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Economy of Norway

Economy of Norway
CountryNorway
Width300px
Currency1 Norwegian krone (NOK)=100 øre
YearCalendar year
OrgansOECD, WTO, European Economic Area and others
Gdp$276.5 billion (2009 est.)
Growth0.447% (2010)
Per Capita$53,269 (  est.) (PPP) (3rd)
Sectorsagriculture: 2.2%; industry: 45.1%; services: 52.7% (2009 est.)
Inflation2.7% (2011 est.)
Gini25 (2008)
Edbr8th
Labor2.6 million (2009 est.)
Occupationsagriculture: 2.9%; industry: 21.1%; services: 76% (2008)
Unemployment3.6% (October 2010)
Average Gross Salary35,200 NOK / 6,079 $, monthly (Sep. 2009)
Industriespetroleum and natural gas, food processing, shipbuilding, wood pulp and paper products, metals, chemicals, timber, mining, textiles, fishing
Exports$122 billion (2009 est.)
Export-goodspetroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Export-partnersUnited Kingdom 27%, Germany 12.8%, Netherlands 10.4%, France 9.4%, Sweden 6.5%, United States 4.5% (2008)
Imports$64.5 billion (2009 est.)
Import-goodsmachinery and equipment, chemicals, metals, foodstuffs
Import-partnersSweden 14.3%, Germany 13.4%, Denmark 6.8%, China 6.4%, United Kingdom 5.9%, United States 5.4%, Netherlands 4.1% (2008)
FDI$93.88 billion (31 December 2009 est.)
Gross External Debt$548.1 billion (30 June 2009)
Debt60.2% of GDP (2009 est.)
Revenue$206.9 billion
Expenses$169 billion (2009 est.)
Aid$2.20 billion (donor), 0.87% of GDP (2004) [http://epp.eurostat.ec.europa.eu/cache/ITY_PUBLIC/3-01022011-AP/EN/3-01022011-AP-EN.PDF
Credit*Standard & Poor's:
AAA (Domestic)
AAA (Foreign)
AAA (T&C Assessment)
Outlook: Stable *Moody's:
Aaa
Outlook: Stable *Fitch:
AAA
Outlook: Stable
ReservesUS$54.504 billion (March 2011)
Cianameno

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The economy of Norway is a developed mixed economy with heavy state-ownership in strategic areas of the economy. Although sensitive to global business cycles, the economy of Norway has shown robust growth since the start of the industrial era. Shipping has long been a support of Norway's export sector, but much of Norway's economic growth has been fueled by an abundance of natural resources, including petroleum exploration and production, hydroelectric power, and fisheries. Agriculture and traditional heavy manufacturing have suffered relative decline compared to services and oil-related industries, and the public sector is among the largest in the world as a percentage of the overall gross domestic product. The country has a very high standard of living compared with other European countries, and a strongly integrated welfare system.


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