NationMaster - Encyclopedia: Economy of Norway

Although sensitive to global business cycles, the economy of Norway has shown robust growth since the start of the industrial era. Shipping has long been a support of Norway's export sector, but much of Norway's economic growth has been fueled by an abundance of natural resources, including petroleum exploration and production, hydroelectric power, and fisheries. Agriculture and traditional heavy manufacturing have suffered relative decline compared to services and oil-related industries, and the public sector is among the largest in the world as a percentage of the overall gross domestic product. Image File history File links Norwegian_1_kr_reverse. ... ISO 4217 Code NOK User(s) Norway Inflation rate 2. ... ISO 4217 Code NOK User(s) Norway Inflation rate 2. ... The Organisation for Economic Co-operation and Development (OECD) is an international organisation of those developed countries that accept the principles of representative democracy and a free market economy. ... The World Trade Organization (WTO, French: , Spanish: ) is an international organization that establishes rules for international trade through consensus among its member states. ... EFTA countries (except Switzerland) EU countries Acceding EU countries (in EAA entry talks) Together these form the EEA. The European Economic Area (EEA) came into being on January 1, 1994 following an agreement between the European Free Trade Association (EFTA) and the European Union (EU). ... Purchasing power parity (PPP) is in economics the method of using the long-run equilibrium exchange rate of two currencies to equalize the currencies purchasing power. ... 2006 is a common year starting on Sunday of the Gregorian calendar. ... Map of world GDP (PPP) by country using the IMF list for 2005 There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... 2006 is a common year starting on Sunday of the Gregorian calendar. ... 2006 is a common year starting on Sunday of the Gregorian calendar. ... Purchasing power parity (PPP) is in economics the method of using the long-run equilibrium exchange rate of two currencies to equalize the currencies purchasing power. ... Map of countries by GDP (PPP) per capita, based on the 2005 IMF data. ... Services are: plural of service Tertiary sector of industry IRC services Web services the name of a first-class cricket team in India This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... 2006 is a common year starting on Sunday of the Gregorian calendar. ... In economics, a consumer price index (CPI) or retail price index (RPI) is a statistical time-series measure of a weighted average of prices of a specified set of goods and services purchased by consumers. ... 2006 is a common year starting on Sunday of the Gregorian calendar. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... 2006 is a common year starting on Sunday of the Gregorian calendar. ... The Gini coefficient is a measure of inequality developed by the Italian statistician Corrado Gini and published in his 1912 paper Variabilità e mutabilità. It is usually used to measure income inequality, but can be used to measure any form of uneven distribution. ... 2006 is a common year starting on Sunday of the Gregorian calendar. ... Manufacturing, a branch of industry which accounts for about one-quarter of the worlds economic activity, is the application of tools and a processing medium to the transformation of raw materials into finished goods for sale. ... Services are: plural of service Tertiary sector of industry IRC services Web services the name of a first-class cricket team in India This is a disambiguation page — a navigational aid which lists other pages that might otherwise share the same title. ... 1995 was a common year starting on Sunday of the Gregorian calendar. ... An 1837 political cartoon about unemployment in the United States. ... 2006 is a common year starting on Sunday of the Gregorian calendar. ... Pumpjack pumping an oil well near Sarnia, Ontario Ignacy Åukasiewicz - inventor of the refining of kerosene from crude oil. ... A gas is one of the four major phases of matter (after solid and liquid, and followed by plasma, that subsequently appear as a solid material is subjected to increasingly higher temperatures. ... Men from Francisco de Orellanas expedition building a small brigantine, the San Pedro, to be used in the search for food Shipbuilding is the construction of ships. ... International Paper Company Wood pulp is the most common material used to make paper. ... Paper is a thin material produced by the amalgamation of fibres, typically vegetable fibers composed of cellulose, which are subsequently held together by hydrogen bonding. ... For alternative meanings see metal (disambiguation). ... Chemical tanks in Lillebonne, France Chemical industry includes those industries involved in the production of petrochemicals, agrochemicals, pharmaceuticals, polymers, paints, oleochemicals etc. ... Timber in storage for later processing at a sawmill Timber is a term used to describe wood, either standing or that has been processed for useâ€”from the time trees are felled, to its end product as a material suitable for industrial useâ€”as structural material for construction or wood... This article is about mineral extraction. ... Sunday textile market on the sidewalks of Karachi, Pakistan. ... Fishing is the activity of hunting for fish by hooking, trapping, or gathering animals not classifiable as insects which breathe in water or pass their lives in water. ... 2006 is a common year starting on Sunday of the Gregorian calendar. ... Pumpjack pumping an oil well near Sarnia, Ontario Ignacy Åukasiewicz - inventor of the refining of kerosene from crude oil. ... A machine is any mechanical or electrical device that transmits or modifies energy to perform or assist in the performance of tasks. ... For alternative meanings see metal (disambiguation). ... A chemical substance is any material substance used in or obtained by a process in chemistry: A chemical compound is a substance consisting of two or more chemical elements that are chemically combined in fixed proportions. ... Italian ship-rigged vessel Amerigo Vespucci in New York Harbor, 1976 A ship is a large, sea-going watercraft. ... A giant grouper at the Georgia Aquarium Fish are aquatic vertebrates that are typically cold-blooded; covered with scales, and equipped with two sets of paired fins and several unpaired fins. ... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic - President George Walker Bush (R) - Vice President Dick Cheney (R) Independence from... 2005 is a common year starting on Saturday of the Gregorian calendar. ... 2006 is a common year starting on Sunday of the Gregorian calendar. ... Chemical tanks in Lillebonne, France Chemical industry includes those industries involved in the production of petrochemicals, agrochemicals, pharmaceuticals, polymers, paints, oleochemicals etc. ... Hot metal work from a blacksmith In chemistry, a metal (Greek: Metallon) is an element that readily forms positive ions (cations) and has metallic bonds. ... A salad of vegetables and cheese with bread at the side. ... Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic - President George Walker Bush (R) - Vice President Dick Cheney (R) Independence from... 2006 is a common year starting on Sunday of the Gregorian calendar. ... 2006 is a common year starting on Sunday of the Gregorian calendar. ... 2004 is a leap year starting on Thursday of the Gregorian calendar. ... ISO 4217 Code USD User(s) the United States, the British Virgin Islands, East Timor, Ecuador, El Salvador, the Marshall Islands, Micronesia, Palau, Panama, Turks and Caicos Islands, and the insular areas of the United States Inflation 3. ... Image File history File links Download high resolution version (821x525, 11 KB)Gross domestic product of Norway, 1970-2004, adjusted for inflation. ... Image File history File links Download high resolution version (821x525, 11 KB)Gross domestic product of Norway, 1970-2004, adjusted for inflation. ... // [edit] Introduction [edit] Definition If we were to take snapshots of an economy at different points in time, no two photos would look alike. ... A Watt steam engine. ... Damaged package The Panama canal. ... World GDP/capita changed very little for most of human history before the industrial revolution. ... Pumpjack pumping an oil well near Sarnia, Ontario Ignacy Åukasiewicz - inventor of the refining of kerosene from crude oil. ... Hydroelectric dam diagram The waters of Llyn Stwlan, the upper reservoir of the Ffestiniog Pumped-Storage Scheme in north Wales, can just be glimpsed on the right. ... A lobster boat unloading its catch in Ilfracombe harbour, North Devon, England. ... Manufacturing, a branch of industry which accounts for about one-quarter of the worlds economic activity, is the application of tools and a processing medium to the transformation of raw materials into finished goods for sale. ... IMF 2005 figures of total GDP of nominal compared to PPP. Absolute, not adjusted for population. ...

History

Download high resolution version (880x569, 30 KB) Wikipedia does not have an article with this exact name. ... Download high resolution version (880x569, 30 KB) Wikipedia does not have an article with this exact name. ...

Pre-industrial revolution

Prior to the industrial revolution, Norway's economy was largely based on agriculture and fishing. Norwegians typically lived under conditions of considerable scarcity, though famine was rare. Except for certain fertile areas in Hedemarken and Østfold, crops were limited to hardy grains, such as oats, rye, and barley; and livestock to sheep, goats, cattle, pigs, and some poultry; in places this was complemented with hunting. In areas of Central and Northern Norway, the Sami subsisted on the nomadic herding of reindeer. Fishing all around the coast was dangerous work, though fish such as herring, cod, halibut, and other cold-water species were found in abundance. The introduction of the potato to Norway provided considerable relief for Norwegians. A famine is a social and economic crisis that is commonly accompanied by widespread malnutrition, starvation, epidemic and increased mortality. ... [[Image:View-of-Hedemarken-from-Van. ... Ã˜stfold is a county in southeastern Norway, bordering Akershus and southwestern Sweden (VÃ¤stra GÃ¶taland County and VÃ¤rmland), while Vestfold is on the other side of the bay. ... Binomial name Avena sativa Carolus Linnaeus (1753) The Oat (Avena sativa) is a species of cereal grain, and the seeds of this plant. ... Binomial name Secale cereale M.Bieb. ... Binomial name Hordeum vulgare L. Barley (Hordeum vulgare) is a major food and animal feed crop, a member of the grass family Poaceae. ... Species See text. ... Species See Species and subspecies The goat is a mammal in the genus Capra, which consists of nine species: the Ibex, the West Caucasian Tur, the East Caucasian Tur, the Markhor, and the Wild Goat. ... Binomial name Bos taurus Linnaeus, 1758 Cattle (often called cows in vernacular and contemporary usage, or kye as the Scots plural of cou) are domesticated ungulates, a member of the subfamily Bovinae of the family Bovidae. ... This article is about the pig genus. ... Ducks amongst other poultry The Poultry-dealer, after Cesare Vecellio. ... Hunter and Huntress redirect here. ... In norwegian: Nord-Norge meaning Northern Norway. ... Sami flag The Sami People (there are other names and spellings including Sámi, Saami and Lapp) are an indigenous people of northern Sweden, Norway, Finland and Russia, covering a total area in the Nordic countries corresponding to the size of Sweden. ... Communities of nomadic people move from place to place, rather than settling down in one location. ... Binomial name Rangifer tarandus (Linnaeus, 1758) The reindeer, known as caribou when wild in North America, is an Arctic and Subarctic-dwelling deer (Rangifer tarandus). ... Species Clupea alba Clupea bentincki Clupea caspiopontica Clupea chrysotaenia Clupea elongata Clupea halec Clupea harengus Clupea inermis Clupea leachii Clupea lineolata Clupea minima Clupea mirabilis Clupea pallasii Clupea sardinacaroli Clupea sulcata Herrings are small oily fish of the genus Clupea found in the temperate, shallow waters of the North Atlantic... Species Gadus morhua Gadus macrocephalus Gadus ogac Cod is the common name for the genus Gadus of fish, belonging to the family Gadidae, and is also used in the common name of a variety of other fishes. ... Fiorello LaGuardia with a 300-pound halibut at the Fulton Fish Market. ... Binomial name Solanum tuberosum L. The potato (Solanum tuberosum) is a perennial plant of the Solanaceae, or nightshade, family, commonly grown for its starchy tuber. ...

All around the coast, the harvesting of fish (including cod, herring, halibut, and other cold water species) was an important supplement to farming and was in many areas in the north and west the primary household subsistence. Fishing was typically supplemented with crop-growing and the raising of livestock on small farms. Species Gadus morhua Gadus macrocephalus Gadus ogac Cod is the common name for the genus Gadus of fish, belonging to the family Gadidae, and is also used in the common name of a variety of other fishes. ... Species Clupea alba Clupea bentincki Clupea caspiopontica Clupea chrysotaenia Clupea elongata Clupea halec Clupea harengus Clupea inermis Clupea leachii Clupea lineolata Clupea minima Clupea mirabilis Clupea pallasii Clupea sardinacaroli Clupea sulcata Herrings are small oily fish of the genus Clupea found in the temperate, shallow waters of the North Atlantic... Fiorello LaGuardia with a 300-pound halibut at the Fulton Fish Market. ... In norwegian: Nord-Norge meaning Northern Norway. ... Vestlandet is the region along the Atlantic coast of southern Norway. ...

The economic conditions in Norway did not lend themselves to the formation of feudal system, though several kings did reward land to loyal subjects who became knights. Self-owning farmers were—and continue to be—the main unit of work in Norwegian agriculture, but leading up to the 19th century farmers ran out of land available for farming. Many agricultural families were reduced to poverty as tenant farmers, and served as the impetus for emigration to North America. Roland pledges his fealty to Charlemagne; from a manuscript of a chanson de geste. ... The silver Anglia knight, commissioned as a trophy in 1850, intended to represent the Black Prince. ... A tenant farmer is one who resides on and farms land owned by a landlord. ... It has been suggested that this article or section be merged with Immigration. ... The Norwegian-Americans are an ethnic group in the United States. ...

Merchant and civil servant classes were small in Norway. In some cities, notably Bergen, trading centers grew up around import and export of various goods, especially stockfish, going back to the Viking era. Centers for shipping grew along the coast, and a small number of shipping magnates were among the first truly wealthy people in Norway. County Hordaland District Midhordland Municipality NO-1201 Administrative centre Bergen Mayor (2004) Herman Friele (H) Official language form Neutral Area - Total - Land - Percentage Ranked 215 465 kmÂ² 445 kmÂ² 0. ... Stockfish is air-dried cod. ... The term Viking commonly denotes the ship-borne explorers, traders, and warriors of the Norsemen (literally, men from the north) who originated in Scandinavia and raided the coasts of the British Isles, France and other parts of Europe as far east as the Volga River in Russia from the late...

Industrial revolution

Aside from mining in Kongsberg and Røros, industrialization came with the first textile mills that were built in Norway in the middle of the 19th century. But the first large industrial enterprises came into formation when entrepreneurs built plants around sources of hydroelectric energy. Norsk Hydro was founded by Sam Eyde, and industrial communities arose in such places as Rjukan, Odda, and elsewhere. Download high resolution version (838x525, 19 KB) Wikipedia does not have an article with this exact name. ... Download high resolution version (838x525, 19 KB) Wikipedia does not have an article with this exact name. ... Kongsberg (lit. ... County SÃ¸r-TrÃ¸ndelag District Municipality NO-1640 Administrative centre RÃ¸ros Mayor (2003) John Helge Andersen (Ap) Official language form Neutral Area - Total - Land - Percentage Ranked 32 1,956 kmÂ² 1,758 kmÂ² 0. ... Norsk Hydro ASA is a Norwegian oil and energy and integrated aluminium company, headquartered in Oslo. ... Sam Eyde photographed in 1910. ... Map showing the position of Rjukan between lakes MÃ¸svatn (West, upstream) and TinnsjÃ¸ (East) Rjukan is the centre of Tinn municipality in Telemark, Norway. ... County Hordaland Landscape Hardanger Municipality NO-1228 Administrative centre Odda Mayor (2003) Toralv Mikkelsen (Ap) Official language form Neutral Area - Total - Land - Percentage Ranked 42 1,616 km² 1,478 km² 0. ...

In 1910, the industrial output exceeded agricultural output in Norway. As the benefits became apparent and capital available, manufacturing facilities such as dairies, fish refineries, paper mills, metal refineries, furniture, etc., grew up. To a great extent, industrialization became a matter of regional politics, leading to the founding of banks to serve those needs. 1910 (MCMX) was a common year starting on Saturday (see link for calendar) of the Gregorian calendar or a common year starting on Sunday of the 13-day slower Julian calendar. ...

Industries also offered employment for a large number of individuals who were displaced from the agricultural sector. As wages from industry exceeded those from agriculture, the shift started a long-term trend of reduction in cultivated land and rural population patterns. The working class became a distinct phenomenon in Norway, with its own neighborhoods, culture, and politics.

Social democratic reforms and the welfare state

The radical roots of the Socialist movement in Norway were based on dangerous working conditions, exploitive labor relations policies, and the demand for collective bargaining. As socialism became part of the mainstream labor movement, it also became part of the mainstream political discourse. Download high resolution version (853x525, 17 KB) Wikipedia does not have an article with this exact name. ... Download high resolution version (853x525, 17 KB) Wikipedia does not have an article with this exact name. ... Socialism is a social and economic system (or the political philosophy advocating such a system) in which the economic means of production are owned and controlled collectively by the people. ...

After World War II, the Norwegian Labour Party, with Einar Gerhardsen as prime minister, embarked on a number of social democratic reforms aimed at flattening the income distribution, eliminating poverty, ensuring social services such as retirement, medical care, and disability benefits to all, and putting more of the capital into the public trust. Combatants Allied Powers: United Kingdom France Soviet Union United States Republic of China and others Axis Powers: Germany Italy Japan and others Commanders Winston Churchill Charles de Gaulle Joseph Stalin Franklin Roosevelt Chiang Kai-Shek Adolf Hitler Benito Mussolini Hideki Tojo Casualties Military dead: 17,000,000 Civilian dead: 33... The Norwegian Labour Party (Det norske Arbeiderpartiet, DNA or Arbeiderpartiet, AP) is a social democratic political party in Norway. ... Einar Gerhardsen (May 10, 1897 - September 19, 1987) was a Norwegian politician from the Labour Party. ...

As a result, the public sector grew as a percentage of the overall economy. Highly progressive income taxes, the introduction of value-added tax, and a large number of special surcharges and taxes made Norway one of the heavily taxed economies in the world. Authorities were particularly inclined to tax discretionary spending, applying special taxes on automobiles, tobacco, alcohol, cosmetic items, etc. Since assets were also subject to taxation, there were individuals who ended up with tax liabilities well in excess of their gross income.

Norway's long-term social democratic policies, extensive governmental tracking of information, and the homogeneity of its population lent themselves particularly well for economic study, and academic research from Norway proved to made significant contributions to the field of macroeconomics during this era. When Norway became a petroleum-exporting country, the economic effects came under further study.

Petroleum and post-industrialism

Oil-exporting country

In May of 1963, Norway asserted sovereign rights over natural resources in its sector of the North Sea. Exploration started on July 19, 1966, when Ocean Traveler drilled its first hole. Initial exploration was fruitless, until Ocean Viking found oil on August 21, 1969. By the end of 1969, it was clear that there were large oil and gas reserves in the North Sea. The first oil field was Ekofisk, produced 427,442 barrels of crude in 1980. Since then, large natural gas reserves have also been discovered. Download high resolution version (856x527, 27 KB) Wikipedia does not have an article with this exact name. ... Download high resolution version (856x527, 27 KB) Wikipedia does not have an article with this exact name. ... 1963 (MCMLXIII) was a common year starting on Tuesday (the link is to a full 1963 calendar). ... The North Sea is a sea of the Atlantic Ocean, located between the coasts of Norway and Denmark in the east, the coast of the British Isles in the west, and the German, Dutch, Belgian and French coasts in the south. ... July 19 is the 200th day (201st in leap years) of the year in the Gregorian Calendar, with 165 days remaining. ... 1966 (MCMLXVI) was a common year starting on Saturday (the link is to a full 1966 calendar). ... August 21 is the 233rd day of the year (234th in leap years) in the Gregorian Calendar. ... Year 1969 (MCMLXIX) was a common year starting on Wednesday (the link is to a full 1969 calendar). ... Ekofisk is an oil field in the Norwegian sector of the North Sea. ... 1980 (MCMLXXX) was a leap year starting on Tuesday. ... Natural gas is a gaseous fossil fuel consisting primarily of methane. ...

Against the backdrop of the Norwegian referendum to not join the European Union, the Norwegian Ministry of Industry, headed by Ola Skjåk Bræk moved quickly to establish a national energy policy. Norway decided to stay out of OPEC, keep its own energy prices in line with world markets, and spend the revenue - known as the "currency gift" - wisely. The Norwegian government established its own oil company, Statoil, and awarded drilling and production rights to Norsk Hydro and the newly formed Saga Petroleum. Ola SkjÃ¥k BrÃ¦k (born February 4, 1912 in Eidsvoll - died December 26, 1999 in Trondheim) was a Norwegian banker and politician. ... Logo The Organization of the Petroleum Exporting Countries (OPEC) is an international organization made up of Algeria, Angola, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. ... The Petroleum Fund of Norway is a government controlled fund owned by the state of Norway. ... A Statoil petrol station sign in Estonia Statoil (OSE: STL, NYSE: STO) is a Norwegian petroleum company established in 1972. ... Norsk Hydro ASA is a Norwegian oil and energy and integrated aluminium company, headquartered in Oslo. ... Saga Petroleum was a Norwegian upstream petroleum company established in 1972 that was acquired by Norsk Hydro in 1999. ...

The North Sea turned out to present many technological challenges for production and exploration, and Norwegian companies invested in building capabilities to meet these challenges. A number of engineering and construction companies emerged from the remnants of the largely lost shipbuilding industry, creating centers of competence in Stavanger and the western suburbs of Oslo. Stavanger also became the land-based staging area for the offshore drilling industry. County Rogaland District JÃ¦ren Municipality NO-1103 Administrative centre Stavanger Mayor (2005) Leif Johan Sevland Official language form BokmÃ¥l Area - Total - Land - Percentage Ranked 406 71 kmÂ² 68 kmÂ² 0. ... County Oslo NO-03 District Viken Municipality NO-0301 Administrative centre Oslo Mayor (2004) Per Ditlev-Simonsen (H) Official language form Neutral Area - Total - Land - Percentage Ranked 224 454 kmÂ² 426 kmÂ² 0. ...

Reservations about the European Union

On September 24 and 25, 1972, the Norwegian parliament put to a referendum the question whether Norway should join the European Union. The proposal was turned down with a slim margin. The Norwegian government proceeded to negotiate a trade agreement with the EU that would give Norwegian companies access to European markets. Over time, Norway renegotiated and refined this agreement, ultimately joining the European Free Trade Association and the European Economic Area. Wikipedia does not have an article with this exact name. ... Wikipedia does not have an article with this exact name. ... September 24 is the 267th day of the year (268th in leap years) in the Gregorian calendar. ... September 25 is the 268th day of the year (269th in leap years) in the Gregorian calendar. ... 1972 (MCMLXXII) was a leap year starting on Saturday. ... The Storting main building The Storting, or Stortinget, (the Great Assembly), is the parliament of Norway, and is located in Oslo. ... Europe at its furthest extent, reaching to the Urals. ... The European Free Trade Association (EFTA) was established on May 3, 1960 as an alternative for European states that were not allowed or did not wish to join the European Community (now the European Union). ... EFTA countries (except Switzerland) EU countries Acceding EU countries (in EAA entry talks) Together these form the EEA. The European Economic Area (EEA) came into being on January 1, 1994 following an agreement between the European Free Trade Association (EFTA) and the European Union (EU). ...

Although Norway's trade policies have long aimed at harmonizing its industrial and trade policy with the EU's, a new referendum in 1994 gave the same result as in 1972, and Norway remains the only Scandinavian country outside of the EU. 1994 (MCMXCIV) was a common year starting on Saturday of the Gregorian calendar, and was designated as the International Year of the Family and the International Year of the Sport and the Olympic Ideal by United Nations. ... Scandinavia is a historical and geographical region centered on the Scandinavian Peninsula in Northern Europe. ...

Although much of the highly divisive public debate about EU membership turned on political rather than economic issues, it formed economic policy in several important ways:

Most Norwegian politicians and the public agree that Norway's economic policy should be based on a de facto membership in the European Union. Norwegians have sought accommodations on a range of specific issues, such as products from fish farms, agricultural products, emission standards, etc., but these do not appear to differ substantially from those sought by bona fide EU members. It is expected that the issue of membership will be brought to a referendum again at some point. In economics, the theory of comparative advantage (sometimes known as Ricardos Law) explains why it can be beneficial for two parties (countries, regions, individuals and so on) to trade, even though one of them may be able to produce every item more cheaply than the other. ...

Post-industrial economic developments

A cost-of-living index measures differences in the price of goods and services over time. ... McDonalds Big Mac purchased in Australia The Big Mac index is an informal way of measuring the purchasing power parity (PPP) between two currencies and provides a test of the extent to which market exchange rates result in goods costing the same in different countries. ... Combatants Allied Powers: United Kingdom France Soviet Union United States Republic of China and others Axis Powers: Germany Italy Japan and others Commanders Winston Churchill Charles de Gaulle Joseph Stalin Franklin Roosevelt Chiang Kai-Shek Adolf Hitler Benito Mussolini Hideki Tojo Casualties Military dead: 17,000,000 Civilian dead: 33... A progressive tax is a tax imposed so that the tax rate increases as the amount to which the rate is applied increases. ... Value added tax (VAT) is a sales tax levied on the sale of goods and services. ... The Alta controversy refers to a political controversy in Norway in the late 1970s and early 1980s concerning the construction of a hydroelectric power plant in the Alta river in Finnmark, Northern Norway. ...

Economic Structure and Sustained Growth

The emergence of Norway as an oil-exporting country has raised a number of issues for Norwegian economic policy. There has been concern that much of Norway's human capital investment has been concentrated in petroleum-related industries. Critics have pointed out that Norway's economic structure is highly dependent on natural resources that do not require skilled labor, making economic growth highly vulnerable to fluctuations in the demand and pricing for these natural resources. The Petroleum Fund of Norway is part of several efforts to hedge against dependence on petroleum revenue. The Petroleum Fund of Norway is a government controlled fund owned by the state of Norway. ...

Because of the oil boom since the 70's, there has been little extensive government incentive to help develop and encourage new industries in the private sector, in contrast to other Nordic countries like Sweden and particularly Finland. However the last decade have started to see some incentive on national and local government levels to encourage formation of new "mainland" industries that are competitive internationally. In addition to aspirations for a high-tech industry, there is growing interest in encouraging small business growth as a source of employment for the future.

There is continuing debate over the role of the public sector in Norway's economic development. There is broad consensus that Norway should pursue a mixed economic model, there is a persistent ideological schism between those who favor free market forces vs. socialist mechanisms. This box: â€¢ â€¢ A mixed economy is an economy that has a mix of economic systems. ... This box: Capitalism generally refers to an economic system in which the means of production are mostly privately [1] owned and operated for profit and in which distribution, production and pricing of goods and services are determined in a largely free market. ... Socialism refers to a broad array of doctrines or political movements that envisage a socio-economic system in which property and the distribution of wealth are subject to social control. ...

Statistics

GDP - composition by sector:
agriculture: 2.3%
industry: 41.4%
services: 56.3% (2006 est.)

Household income or consumption by percentage share:
lowest 10%: 4.1%
highest 10%: 21.8% (1995)

Labor force - by occupation: services 74%, industry 22%, agriculture, forestry, and fishing 4% (1995)

Budget:
revenues: $195.8 billion
expenditures: $133.1 billion; including capital expenditures of $NA (2006 est.)

Industries: petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, photovoltaics,software, electronics,chemical, timber, mining, textiles, fishing Pumpjack pumping an oil well near Sarnia, Ontario Ignacy Åukasiewicz - inventor of the refining of kerosene from crude oil. ... A gas is one of the four major phases of matter (after solid and liquid, and followed by plasma, that subsequently appear as a solid material is subjected to increasingly higher temperatures. ... Men from Francisco de Orellanas expedition building a small brigantine, the San Pedro, to be used in the search for food Shipbuilding is the construction of ships. ... International Paper Company Wood pulp is the most common material used to make paper. ... Paper is a thin material produced by the amalgamation of fibres, typically vegetable fibers composed of cellulose, which are subsequently held together by hydrogen bonding. ... For alternative meanings see metal (disambiguation). ... Photovoltaics, or PV for short, is a solar power technology that uses solar cells or solar photovoltaic arrays to convert energy from the sun into electricity. ... Computer software (or simply software) refers to one or more computer programs and data held in the storage of a computer for some purpose. ... The field of electronics comprises the study and use of systems that operate by controlling the flow of electrons (or other charge carriers) in devices such as thermionic valves (vacuum tubes) and semiconductors. ... Chemical tanks in Lillebonne, France Chemical industry includes those industries involved in the production of petrochemicals, agrochemicals, pharmaceuticals, polymers, paints, oleochemicals etc. ... Timber in storage for later processing at a sawmill Timber is a term used to describe wood, either standing or that has been processed for useâ€”from the time trees are felled, to its end product as a material suitable for industrial useâ€”as structural material for construction or wood... This article is about mineral extraction. ... Sunday textile market on the sidewalks of Karachi, Pakistan. ... Fishing is the activity of hunting for fish by hooking, trapping, or gathering animals not classifiable as insects which breathe in water or pass their lives in water. ...

Electricity - production by source:
fossil fuel: 0.4%
hydro: 99.3%
nuclear: 0%
other: 0.4% (2001)

Agriculture - products: barley, other cereals, potatoes; beef, milk; fish Binomial name Hordeum vulgare L. Barley (Hordeum vulgare) is a major food and animal feed crop, a member of the grass family Poaceae. ... This article is about cereals in general. ... Binomial name Solanum tuberosum L. The potato (Solanum tuberosum) is a perennial plant of the Solanaceae, or nightshade, family, commonly grown for its starchy tuber. ... A cut of beef. ... A glass of cows milk A goat kid feeding on its mothers milk Milk is the nutrient fluid secreted by the mammary glands of female mammals (including monotremes). ... A giant grouper at the Georgia Aquarium Fish are aquatic vertebrates that are typically cold-blooded; covered with scales, and equipped with two sets of paired fins and several unpaired fins. ...

Exports - commodities: petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish Pumpjack pumping an oil well near Sarnia, Ontario Ignacy Åukasiewicz - inventor of the refining of kerosene from crude oil. ... A machine is any mechanical or electrical device that transmits or modifies energy to perform or assist in the performance of tasks. ... For alternative meanings see metal (disambiguation). ... A chemical substance is any material substance used in or obtained by a process in chemistry: A chemical compound is a substance consisting of two or more chemical elements that are chemically combined in fixed proportions. ... Italian ship-rigged vessel Amerigo Vespucci in New York Harbor, 1976 A ship is a large, sea-going watercraft. ... A giant grouper at the Georgia Aquarium Fish are aquatic vertebrates that are typically cold-blooded; covered with scales, and equipped with two sets of paired fins and several unpaired fins. ...

Exports - partners: UK 25.5%, Germany 12.6%, Netherlands 9.9%, France 9.1%, US 6.7%, Sweden 6.5% (2005) Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic - President George Walker Bush (R) - Vice President Dick Cheney (R) Independence from...

Imports - commodities: machinery and equipment, chemicals, metals, foodstuffs Chemical tanks in Lillebonne, France Chemical industry includes those industries involved in the production of petrochemicals, agrochemicals, pharmaceuticals, polymers, paints, oleochemicals etc. ... Hot metal work from a blacksmith In chemistry, a metal (Greek: Metallon) is an element that readily forms positive ions (cations) and has metallic bonds. ... A salad of vegetables and cheese with bread at the side. ...

Imports - partners: Sweden 14.6%, Germany 13.6%, Denmark 7.3%, UK 6.8%, China 5.5%, US 5%, France 4% (2005) Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic - President George Walker Bush (R) - Vice President Dick Cheney (R) Independence from...

Debt - external: $350.3 billion; note - Norway is a net external creditor (30 June 2006)

Currency: 1 Norwegian Krone (NOK) = 100 øre ISO 4217 Code NOK User(s) Norway Inflation rate 2. ... This does not cite its references or sources. ...

Exchange rates: Norwegian kroner (NKr) per US$1 - 6.10159 (December 2006), 6.7256 (May 2004), 8.0129 (January 2000), 7.7992 (1999), 7.5451 (1998), 7.0734 (1997), 6.4498 (1996), 6.3352 (1995)

Contents

History

Pre-industrial revolution

Industrial revolution

Social democratic reforms and the welfare state

Petroleum and post-industrialism

Oil-exporting country

Reservations about the European Union

Post-industrial economic developments

Economic Structure and Sustained Growth

Statistics

See also

External links

Contents

History GA_googleFillSlot("encyclopedia_square");

Pre-industrial revolution

Industrial revolution

Social democratic reforms and the welfare state

Petroleum and post-industrialism

Oil-exporting country

Reservations about the European Union

Post-industrial economic developments

Economic Structure and Sustained Growth

Statistics

See also

External links

History