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The Norwegian economy is a prosperous bastion of welfare capitalism, featuring a combination of free market activity and government intervention. The government controls key areas, such as the vital petroleum sector (through large-scale state enterprises), and extensively subsidizes agriculture, fishing, and areas with sparse resources. The extensive welfare system helps propel public sector expenditures to more than 50% of GDP. A major shipping nation, with a high dependence on international trade, Norway is basically an exporter of raw materials and semiprocessed goods. The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on its oil production and international oil prices. Only Saudi Arabia exports more oil than Norway. Norway imports more than half its food needs. Oslo opted to stay out of the EU during a referendum in November 1994. Growth was a meager 0.8% in 1999 because of weak private consumption and anemic investment activity in the oil and other sectors. Growth should pick up in 2000, perhaps to 2.7%. Despite their high per capita income and generous welfare benefits, Norwegians worry about that time in the next two decades when the oil and gas begin to run out. |
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The Norwegian economy is a prosperous bastion of welfare capitalism, featuring a combination of free market activity and government intervention. The government controls key areas, such as the vital petroleum sector (through large-scale state enterprises), and extensively subsidizes agriculture, fishing, and areas with sparse resources. The extensive welfare system helps propel public sector expenditures to more than 50% of GDP. A major shipping nation, with a high dependence on international trade, Norway is basically an exporter of raw materials and semiprocessed goods. The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on its oil production and international oil prices. Only Saudi Arabia exports more oil than Norway. Norway imports more than half its food needs. Oslo opted to stay out of the European Union during a referendum in November 1994. Growth was a meager 0.8% in 1999 because of weak private consumption and anemic investment activity in the oil and other sectors. Growth should pick up in 2000, perhaps to 2.7%. Despite their high per capita income and generous welfare benefits, Norwegians worry about that time in the next two decades when the oil and gas begin to run out. |
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petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles, fishing |
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petroleum and gas, food processing, shipbuilding?, pulp? and paper products, metals?, chemicals?, timber, mining, textile?s, fishing? |
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barley, other grains, potatoes; beef, milk; fish |
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barley?, other grains, potatoes; beef?, milk; fish |
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petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish |
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petroleum and petroleum products, machinery? and equipment, metals?, chemicals?, ships, fish |
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EU 77% (UK 17%, Germany 12%, Netherlands 10%, Sweden 10%, France 8%), US 7% (1998) |
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European Union 77% (United Kingdom 17%, Germany 12%, Netherlands 10%, Sweden 10%, France 8%), United States 7% (1998) |
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machinery and equipment, chemicals, metals, foodstuffs |
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machinery and equipment, chemicals?, metals, foodstuffs |
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EU 69% (Sweden 15%, Germany 14%, UK 10%, Denmark 7%), US 7%, Japan 4% (1998) |
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European Union 69% (Sweden 15%, Germany 14%, United Kingdom 10%, Denmark 7%), United States 7%, Japan 4% (1998) |
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$0 (Norway is a net external creditor) |
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$0 (Norway is a net external creditor) |
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