Norway is a constitutional monarchy located in Northern Europe with a population of nearly 5 million. It has a highly developed economy and ranks highly in quality of life indexes. Norway has a mixed economy and sizable sovereign wealth fund from oil and gas revenues. It is not an EU member but participates in the European single market. Exports include petroleum, machinery, metals, and fish, mainly to EU countries. The economy relies heavily on foreign trade, including oil and gas exports, and maintains close economic ties with the EU.
2. General Information
• A Constitutional Monarchy(King Harald V)
• Jens Stoltenberg (Prime Minister)
• Population: 4,985,870
• Area: 385,252 km2
Stoltenberg
King Harold V
• The capital is Oslo( 2nd most expensive
city in the world, immigrants- 25% of the city’s
population)
• Number One in the Human Development Index
• 7th Highest GDP per capita in the world
• Currency: Norwegian Krone
• 10th most traded currency in the FOREX
3. Economy Overview
• The Norwegian economy is an example of a mixed economy, a
prosperous capitalist welfare state featuring a combination of
free market activity and large state ownership in certain key
sectors
• Norway’s state petroleum fund - 1995 (The Government
Pension Fund) - fund into which the surplus wealth produced
by Norwegian petroleum income is deposited.
• Amount: NOK 3,396 billion ($573 billion)
• 1 per cent of global equity markets
• With 1.78 per cent of European stocks, it is said to be the
largest stock owner in Europe.
• Norway's emergence as a major oil and gas producer in the
mid-1970s
4. • Norway is not a member of the EU
• Membership rejected twice(70s and
90s)
• 4th most important import partner for
the EU
• Part of the Schengen agreement
• Norway contributes to the EU budget
5. Norway politics
• Norway is a founding member of the UN
and NATO
• Member of: EEA (European Economic
Area)-Access to EU single market
• EFTA (European Free Trade Association)Norway, Liechtenstein, Iceland, Switzerla
nd
• OECD (Organization for Economic Cooperation and Development)
6. Gross domestic product
GDP - composition by sector:
agriculture: 2.7%
industry: 38.3%
services: 59% (2011 est.)
7. Gross domestic product
GDP - real growth rate:
• 1.7% (2011 est.)
• country comparison to the world: 164
• 0.3% (2010 est.)
• -1.7% (2009 est.)
GDP - per capita (PPP):
• $53,300 (2011 est.)
• country comparison to the world: 7
• $53,000 (2010 est.)
• $53,500 (2009 est.)
• note: data are in 2011 US dollars
8. Gross domestic product
GDP Real Growth Rate
2.00%
1.70%
0.30%
0.00%
2011
2010
-2.00%
2009
-1.70%
GDP Per Capita
$53,600
$53,400
$53,200
$53,000
$52,800
$52,600
$53,500
$53,300
$53,000
2011
2010
2009
9. Exports:
• $159.8 billion (2011 est.)
• country comparison to the world: 31
• $132.7 billion (2010 est.)
Exports - commodities:
• petroleum and petroleum products, machinery and
equipment, metals, chemicals, ships, fish
Exports - partners:
• UK 26.7%, Netherlands 12.1%, Germany 11.4%, Sweden
7%, France 6.6%, US 5% (2010)
10. Imports:
• $92.63 billion (2011 est.)
• country comparison to the world: 37
• $74.3 billion (2010 est.)
Imports - commodities:
• machinery and equipment, chemicals, metals, foodstuffs
Imports - partners:
• Sweden 14.1%, Germany 12.4%, China 8.5%, Denmark 6.3%, UK
5.9%, US 5.4% (2010)
11. Foreign Policy
• Norway has a small and open economy, which is
largely dependent on foreign trade. Foreign trade
(export and import combined) constitutes more than
half of Norway's GDP, making it one of the world's
most open economies.
• Foreign trade is a critical economic factor. Exports
bring in over 40% of the GDP.
• About 75 per cent of Norway's trade is with the EU.
12. • The EUs relations with third countries:
-Mediterranean region
-regional groupings in Asia (ASEAN, ASEM)
-Latin America
-Transatlantic Economic Partnership (TEP)
• Norway was the world’s 31st largest merchandise
exporter, and the 36th largest importer, in 2010.
• Foreign trade amounts to approximately 37 per cent
of Norway’s GDP
13. Foreign Trade by
Goods
• Norway is the world’s largest producer of oil and
natural gas per capita outside of the Middle East.
• Norway is also one of the world’s largest exporters
of fish and fish products, which account for 5 per
cent of export revenues.
• Machinery, ships, metals, chemicals, pulp and
paper, etc. account for approximately 25 per cent
of Norway’s total export revenues.
• Norway is the main source for the EU of primary
aluminium. 60% of our total imports of alloys and
15% of unwrought metal originate in Norway
14.
15.
16. Trade relations between
Norway and Bulgaria
• Norwegian export to Bulgaria increased with 50% in 2011
reaching 11.7 mln.
• Bulgarian export to Norway increased with 56.1% amounting
33.4 mln. Euro.
• The turnover (for the above mentioned period) between the
countries reached 45.1 mln. Euro
Bulgarian export to
Norway, mln. Euro
Norwegian export to
Bulgaria , mln. Euro
Trade balance,
mln. Euro
2010
2011
Growth, %
2010 2011 Growth, %
2010 2011
21.4
33.4
56.1%
7.8
13.7 21.8
11.7 50%
17. Main commodity groups in the export to Norway for year 2011
1. Wrapping bags and sacks
2. Yarns of worsted wool, unsuitable for retail
3. Plastic transport or packing merchandises; plastic corks, covers and
others
4. Sunflower seeds
5. Electricity engines and generators, except electrogenerating aggregates
18. Main commodity groups in the import from Norway for year 2011
1. Merchandises and clothes, used
2. Frozen fishes
3. Audio or analogous carriers
4. Paper and cardboards
5. Machines and devices for operation with stones, earth, ore and other
mineral materials
6. Fillet and other fish meat /fresh, chilled or frozen/
7. Diagnostic and laboratory reactives
8. Electrical devices for wire telephony, videophones
9. Automobile parts
10. Automobile and transport vehicles
