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Norway Economy Profile 2014

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Economy - overviewThe 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 30% 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 largest sovereign wealth fund, valued at over $830 billion in January 2014 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 2010-13. Nevertheless, the government budget remains in surplus.
GDP (purchasing power parity)$282.2 billion (2013 est.)
$277.8 billion (2012 est.)
$269.7 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$515.8 billion (2013 est.)
GDP - real growth rate1.6% (2013 est.)
3% (2012 est.)
1.3% (2011 est.)
GDP - per capita (PPP)$55,400 (2013 est.)
$55,100 (2012 est.)
$54,200 (2011 est.)
note: data are in 2013 US dollars
Gross national saving38.2% of GDP (2013 est.)
39.4% of GDP (2012 est.)
37% of GDP (2011 est.)
GDP - composition, by end usehousehold consumption: 40.5%
government consumption: 21.6%
investment in fixed capital: 21.7%
investment in inventories: 3.4%
exports of goods and services: 39.9%
imports of goods and services: -27.1%
(2013 est.)
GDP - composition by sectoragriculture: 1.2%
industry: 42.3%
services: 56.5% (2013 est.)
Population below poverty lineNA%
Labor force2.707 million (2014 est.)
Labor force - by occupationagriculture: 2.2%
industry: 20.2%
services: 77.6% (2012)
Unemployment rate3.6% (2013 est.)
3.2% (2012 est.)
Unemployment, youth ages 15-24total: 8.6%
male: 10%
female: 7.2% (2012)
Household income or consumption by percentage sharelowest 10%: 3.9%
highest 10%: 21% (2008)
Distribution of family income - Gini index25 (2008)
25.8 (1995)
Budgetrevenues: $292.8 billion
expenditures: $225 billion (2013 est.)
Taxes and other revenues56.8% of GDP (2013 est.)
Budget surplus (+) or deficit (-)13.1% of GDP (2013 est.)
Public debt30.1% of GDP (2013 est.)
29.1% of GDP (2012 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)1.9% (2013 est.)
0.7% (2012 est.)
Central bank discount rate6.25% (31 December 2010 est.)
1.75% (31 December 2009 est.)
Commercial bank prime lending rateNA% (31 December 2013 est.)
3.7% (31 December 2012 est.)
Stock of narrow money$146.3 billion (31 December 2013 est.)
$152.1 billion (31 December 2012 est.)
Stock of broad money$312.9 billion (31 December 2013 est.)
$318.5 billion (31 December 2012 est.)
Stock of domestic credit$706.4 billion (31 December 2013 est.)
$705.4 billion (31 December 2012 est.)
Market value of publicly traded shares$252.9 billion (31 December 2012 est.)
$219.2 billion (31 December 2011)
$250.9 billion (31 December 2010 est.)
Agriculture - productsbarley, wheat, potatoes; pork, beef, veal, milk; fish
Industriespetroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles, fishing
Industrial production growth rate-3% (2013 est.)
Current Account Balance$67.4 billion (2013 est.)
$71.87 billion (2012 est.)
Exports$154.2 billion (2013 est.)
$166 billion (2012 est.)
Exports - commoditiespetroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Exports - partnersUK 25.6%, Germany 12.6%, Netherlands 12%, France 6.7%, Sweden 6.3%, US 5% (2012)
Imports$90.14 billion (2013 est.)
$89.05 billion (2012 est.)
Imports - commoditiesmachinery and equipment, chemicals, metals, foodstuffs
Imports - partnersSweden 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.)
$49.4 billion (31 December 2011 est.)
Debt - external$720.6 billion (31 December 2012 est.)
$595.7 billion (31 December 2011)
note: Norway is a net external creditor
Stock of direct foreign investment - at home$274.5 billion (31 December 2013 est.)
$256.8 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$264.3 billion (31 December 2013 est.)
$241.3 billion (31 December 2012 est.)
Exchange ratesNorwegian kroner (NOK) per US dollar -
5.802 (2013 est.)
5.8162 (2012 est.)
6.0442 (2010 est.)
6.288 (2009)
5.6361 (2008)
Fiscal yearcalendar year

Source: CIA World Factbook
Unless otherwise noted, information in this page is accurate as of August 23, 2014