Norway Overview

The recovery started in 2004 was confirmed in 2005 : the GDP growth rate was 2.9% in 2004 and 3.1% in 2005. The IMF forecasts a 3.3% growth in 2006. The growth is mainly due to the domestic consumption (+3.7% in 2005) and the investment (+7.3% in 2005). Thanks to its hydrocarbons resources exploitation, Norway's development level and per capita revenue appear among the highest in the world. Inflation is under control (1.6% in 2005) and unemployment rate is low (4.3% in 2005).

Norwegian agricultural sector plays a minor role in GDP (2% of the GDP) due to harsh climate conditions. Norway is one of the world's leaders concerning fish exports (it is the top producer of farmed salmon world-wide). The country holds large natural gas and oil resources. Oil and gas exploitation account for nearly one quarter of GDP. The country is the third largest gas and oil exporter in the world. Norwegian electrical production and consumption are among the highest in the world. Manufacturing industry provides about 10% of the GDP. Services sector is in a full swing, especially thanks to tourism.

Although the country is not a member of the European Union, it does not impose customs duties for most of the imports from EU countries. Norway's top three export countries are the United Kingdom, Germany and the Netherlands. Its top three import countries are Sweden, Germany and Denmark. The main imported products are machines, capital goods, vehicles and boats.