to the world: 22

$210.6 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Norwegian kroner (NOK) per US dollar -

5.8162 (2012 est.)
5.6065 (2011 est.)
6.0442 (2010 est.)
6.288 (2009)
5.6361 (2008)


NOTE: The information regarding Norway on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Norway Economy 2014 information contained here. All suggestions for corrections of any errors about Norway Economy 2014 should be addressed to the CIA.



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