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Norway Norway

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Norway – Quick View
ECR score93.44 (Mar 2011)
ECR rank1 (Mar 2011)
Economic
GDP 2010USD 414.73 billion
GNI per capita PPP 2009USD 54,880
FDI inflowUSD 140,770.16 million
Inflation 20102.5%
Central bank assets 2010USD 572,860.87 million
Unemployment rate 20103.3%
Government surplus 2010USD 37.68 billion
Tax revenue 2010USD 141,611.35 million
Political
Government typeDemocratic Constitutional Monarchy
Recent political crisisNA
Economic freedom score30th
Freedom of information score1st
Corruption perception index10th
Structural
Birth rate13 (per '000 people)
Population balance0-5 years – 7.48%
Population balance6-15 years – 12.72%
Population balance16-66 years – 66.93%
Population balanceAbove 67 years - 12.87%
Life expectancyMale – 78.6 years
Life expectancyFemale – 83.1 years
Mortality rate9 (per '000 people)
Literacy rate100%
Internet access94.8%

[Top] Economic Overview

The Norwegian economy  depends largely on its natural resources, particularly on its oil reserves. Norway’s annual oil revenue amounts to approximately USD 40 billion and more than half of its exports come from this sector.

(Source: BBC News)

Gross domestic product (GDP)

In 2010, GDP at current prices was NOK 2,505.076 billion, an increase of 5.2% over 2009.

Norway GDP at current prices

(Source: Statistics Norway)

 

In 2010, GDP at constant prices (2007=100) was NOK 2,268.771 billion, an increase of 0.57% over 2009.

 

Norway GDP and GDP Growth Rate
(Source: IMF)

Gross national income (GNI)

GNI per capita in Norway was USD 54,880 in 2009, a decrease of 9.30% from 2008.

Norway GNI per capita

(Source: worldbank.org)

 

Income tax rate

Income tax rates on individual incomes in Norway are:


Taxable income (NOK)

Tax Rate (%)

0 – 456,400

NIL

456,401 – 741,700

9

741,701 and above

1

(Source: taxrates.cc)

Corporate tax rate

Corporate taxes on companies in Norway are levied at 28%.

(Source: taxrates.cc)

Inflation rate

In 2010, the inflation rate in Norway was 2.5%.

 Norway Inflation Rate

 

 (Source: Statistics Norway, IMF)

Foreign direct investment (FDI) inflow

In 2009, FDI inflows were NOK 850,285 million, an increase of 7.67% compared to 2008 figures.

 

Norway FDI Inflow

(Source: Statistics Norway)

 

Banking sector assets

 

In 2010, Norway's total assets amounted to NOK 3,460,215 million, an increase of 15.15% over 2009.

Balance Sheet – Assets of Bank of Norway (NOK million)

 

2010

2009

Total international reserves

308,829

281,170

Total other foreign assets

6,729

2,336

Total foreign. financial assets excl. GPFG

315,557

283,506

Total domestic financial assets

68,391

82,821

Total other domestic assets

1,807

1,895

Total domestic financial and other assets

70,197

84,716

Total assets excl. GPFG

385,754

368,222

Investments, GPFG

3,074,461

2,636,815

Total Assets

3,460,215

3,005,037

 (Source: Central Bank of Norway)

 

[Top] Financial Indicators & Government Financial

Consumer price index

The CPI increased to 2.47% in 2010, compared to 2009.

Norway Consumer Price Index

Interest rates

Annual Average Interest rate (%)

Year

Sight deposit rate

Overnight lending rate

2010

1.92

2.92

2009

1.75

2.75

2008

5.32

6.32

2007

4.38

5.59

2006

2.74

4.74

2005

1.92

3.92

 (Source: Central Bank of Norway)

 

Money supply

The measures of the money supply are – M0, M1and M2.

M0 is the money supply in the form of any liquid or cash assets held within a central bank and the amount of physical currency circulating in the economy.

M2 refers to time deposits, exchange bills, mortgage bonds, and real estate bonds. 

M3 refers to notes and coins outside the banking system and residents deposits within the national banking system, excluding those of the state and the monetary institutions.

Monetary Aggregates in Norway (NOK million)

Year

M0

M1

M2

2010 (Jan-May)

94,154

731,469

15,22,865

2009

128,742.2

740,519

1,510,400.0

2008

96,754.5

740,531

1,459,602.1

2007

77,314.2

722,591

1,335,321.5

2006

74,162.1

611,829

1,148,350.3

2005

75,638.5

507,404

1,029,647.8

 (Source: Central Bank of Norway- excel sheet)

 Government expenditure

In 2010, the total government expenditure was NOK 898.6 billion, an increase of 3.44% over 2009. In 2011, government spending is forecasted to be NOK 960.1billion.

(Source: Central Bank of Norway)

Official exchange rate

NOK/USD rate in 2010 was 6.045. In 2010, the exchange rate slightly decreased over 2009.  

Norway Exchange Rate

(Source: Central Bank of Norway)

 

Government finances

Fiscal budget

In 2010, Norway's fiscal budget was in surplus and amounted to NOK 227.6 billion.

(Source: Central Bank of Norway)

Total revenues

In 2010, Norway's total revenues amounted to NOK 1041.8 billion, a decrease of 0.96% over 2009.

(Source: Central Bank of Norway)

 

Tax revenues

In 2010, tax revenues amounted to NOK 855,366 million, an increase of 0.19% over 2009.

(Source: Central Bank of Norway)

Balance of payments

The current account surplus was NOK 322 billion in 2010, an increase of 3.21% over 2009.

Balance of Payments (NOK billion)

 

2010

2009

Balance of goods and services

343

352

Balance of income and current transfers

-20

-41

Current account balance

322

312

Capital transfers etc. to abroad, net

1

1

Net lending

322

311

Direct investment, net

-8

132

Portfolio investment, net

117

12

Other investment, net

134

373

Revaluations, net

183

26

Increase in Norway`s net assets

504

337

(Source: Statistics Norway)

[Top] Labour Force and Employment Overview

Labour force data

 

Labour Force Data

 

                   2010

                  2009

Labour force

2,602

2,590

Employed

2,508

2,508

Unemployed

94

82

 

(Source: Statistics Norway)

In Q4 2010, the labour force participation rate in Norway was 71.4%. The labour force participation rate was 68.3% for women and 74.5% for men.

(Source: Statistics Norway)

Unemployment rate

The unemployment rate in Norway was 3.3% in January 2010.

(Source: Statistics Norway)

Employment

In 2009, 25.3% of the total number of employed people were technicians and associate professionals and 23.7% of the total number of employed people were service sector and market sales workers.

Norway Employment by Occupation
(Source: Statistics Norway)

Average monthly wages

In 2009, the average monthly wage of a worker in Norway was NOK 35,200, an increase of 3.2% over 2008.

Average Monthly Earnings (NOK)

 

2009

2008

Males

37,800

36,700

Females

32,000

30,800

Total

35,200

34,100

(Source: Statistics Norway)

[Top] Political Stability

Norway is a constitutional monarchy with a parliamentary representative democracy. The power in Norway is shared at three different levels – the legislative, the executive and the the judiciary. Executive powers are exercised by the King and the council of ministers led by the prime minister. Legislative powers are exercised by the government and the Storting. The judicial powers are free from legislative and executive powers and are executed by the courts of law.

The people of Norway exercise the legislative power through the Storting (parliament). The Storting consists of 169 members who are elected by the citizens of Norway for a four-year term. The Storting also nominates a president, five vice-presidents and two secretaries.

(Source: Constitution of Norway)

 

The main political parties in Norway are:

  • Labour Party
  • Conservative Party
  •  Progress Party
  • Christian Democrats
  • Socialist Left
  • Centre Party
  • Liberals

After the general elections in 2009, the coalition government was made up of the Labour Party, the Centre Party and Socialist Left and was re-elected for a second term. Jens Stoltenberg of the Labour Party is the current Prime Minister of Norway.

 (Source: fco.gov.uk)

 

Judicial system

The judiciary in Norway consists of:

 

  • Supreme Court
  • Labour Court of Norway
  • National Courts Administration
  • Conciliation boards
  • Land consolidation courts
  • District courts
  • Courts of appeal

The Supreme Court forms the highest entity of the judicial system in Norway. It regulates and supervises the functioning of the judicial system in Norway.

(Source: norway.no, Constitution of Norway)

 

Business and economic freedom

Norway scores 70.3 on the index of economic freedom making it 30th freest economy in 2011.

Norway Business & Economic Freedom Scores

(Source: Heritage.org)

Corruption perception

Norway ranked 10th position on the Corruption Perceptions Index (CPI) 2010. CPI measures the perceived level of public-sector corruption in 180 countries and territories around the world.

(Source: transparency.org)

 

Freedom of information

Norway’s press media is free from influence from political parties and any government involvement and enjoys considerable freedom. The constitution of Norway protects the right to freedom of expression, right to freedom of the press and the right to information.

The Norway Post, VG, Aftenposten, Dagbladet and Morgenbladet are key newspapers in Norway while Telenor is a chief Nordic broadband, telecoms and satellite TV provider.

Norway is ranked 1st on Press Freedom Index 2010 conducted by rsf.org

(Source:BBC News, rsf.org)

[Top] Demographic Overview

The total population of Norway in 2010 was 4.85 million, increasing by approximately 1.23% over the previous year.

(Source: Statistics Norway)

Gender representation in Norway is almost equal. The total male population in Norway in 2010 was 2.426 million while the female population was 2.431 million accounting for approximately 50.05% of the total population.

 (Source: Statistics Norway)
Norway Population by Gender

(Source: Statistics Norway)

The 16-66 year age group accounts for the highest share of the population with 66.93%, followed by 6-15 year age group which accounts for 12.72% of the total population.

Norway Population by Age Structure

 

(Source: Statistics Norway)

The Life expectancy at birth in 2009 was 78.6 years for men and 83.1 years for women.

(Source: Statistics Norway)

Birth rate and death rate

In 2008, the crude birth rate (per 1,000 people) was 13 and the death rate (per 1,000 people) was 9.

(Source: worldbank.org)

Infant mortality rate

In 2009, the infant mortality rate (per 1,000 live births) was 3.

(Source: worldbank.org)

Migration

26,549 people emigrated from Norway in 2009, an increase of nearly 12.42% from the previous year. In 2009, the total number of immigrants accounted for 65,186 people. The immigration numbers decreased by 2.65% over 2008

(Source: Statistics Norway)

Norway was ranked 1st on the Human Development Index 2010 conducted by the United Nations. The HDI provides a composite measure of three dimensions of human development: living a long and healthy life (measured by life expectancy), being educated (measured by adult literacy and gross enrolment in education) and basic standard of living (measured by purchasing power parity, PPP, income). 

(Source: UNDP)

[Top] Soft Infrastructure

Education

In Norway, education is compulsory for every citizen aged from 6 to 16. There are four levels of education -

  • Pre-school
  • Primary education
  • Secondary education
  • Higher education

Pre-school education is provided by kindergartens and nursery schools before the age of six.

Primary school education forms the first level of compulsory education. Children aged six are enrolled in primary schools in Norway. The duration of primary education is from 6-12 years of age.

The second level of general education is secondary school. Students aged 12-15 years go for lower secondary education after the completion of primary education. Post compulsory secondary education includes general upper secondary education and vocational training from 15-18 years of age.

Higher education includes state institutions, universities, specialised university colleges University, colleges and art colleges.

(Source: euroeducation.net)

 

Education resources

 

Number of Students in Schools, 2009

Kindergartens

270,174

Primary and lower secondary schools

613,928

Upper secondary schools

227,743

Folk high schools

6,850

Vocational schools

11,721

Tertiary education institutions

235,300

 

(Source: Statistics Norway)

Healthcare

Norway has a well developed healthcare system. It has universal health-insurance coverage and access to a broad range of modern medical services. The health service in Norway is funded through taxes taken directly from salaries or tax revenues.

(Source: healthcare-economist.com)

 

Healthcare Facilities

Number of Beds

 

2008

2007

Somatic institutions

15,425

15,945

Mental health care institutions

4,880

5,103

Multidisciplinary specialised treatment of drug abuse

1,796

1,858

(Source: Statistics Norway)

[Top] Hard Infrastructure

Mass public transit

The various means of mass public transport in Norway include buses, cabs, trams and trains.

Roadways

The total length of the road network in Norway was 27,467 Km by the end of 2009.

 

Road transport (2007-2009)

Year

2009

2008

2007

Passengers

(million)

4,825

4,770

4,690

Passenger (million) per kilometres

64,014

63,363

62,158

Tonnage carried

 (million tonnes)

270

301

278

Number of registered vehicles (vehicles)

3,413,877

3,352,344

3,283,045

(Source: Statistics Norway)

 Railways

Passenger transport by rail (2007-2009)

Year

2009

2008

2007

Passengers

(million)

57.9

59.1

56.8

Passenger kilometres (million)

3,080

3,122

2,957

(Source: Statistics Norway)

Ports

There are approximately 80 ports in Norway. Some of the busiest ports in Norway are - Port of Oslo, Port of Drammen, Port of Tonsberg, Port of Larvik, Port of Grenland, Port of Karmsund, Port of Bergen and Port of Narvik and are some of the most important ports in Norway. 

(Source: Worldportsource, Statistics Norway)

Airports

 There are approximately 30 airports in Norway. Some of the important airports are listed below:

Airports in Norway

Town

Airport name

Runway length (ft.)

Alesund

Vigra

7,500

Alta

Alta

6,800

Andoya

Andoya AB

8,000

Banak

Banak AB

9,100

Bardufoss

Bardufoss AB

8,000

Bergen

Flesland

9,500

Bodo

Bodo

9,800

Fagernes

Leirin

6,700

Harstad-Narvik

Evenes

9,200

(Source: aircraft-charter-world.com)

Telecommunications

In 2009, there were 1.7 million fixed telephone line subscribers and 5.3 million mobile phone subscribers in Norway.

 Norway Fixed Telephone Subscribers

 

(Source: itu.int)

Norway Mobile Telephone Subscribers

(Source: itu.int)

 

Internet access

In June 2010, Norway had 4,431,100 internet users compared to 2,200,000 internet users in 2000. The internet penetration rate increased from 49.3% in 2000 to 94.8% in 2010.

 

(Source: internetworldstats.com)

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