The Norwegian economy thrives in the midst of prosperous welfare capitalism that features the best possible combination comprising free market activity and government intervention. Key areas such as the country’s petroleum sector, is controlled by the government. The country’s natural resources include hydropower, forests, fish, minerals, and much more. However, the country is depends heavily on the petroleum sector. This sector accounts for nearly half of exports and more than 30% of its state revenue. In fact, Norway is the world's third largest exporter of gas. However, it has slipped in its position as a leading oil exporter because production has started to decline. In November 1994, Norway did not take part in the EU during a referendum but it is a member of the European Economic Area. Norway also contributes significantly to the EU budget. Anticipating declines in oil as well as gas production, Norway saves most of its state revenue from the petroleum sector in a sovereign wealth fund. The country’s growth suffered in the year 2008 and dipped to 2.6% after which the economy suffered contraction in the following year due to the recession in world economy. Another reason for growth decline was the sudden drop in oil prices.
The Norway economy showed considerable resilience during the financial crisis. Strong recovery measures are being initiated to overcome the difficulties that had affected the economy at the time. Norway’s GDP contracted in 2009 by 1.5%, which is the country’s first annual GDP dip in two decades. However, it is important to note that Norway’s mainland GDP does not include the oil and gas sectors as well as the shipping industry.
Norway’s unit of currency is the Krone. Officially, it is indicated as NOK and as Kr on price tags in shops and commercial establishments.
GDP (purchasing power parity) - $276.5 billion (2009 est.)
GDP (official exchange rate) - $369 billion (2009 est.)
GDP composition by services – agriculture at 2.2%, industry at 45.1% and services at 52.7% (2009 est)
Labor force – 2.6 million (2009 est.)
Labor force by occupation – agriculture at 2.9%, industry at 21.1% and services at 76%
