Norway Economy 1997

Economy - overview Norway is a prosperous bastion of welfare capitalism. The economy consistsof a combination of free market activity and government intervention. Thegovernment controls key areas, such as the vital petroleum sector (throughlarge-scale state enterprises), and extensively subsidizes agriculture, fishing,and areas with sparse resources. Norway maintains an extensive welfare systemthat helps propel public sector expenditures to more than 50% of GDP and resultsin one of the highest average tax levels in the world (46%). A small countrywith a high dependence on international trade, Norway is basically an exporterof raw materials and semiprocessed goods, with an abundance of small- andmedium-sized firms, and is ranked among the major shipping nations. The countryis richly endowed with natural resources - petroleum, hydropower, fish, forests,and minerals - and is highly dependent on its oil sector. Only Saudi Arabiaexports more oil than Norway. Norway imports more than half its food needs.Economic growth, only 1.6% in 1993, has improved steadily over the past fewyears, resulting in a budget surplus in 1996. Oslo opted to stay out of theEU during a referendum in November 1994. Despite their high per capita income- outstripped among major nations only by the US - and their generous welfarebenefits, the Norwegians worry about that time in the 21st century when theoil and gas run out.

GDP purchasing power parity - $114.1 billion (1996 est.)

GDP - real growth rate 4.8% (1996 est.)

GDP - per capita purchasing power parity - $26,200 (1996 est.)

GDP - composition by sector
agriculture: 2.9%
industry: 34.7%
services : 62.4% (1991)

Inflation rate - consumer price index 1.2% (1996 est.)

Labor force
total: 2.13 million
by occupation: services 71%, industry 23%, agriculture, forestry, and fishing 6% (1993)

Unemployment rate 4.5% (1996 est.)

Budget
revenues: $48.6 billion
expenditures: $53 billion, including capital expenditures of $NA (1994 est.)

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

Industrial production growth rate 3% (1996 est.)

Electricity - capacity 26.43 million kW (1994)

Electricity - production 123.2 billion kWh (1995)

Electricity - consumption per capita 24,586 kWh (1995 est.)

Agriculture - products oats, other grains; beef, milk; livestock output exceeds value of crops;among world's top 10 fishing nations; fish catch of 2.33 million metric tonsin 1994

Exports
total value: $41.7 billion (f.o.b., 1995)
commodities: petroleum and petroleum products 43%, metals and products 11%, foodstuffs(mostly fish) 9%, chemicals and raw materials 25%, natural gas 6.0%, ships5.4%
partners: EU 77.2% (UK 19.8%, Germany 12.7%, Netherlands 9.1%, France 7.8%, Sweden9.8%), US 6.0% (1995)

Imports
total value : $32.7 billion (c.i.f., 1995)
commodities: machinery and equipment and manufactured consumer goods 54%, chemicalsand other industrial inputs 39%, foodstuffs 6%
partners: EU 71.0% (Sweden 15.4%, Germany 13.8%, UK 9.7%, Denmark 7.5%, Netherlands4.4%), US 6.6% (1995)

Debt - external $NA

Economic aid
donor: ODA, $1.014 billion (1993)

Currency 1 Norwegian krone (NKr) = 100 oere

Exchange rates Norwegian kroner (NKr) per US$1 - 6.4475 (January 1997), 6.4498 (1996),6.3352 (1995), 7.0576 (1994), 7.0941 (1993), 6.2145 (1992)

Fiscal year calendar year

NOTE: The information regarding Norway on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Norway Economy 1997 information contained here. All suggestions for corrections of any errors about Norway Economy 1997 should be addressed to the CIA.