The Norwegian economy is a prosperous mixed economy, with a vibrant private sector, a large state sector, and an extensive social safety net. The government controls key areas, such as the vital petroleum sector, through extensive regulation and 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 the largest portion of export revenue and about 30% of government revenue. Norway is the world's third-largest natural gas exporter; and seventh largest oil exporter, making one of its largest offshore oil finds in 2011. 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 largest sovereign wealth fund, valued at over $830 billion in January 2014 and uses the fund's return to help finance public expenses. After solid GDP growth in 2004-07, the economy slowed in 2008, and contracted in 2009, before returning to positive growth in 2010-13. Nevertheless, the government budget remains in surplus.
$282.2 billion (2013 est.)
country comparison to the world: 48
$277.8 billion (2012 est.)
$269.7 billion (2011 est.)
1.6% (2013 est.)
country comparison to the world: 156
3% (2012 est.)
1.3% (2011 est.)
$55,400 (2013 est.)
country comparison to the world: 9
$55,100 (2012 est.)
$54,200 (2011 est.)
agriculture: 1.2%
industry: 42.3%
services: 56.5% (2013 est.)
NA%
1.9% (2013 est.)
country comparison to the world: 66
0.7% (2012 est.)
2.707 million (2014 est.)
country comparison to the world: 109
agriculture: 2.2%
industry: 20.2%
services: 77.6% (2012)
3.6% (2013 est.)
country comparison to the world: 28 3.2% (2012 est.)
petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles, fishing
-3% (2013 est.)
country comparison to the world: 184
