Exporting

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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, Norway abandoned neutrality and 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.

Location

Northern Europe, bordering the North Sea and the North Atlantic Ocean, west of Sweden

Natural Resources

petroleum, natural gas, iron ore, copper, lead, zinc, titanium, pyrites, nickel, fish, timber, hydropower

Population - distribution

most Norwegians live in the south where the climate is milder and there is better connectivity to mainland Europe; population clusters are found all along the North Sea coast in the southwest, and Skaggerak in the southeast; the interior areas of the north remain sparsely populated

5009150
Bokmal Norwegian (official), Nynorsk Norwegian (official), small Sami- and Finnish-speaking minorities
OSLO (capital) 986,000 (2015)
Conventional long form
Kingdom of Norway
Conventional short form
Norway
Local long form
Kongeriket Norge
Local short form
Norge
parliamentary constitutional monarchy
Name
Oslo
Geographic coordinates
59 55 N, 10 45 E
Time difference
UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction
Norway has a stable economy with a vibrant private sector, a large state sector, and an extensive social safety net. Norway opted 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.
Inflation
3.55%
Total tax rate (% of commercial profits)
39.5%
Real Interest Rate
10.006%
Manufacturing, value added (% of GDP)
7.943%
Current Account Balance
US$ 18,068,579,735
Labor Force, Total
2,785,408
Employment in Agriculture
2.08%
Employment in Industry
19.40%
Employment in Services
78.15%
Unemployment Rate
4.81%
Imports of goods and services
US$ 120,605,833,333
Exports of goods and services
US$ 125,199,166,667
Total Merchandise Trade
43.53%
FDI, net inflows
US$ -15,179,180,743
Commercial Service Exports
US$ 36,364,185,888
barley, wheat, potatoes; pork, beef, veal, milk; fish
petroleum and gas, shipping, fishing, aquaculture, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles
Commodities
petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Partners
UK 22.2%, Germany 17.9%, Netherlands 10.2%, France 6.6%, Sweden 6.1%, Belgium 5%, US 4.5% (2015)
Commodities
machinery and equipment, chemicals, metals, foodstuffs
Partners
Sweden 12%, Germany 11.8%, China 10.9%, UK 6.7%, US 6.6%, Denmark 6% (2015)
Country Risk Rating
A1
The political and economic situation is very good. A quality business environment has a positive influence on corporate payment behavior. Corporate default probability is very low on average.
Business Climate Rating
A1
The business environment is very good. Corporate financial information is available and reliable. Debt collection is efficient. Institutional quality is very good. Intercompany transactions run smoothly in environments rated A1.
  • Current account and public finances sustained by energy market despite fall in world prices
  • Discovery of new oil fields
  • Norwegian currency's safe haven status for investors
  • Broad political consensus
  • Solid banking system
  • Tensions on the job market eased by immigration
  • Budget in deficit without oil and gas
  • Very high level of household debt
  • Competitiveness eroded by high salaries
  • Labor shortage in high value-added sectors

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