Norway Economic Structure
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Norway’s annual GDP which is measured in constant prices dipped for the first time in 20 years. However, Norway’s mainland GDP excludes its powerful oil and gas sectors as well as the shipping industry. The country’s GDP and GDP Mainland dipped by 1.5 per cent from 2008 to 2009. Despite this first GDP drop, Norway’s economy did not suffer the worst of the global economic crisis due to the performance of its all important oil and gas sector. This Scandinavian country is the fifth largest exporter of oil in the world. It is also the world’s third largest natural gas exporter. Norway is expected to surpass Canada and soon emerge as the world’s second largest natural gas producer.[br]
Table of Contents
Norway Economic Structure: Primary Sector
At the turn of the 20th century, Norway’s economy largely rested on its primary sector spanning fishing, agriculture and forestry. Traditional economic activities included fish farming and fisheries too. For women in Norway, fish processing has always an important source of employment and fish farming continues to develop so as to expand to more varieties. Agricultural prospects of this economic structure began to change with the development of hydroelectric power through the various waterfalls in the country.
Norway Economic Structure: Secondary Sector
The availability of cheap electricity triggered expansion of Norway secondary sector. Norway economic structure witnessed a growth-oriented change as it spearheaded metallurgical and chemical manufacturing activities. Manufacturing of iron alloys, aluminum and fertilizers began on a large scale. Shipbuilding and furniture making also emerged as thriving economic activities in Norway secondary sector. In fact, Norway has the fourth largest fleet in the world.
Norway Economic Structure: Tertiary Sector[br]
The retailing industry is expanding well in the Norway tertiary sector. Norway’s four major grocery retailers, Norgesgruppen, Coop Norge, Reitangruppen, and ICA Norge head the overall retailing market in Norway, with their combined value share of 36%. They follow the traditional, store-based retail model. Norway’s leading home shopping companies, De norkske bokklubbene and Redcats, reported that 50% of their sales are through Internet orders. It is clear that Internet retailing in Norway is fast evolving as a popular option for consumers who enjoy online shopping and its simple order process.
