OIL PRICE SLUMP PROMPTS NORWAY TO ACTION
Milestones | Norway
With prices less than half the level of a year ago, Norway has been hit hard by the slump in crude revenues.
Norway
Norway Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in Norway; country and population overview
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International Reserves
US$ 64.789 billion (Source: IMF; Data updated: 2014)
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Gross Domestic Product - GDP
US$ 513 billion (2014 estimate)
GDP (Purchasing Power Parity)
289 billion of International dollars (2014 estimate)
Real GDP growth
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 |
| 1% | 3.9% | 2.6% | 2.3% | 2.7% | 0.0% | -1.4% | 0.6% |
| 2011 | 2012 | 2013 | 2014* | ||||
| 1.1% | 2.8% | 0.8% | 1.8% |
*Estimate
GDP per capita - current prices
US$ 99,574 (2014 estimate)
GDP per capita - PPP
$56,223 International Dollars (2014 estimate)
GDP (PPP) - share of world total
| 1980 | 1990 | 2000 | 2010 | 2014* |
| 0.45% | 0.42% | 0.41% | 0.34% | 0.32% |
*Estimate
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GDP - composition by sector
- agriculture: 1.2%
- industry: 42.3%
- services: 56.5% (2013 estimate)
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Gross domestic expenditure on R&D; (% of GDP)
1.6% (2011)
Inflation
| 2011 | 2012 | 2013 | 2014* |
| 1.3% | 0.7% | 2.1% | 2.0% |
*Estimate
Unemployment rate
| 2011 | 2012 | 2013 | 2014* |
| 3.3% | 3.2% | 3.5% | 3.5% |
*Estimate
Public debt (General government gross debt as a % of GDP)
| 2010 | 2011 | 2012 | 2013 | 2014* |
| 43.3% | 29.0% | 29.5% | 29.5% | 29.5% |
*Estimate
Public deficit (General government net lending/borrowing as a % of GDP)
| 2010 | 2011 | 2012 | 2013 | 2014* |
| 11.1% | 13.6% | 13.9% | 11.1% | 11.2% |
*Estimate
Government bond ratings
Standard & Poor's: AAA
Moody's rating: Aaa
Moody's outlook: STA
(Foreign Currency Government Bond Ratings; Data last updated Sept 2014)
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Market value of publicly traded shares
| 2010* | 2011 | 2012** |
| US$250.9 billion | US$219.2 billion | US$252.9 billion |
*2010 Estimate **2012 Estimate
Largest companies in Norway
Statoil, DNB, Telenor, Yara International, Storebrand, Norsk Hydro, Gjensidige Forsikring, SpareBank 1 SR-Bank, Orkla
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Current account balance
US$ 52.159 billion (2014 estimate)
Current account balance by percentage of GDP
10.177% of GDP (2014 estimate)
Exports as percent of GDP(Exports of goods and services)
38.9% (2013)
Shares in world total commercial services export
0.87% (2012)
Export commodities
petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
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Import commodities
machinery and equipment, chemicals, metals, foodstuffs
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Exports - major partners
UK 25.6%, Germany 12.6%, Netherlands 12%, France 6.7%, Sweden 6.3%, US 5% (2012)
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Imports - major partners
Sweden 13.6%, Germany 12.4%, China 9.3%, Denmark 6.3%, UK 6.1%, US 5.4% (2012)
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FDI inflows
| 2011 | 2012 | 2013 | |
| US$20,586 million | US$16,648 million | US$9,330 million |
FDI outflows
| 2011 | 2012 | 2013 | |
| US$19,880 million | US$19,782 million | US$17,913 million |
Value of cross-border M&A; by country of purchaser
| 2010 | 2011 | 2012 | 2013 |
| US$-3,905 million | US$5,661 million | US$4,191 million | US$87 million |
Cross-border M&A; deals worth over $3 billion completed in 2012 (Acquiring company, Acquired company, Country of the acquired company, Value of the deal)
N/A
(for a monthly update on M&A; click here )
Cross-border M&A; deals worth over $3 billion completed in 2013 (Acquiring company, Acquired company, Country of the acquired company, Value of the deal)
N/A
(for a monthly update on M&A; click here )
Best countries for doing business World Bank/IFC Doing Business Project
Economies are ranked on their ease of doing business, from 1 - 189. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.
Overall ranking: 9 out of 189 countries (2013)
Subcategories:
Starting a business: 53 out of 189 countries
Enforcing Contracts: 4 out of 189 countries
Registering Property: 10 out of 189 countries
Getting credit: 73 out of 189 countries
Protecting investors: 22 out of 189 countries
Trading across border: 26 out of 18 countries
Paying Taxes: 17 out of 189 countries
Dealing with Construction Permits: 28 out of 189 countries
Getting Electricity: 17 out of 189 countries
Resolving Insolvency: 2 out of 189 countries
(2013)
Global competitiveness ranking(ranking by country on a basis of 144, the first is the best)
11
(2014-2015)
Source
Index of Economic FreedomWSJ and Heritage Foundation
Ranking: 32 Score: 70.9 (Mostly Free) (2014)
(100=totally free 0=totally repressed )
Source
Languages
Bokmal Norwegian (official), Nynorsk Norwegian (official), small Sami- and Finnish-speaking minorities; note - Sami is official in six municipalities
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Religions
Church of Norway (Evangelical Lutheran - official) 82.1%, other Christian 3.9%, Muslim 2.3%, Roman Catholic 1.8%, other 2.4%, unspecified 7.5% (2011 est.)
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Total population
| 1990 | 2000 | 2010 | 2014* | 2019** |
| 4.25 million | 4.501 million | 4.908 million | 5.147 million | 5.437 million |
*Estimate **Forecast
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Urban population as % of total population
| 1960 | 1980 | 2000 | 2013 |
| 49.9% | 71% | 76% | 80% |
% of population living on less than $2 a day
0.7% (2010)
Inequality of wealth distribution (Gini index)
26.8 (2010)
(0=perfect equality, 100=absolute inequality)
Freedom House rating
Political Rights: 1
Civil Liberties: 1 (2014)
(1 represents the most free, 7 the least free)
Source
Total telephone subscribers as % of population
Fixed 26.2% Mobile 116.5%
(2013)
(fixed-telephone subscribers and mobile-cellular subscribers)
Internet users as % of total population
95.05% (2013)
Cost of living - Mercer index(ranking by city on a basis of 214; the 1st is the most expensive and the 214th is the least expensive)
Oslo: 20th (2014)
CO2 emissions(Metric tons of CO2 per capita)
11.7 (2010)