Names: conventional long form: Kingdom of Norway conventional short form: Norway local long form: Kongeriket Norge local short form: Norge
Capital City: Oslo
Population: 4,610,820 (July 2006 est.)
GDP Per Capita: $47,800 (2006 est.)
Currency: Norwegian krone (NOK)
Languages: Bokmal Norwegian (official), Nynorsk Norwegian (official), small Sami- and Finnish-speaking minorities; note - Sami is official in six municipalities
Total Area: total: 323,802 sq km land: 307,442 sq km water: 16,360 sq km slightly larger than New Mexico
Region: Europe
Industries: petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles, fishing
Agriculture: barley, wheat, potatoes; pork, beef, veal, milk; fish
Resources: petroleum, natural gas, iron ore, copper, lead, zinc, titanium, pyrites, nickel, fish, timber, hydropower
Labor Force:
2.42 million (2006 est.)
agriculture: 4% industry: 22% services: 74% (1995)
Exports:
$122.6 billion f.o.b. (2006 est.)
petroleum and petroleum products, machinery and equipment, metals, chemicals, ships, fish
Imports:
$59.9 billion f.o.b. (2006 est.)
machinery and equipment, chemicals, metals, foodstuffs
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 enterprises). The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on its oil production and international oil prices, with oil and gas accounting for one-third of exports. Only Saudi Arabia and Russia export more oil than Norway. Norway opted to stay out of the EU during a referendum in November 1994; nonetheless, it contributes sizably to the EU budget. The government has moved ahead with privatization. Although Norwegian oil production peaked in 2000, natural gas production is still rising. Norwegians realize that once their gas production peaks they will eventually face declining oil and gas revenues; accordingly, Norway has been saving its oil-and-gas-boosted budget surpluses in a Government Petroleum Fund, which is invested abroad and now is valued at more than $250 billion. After lackluster growth of less than 1% in 2002-03, GDP growth picked up to 3-4% in 2004-06. Norway's economy remains buoyant. Domestic economic activity is, and will continue to be, the main driver of growth, supported by high consumer confidence and strong investment spending in the offshore oil and gas sector.
In 2007 Missouri exported $24,560,967 in goods to Norway. This ranks Norway 46th among the 223 international buyers of Missouri goods. Missouri exports to Norway increased from the previous year by $16,253,362 a change of 195.64%. State exports to Norway have increased over the last 5 years by $15,797,418 a change of 180.26%. Missouri exports account for .18%. of all 2007 US exports to Norway.
| NAICS Industry | Annual | ||||||
|---|---|---|---|---|---|---|---|
| 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | ||
| 000 - Total All Industries MO | 8,763,549 | 5,968,081 | 16,063,015 | 7,475,118 | 8,307,605 | 24,560,967 | |
| 000 - Total All Industries US | 1,407,039,887 | 1,467,502,580 | 1,603,590,606 | 1,928,927,138 | 2,395,112,739 | 3,052,472,587 | |