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Norway
| 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. |
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| Economy Statistics |
| Exports: |
$76.64 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Export
Commodities: |
petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish [?]
This entry provides a rank ordering of exported products starting with the most important; it sometimes includes the percent of total dollar value.
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Export
Partners: |
UK 22.4%, Germany 12.9%, Netherlands 9.9%, France 9.6%, US 8.4%, Sweden 6.7% (2004) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Imports: |
$45.96 billion f.o.b. (2004 est.) [?]
This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
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Import
Commodities: |
machinery and equipment, chemicals, metals, foodstuffs [?]
This entry provides a rank ordering of imported products starting with the most important; it sometimes includes the percent of total dollar value.
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Import
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) [?]
This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
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| Oslo Chamber of Commerce |
| Address: |
Drammensvn. 30, 0255 Oslo |
| Phone: |
22 12 94 00 |
| Fax: |
22 12 94 01 |
| Website: |
http://www.chamber.no/ |
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