News Letter Subscription
World Economy
US Economy
China Economy
Singapore Economy
Canada Economy
more...
Major Companies
ET 500 Companies
Forbes Companies
Fortune 500 Companies
Insurance Companies
S & P 500 Companies
more...
Indian Economy
Business & Economy
Textile Industry
VAT(Value Added Tax)
Poverty in India
FDI
more...
World Industry
Insurance
Finance
Steel Industry
Oil Industry
more...
Mortgage Industry
US Mortgage
UK Mortgage
China Mortgage
Canada Mortgage
US Economy
US Real Estate
US State Economies
US Banks
US Chambers of Commerce
more...
World Investment
Investment Strategy
Real Estate Investment
Property Investment
Online Investment
more...
Economic Relations
US China
Indo-US
Indo-Japan
more...
Stock Exchanges

Economic Indicators

Type of Economic System

World Country

Nobel Prize

World Organizations

Car Finance

Personal Finance

 
Home >> World Economy >> Economic Structure of Norway

Economic Structure of Norway

Economic Indicators Social Indicators Economic Structure of Norway Export & Import
 



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.