Indonesia Norway Business Council
Indonesia Norway Business Council

Economy

Empatix mediabank Media ID 546

Economy - overview
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.

GDP (purchasing power parity)
$255.3 billion (2010 est.) $254.2 billion (2009 est.) $257.9 billion (2008 est.) note: data are in 2010 US dollars

GDP (official exchange rate)
$414.5 billion (2010 est.)

GDP - real growth rate
0.4% (2010 est.) -1.4% (2009 est.) 0.8% (2008 est.)

GDP - per capita (PPP)
$54,600 (2010 est.) $54,500 (2009 est.) $55,500 (2008 est.) note: data are in 2010 US dollars

GDP - composition by sector
agriculture: 2.6% industry: 39.3% services: 58.1% (2010 est.)

Labor force
2.602 million (2010 est.)

Labor force - by occupation
agriculture: 2.9% industry: 21.1% services: 76% (2008)

Unemployment rate
3.6% (2010 est.) 3.2% (2009 est.)

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Executive Partners and Sponsors

Please contact INBC - Indonesia Norway Business Council at Phone +62215763343 or E-mail execsec@inbc.web.id
Incorporated 2009 by Decree AHU-4354 AH-01-04