Norway

Oil Export Economy

Norway is the world’s fourth largest oil exporter and the petroleum industry accounts for more than 20% of GDP.

Norway has natural gas fields, high hydropower capacity, and an abundance of forests, minerals, and fish. The country is the second largest exporter of seafood (in value, after China).

Norwegians enjoy the second highest GDP per-capita (after Luxembourg) in the world mainly due to the massive oil revenues the country sees each year.

Those oil revenues have given the country reserve assets worth NOK 312.4 billion (US$47.9 billion).

Falling oil prices and inflation are negatively affecting this oil-export economy. Even though the krone exchange rate has been weaker than expected, its low value is helping to mitigate the effects of the international downturn on the country’s economy.

Norges Bank’s Executive Board decided in mid-December to reduce its key policy rate by 1.75 percentage points to 3%. Six months later, the key policy rate was cut to 1.25%. The Bank believes it can hold rates stable near 1%.

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