Looking for a specific product?

Make a search for products & suppliers, articles & news.


Norway has the second largest GDP per capita in the world and has fared better than most through the recent financial crisis. Norway owes its success to its massive petroleum wealth, combined with prudent fiscal management and strong policy response to curb the effects of the global financial crisis.


GDP $524 billion (2016)

Annual growth rate 1.6% (2015)

Per capita GDP
$100,595 (2015, purchasing power parity)

Natural resources
Petroleum, natural gas, iron ore, copper, lead, zinc, titanium, pyrites, nickel, fish, timber, hydropower.

Agriculture Products
Dairy, livestock, grain (barley, oats, wheat), potatoes and other vegetables, fruits and berries, furs, wool, pork, beef, veal, fish.

Industry Types
Petroleum and gas, food processing, shipbuilding, pulp and paper products, aluminum, ferroalloys, iron and steel, nickel, zinc, nitrogen, fertilizers, petrochemicals, hydroelectric power, refinery products, timber, mining, textiles, fishing, transport equipment, electronics

GDP by activity
Oil and gas 22%
General government 16%
Manufacturing, mining, electricity, building & construction 15%
Value added tax (VAT), etc. 11%
Commodities  7%
Communication, transport 4%
Agriculture, forestry, fishing 1%
Other services 24%

Exports $144 billion
Major markets: UK 27%, Netherlands 12%, Germany 11%, Sweden 7%

Imports $122 billion
Major suppliers: Sweden 14%, Germany 12.3%, China 8.4%, Denmark 6.1%

The Norwegian economy has a mixture of market and planned economy. As most Western European countries, large parts of the Norwegian industry are governed by private property rights and the private sector. However, state ownership and regulations towards the private sector indicates a clear component of state influence.

While many other countries had to struggle with large budget deficits, falling GDP and high unemployment, Norway has emerged early from a mild recession with relatively low unemployment. Organization for Economic Cooperation and Development estimated a Norwegian budget surplus equivalent to 10.5% of GDP in 2010. This gives Norway the widest budget surplus of any AAA rated country in the world. This success is due to its massive petroleum wealth, combined with prudent fiscal management and strong policy to curb the effects of the global financial crisis.



Norway’s economic policy is designed to stabilize and counteract unemployment and inflation, to stimulate growth and to influence the structure of industry and the distribution of income. The country manages its oil wealth by channelling the excess into the Norwegian Government Pension Fund, previously known as the Petroleum Fund. The fund’s total assets amount to NOK 139.1 billion (1st half 2011), and serves as both a nest egg for the country’s future pensioners and a way to avoid overheating the economy; only 4% of the fund’s annual return is used toward the country’s fiscal budget.


International Trade

Foreign trade amounts to approximately 42% of Norway’s GDP. Being the world’s fifth largest oil exporter, more than 2 million barrels of oil is being pumped out of Norway’s deposits each day. Norway holds substantial market shares in certain sectors, being the third largest gas exporter, and ranked among the world’s top five exporters in the seafood, crude oil and shipping services sectors.



UN has judged Norway to have the highest quality of life in the world for six years running, a ranking based on income, life expectancy and educational levels. Compared to other countries, a high percentage of the adult population in Norway is employed. High employment has been a priority for the government, and the oil discovery in 1970s combined with an efficient labour market policy has given results. Norway has implemented wide-ranging employment measures such as wage support for companies hiring new employees, training initiatives and work place programmes. Individuals with limited vocational choices have also been given special measures.

Related articles

Latest articles

Fish Vessels Go Electric

The Norwegian aquaculture and fishing industry has joined the green shipping wave with a number of pioneering electric fleet initiatives.

Norway’s Greener Future Fleet

Norway was the first nation to have a fully electric car and a passenger ferry. Now the country will make all future ferries green and a zero-emission maritime industry by 2050.

Could Iran be the Next Big Market?

Iran is opening up for billions of dollars in oil and gas investments after the lifting of decades-long sanctions. The Norwegian oil industry is cautiously eyeing possibilities.

Blue Revolution Center Pushes Aquaculture Farther Offshore

Marine Harvest and researchers plan to develop a floating laboratory for radical exposed fish farming technology to help the sector grow sustainably.

The Future of Shipping is Autonomous

Many are looking forward to driverless cars in the future. The shipping industry is testing vessels without captains.

Major Petroleum Province in the North

Cost cutting initiatives and new technology are paving the way for the Northern Norwegian Sea and Barents Sea to become the next major petroleum province on the shelf.

Norwegian Seafood Export Hits Record Numbers 2016

2016 was another record year for Norwegian seafood export with export value reaching 91,6 billion NOK (approximately $10 billion). The Norwegian Seafood Council presented the 2016 numbers at a conference in Oslo today.  

Portugal: Norwegian Cod Keeps the Bacalhau Traditions Alive

Portugal is a country of cod lovers and cod from Norway is a favourite. No other European country, uses up as much seafood and for sure not as much cod, per capita as Portugal. 

Norwegian Seafood Enjoyed Worldwide

Norway exported 2.6 million tonnes of seafood 2015. That represented more than 11 billion main courses. But the number of meals containing Norwegian seafood is possibly in the order of more than 20 billion. Seafood is ofte...