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Country of the month
Face a small and innovative country in the North >> Click here for country information
HISTORY:
Two centuries of Viking raids into Europe tapered off following the adoption of Christianity by King Olav TRYGGVASON in 994. Conversion of the Norwegian kingdom occurred over the next several decades. In 1397, Norway was absorbed into a union with Denmark that lasted more than four centuries. In 1814, Norwegians resisted the cession of their country to Sweden and adopted a new constitution. Sweden then invaded Norway but agreed to let Norway keep its constitution in return for accepting the union under a Swedish king. Rising nationalism throughout the 19th century led to a 1905 referendum granting Norway independence. Although Norway remained neutral in World War I, it suffered heavy losses to its shipping. Norway proclaimed its neutrality at the outset of World War II, but was nonetheless occupied for five years by Nazi Germany (1940-45). In 1949, neutrality was abandoned and Norway became a member of NATO. Discovery of oil and gas in adjacent waters in the late 1960s boosted Norway's economic fortunes. In referenda held in 1972 and 1994, Norway rejected joining the EU. Key domestic issues include immigration and integration of ethnic minorities, maintaining the country's extensive social safety net with an aging population, and preserving economic competitiveness.
RECENT ACTIONS:
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-majority-owned enterprises. The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on the petroleum sector, which accounts for nearly half of exports and over 30% of state revenue. Norway is the world's second-largest gas exporter; its position as an oil exporter has slipped to ninth-largest as production has begun to decline. Norway opted to stay out of the EU during a referendum in November 1994; nonetheless, as a member of the European Economic Area, it contributes sizably to the EU budget. In anticipation of eventual declines in oil and gas production, Norway saves state revenue from the petroleum sector in the world's second largest sovereign wealth fund, valued at over $500 billion in 2010. After solid GDP growth in 2004-07, the economy slowed in 2008, and contracted in 2009, before returning to positive growth in 2010.
TODAY:
Norway is a Hydro and Oil-driven economy, where state is doing better than almost any European country.
Unemployment rate 3,8 %
Population: 4,7 million
Age structure:
0-14 years: 18% (male 431,111/female 412,864)
15-64 years: 66% (male 1,568,729/female 1,529,799)
65 years and over: 16% (male 326,711/female 422,635)
GDP - per capita (PPP):
$54,600
GDP - composition by sector:
agriculture: 2.6%
industry: 39.3%
services: 58.1% (2010 est.)
For further details, Please contact our Partner Peter Ellingsen in Oslo.
Competitiveness by ELP
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ELP Business Connections GmbH is a network of several hundreds professional business consultants working in 25 nations, helping Enterprises in developing their business and fostering their competitiveness.
ELP has professional local consultants in Europe and linked partners also in USA, Canada, Japan, China and India. Each of ELP Business Connection consultants are linked to the Headquarters in Zurich