Economy of Norway 2010

    

          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 nearly half of exports and over 30% of state revenue. Norway is the world's third-largest gas exporter; its position as an oil exporter has slipped to seventh-largest as production has begun to decline. 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 almost all state revenue from the petroleum sector in a sovereign wealth fund. After lackluster growth of less than 1.5% in 2002-03, GDP growth picked up to 2.5-6.2% in 2004-07, partly due to higher oil prices. Growth fell to 2.5% in 2008, and the economy contracted by 1.1% in 2009 as a result of the slowing world economy and the drop in oil prices.

GDP (purchasing power parity):
$276.5 billion (2009 est.)

$279.6 billion (2008 est.)

$272.8 billion (2007 est.)
note: data are in 2009 US dollars
[see also: GDP (purchasing power parity) country ranks ]
GDP (official exchange rate):
$369 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-1.1% (2009 est.)

2.5% (2008 est.)

6.2% (2007 est.)
[see also: GDP - real growth rate country ranks ]
GDP - per capita (PPP):
$59,300 (2009 est.)

$60,200 (2008 est.)

$58,900 (2007 est.)
note: data are in 2009 US dollars
[see also: GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 2.2%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 45.1%
[see also: GDP - composition by sector - industry country ranks ]
services: 52.7% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
2.6 million (2009 est.)
[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%
[see also: Labor force - by occupation - industry country ranks ]
services: 76% (2008)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
3.2% (2009 est.)

2.6% (2008 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%: 23.4% (2000)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
25 (2008)

25.8 (1995)
[see also: Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
20.5% of GDP (2009 est.)
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $206.9 billion
[see also: Budget - revenues country ranks ]
expenditures: $169 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
60.2% of GDP (2009 est.)

55.7% of GDP (2008 est.)
[see also: Public debt country ranks ]
Inflation rate (consumer prices):
2.3% (2009 est.)

3.8% (2008 est.)
[see also: Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
4% (31 December 2008)

6.25% (31 December 2007)
[see also: Central bank discount rate country ranks ]
Commercial bank prime lending rate:
7.28% (31 December 2008)

3.5% (1st quarter 2009)
[see also: Commercial bank prime lending rate country ranks ]
Stock of money:
$NA
[see also: Stock of money country ranks ]

Stock of quasi money:
$NA
[see also: Stock of quasi money country ranks ]

Stock of domestic credit:
$NA
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$142.5 billion (31 December 2008)

$357.4 billion (31 December 2007)

$281.1 billion (31 December 2006)
[see also: Market value of publicly traded shares country ranks ]
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:
-1.5% (2009 est.)
[see also: Industrial production growth rate country ranks ]

Electricity - production:
142.7 billion kWh (2008 est.)
[see also: Electricity - production country ranks ]

Electricity - consumption:
128.8 billion kWh (2008 est.)
[see also: Electricity - consumption country ranks ]

Electricity - exports:
17.29 billion kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
3.414 billion kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
2.466 million bbl/day (2008 est.)
[see also: Oil - production country ranks ]

Oil - consumption:
220,200 bbl/day (2008 est.)
[see also: Oil - consumption country ranks ]

Oil - exports:
2.383 million bbl/day (2008 est.)
[see also: Oil - exports country ranks ]

Oil - imports:
104,400 bbl/day (2008 est.)
[see also: Oil - imports country ranks ]

Oil - proved reserves:
6.68 billion bbl (1 January 2009 est.)
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
99.2 billion cu m (2008 est.)
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
3.97 billion cu m (2008 est.)
[see also: Natural gas - consumption country ranks ]
 
Natural gas - exports:
95.23 billion cu m (2008 est.)
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
2.313 trillion cu m (1 January 2009 est.)
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$58.56 billion (2009 est.)

$88.34 billion (2008 est.)
[see also: Current account balance country ranks ]
Exports:
$122 billion (2009 est.)

$173.6 billion (2008 est.)
[see also: Exports country ranks ]
Exports - commodities:
petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish

Exports - partners:
UK 27%, Germany 12.8%, Netherlands 10.4%, France 9.4%, Sweden 6.5%, US 4.5% (2008)

Imports:
$64.5 billion (2009 est.)

$85.95 billion (2008 est.)
[see also: Imports country ranks ]
Imports - commodities:
machinery and equipment, chemicals, metals, foodstuffs

Imports - partners:
Sweden 14.4%, Germany 13.4%, Denmark 6.9%, China 6.4%, UK 5.9%, US 5.4%, Netherlands 4.2% (2008)

 Reserves of foreign exchange and gold:
$NA (31 December 2009 est.)

$50.95 billion (31 December 2008 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
Debt - external:
$548.1 billion (30 June 2009 est.)

$475.9 billion (31 December 2008 est.)
note: Norway is a net external creditor
[see also: Debt - external country ranks ]
Stock of direct foreign investment - at home:
$93.88 billion (31 December 2009 est.)

$91.49 billion (31 December 2008 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
Stock of direct foreign investment - abroad:
$179.5 billion (31 December 2009 est.)

$160.1 billion (31 December 2008 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]
Exchange rates:
Norwegian kroner (NOK) per US dollar - 6.3988 (2009), 5.6361 (2008), 5.86 (2007), 6.418 (2006), 6.445 (2005)

SOURCE : www.theodora.com

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