Finance & Insurance, News

Old Economy booms

While information technology companies have struggled in 2000, Norway's "old economy" has had a banner year.

High commodities prices, increased capacity and a strong dollar have combined to almost double profits from USD 890 million (NOK 8 billion) in 1999 to USD 1.7 billion (NOK 15 billion) in 2000. The total export value of Norwegian goods such as aluminium, chemicals, refined petroleum and paper will exceed USD 11 billion (NOK 100 billion) in 2000 – twice the value exported in 1992. “The collective result is so solid that traditional industrial companies in Norway stand out as vibrant and strong in comparison with the so-called ‘New Economy’,” said Per Terje Vold, managing director of the Norwegian Federation of Process Industries.