|
|
|
STRUCUTURE OF THE ECONOMY
The Norwegian economy is a mainstay of capitalism with an adequate role for government in maintaining control over the key areas, such as the vital petroleum sector (through large-scale state enterprises). In 2002 the share of private consumption in GDP was one of the smallest in Western Europe, accounting for just 45.1%, compared with an average of around 56%. The share has been relatively stable over the past decade. By contrast, public-sector consumption was slightly above the west European average in 2001, at 21.9%, yet remained small by Nordic standards (in Denmark and Sweden public consumption accounted for 26% and 28% of GDP respectively in 2001). Gross fixed investment measured as a share of GDP is also above the average west European level, accounting for 17% of GDP in 2002, a figure that is boosted by the offshore sector, which absorbs a large share of investment. This also renders gross fixed capital formation highly vulnerable to developments in the world oil market.
|
Norway's economy is unique because of its huge offshore sector, yet the dominance of service sector in the total Gross national income makes it akin to most of its west European counterparts. The primary sectors other than oil (agriculture, forestry and fishing) and secondary sectors (particularly manufacturing) have gradually declined in terms of contribution to GDP. Data from World Bank shows that in 2002 agriculture, industry and service sector had a share of 1.9 %, 38.3% and 59.9 % respectively in the country's GDP.
Main agricultural commodities are barley, wheat, potatoes; pork, beef, veal, milk and fish. The principal industries are petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles and fishing industry. Almost 74% people are employed in the service sector, industry employs 22%, and agriculture, forestry, and fishing engage 4% of the population.
|
|
|