Norway is a Scandinavian Country that shares
its borders with Sweden, Denmark and Finland.
Norway has established itself as one of the
most developed democracies in the entire world.
Norway has a sovereign wealth fund of a value of
USD 1 trillion, which is the largest in the world.
As per Reports by the World Bank and IMF, Norway has
the 4th highest per capita income in the world.
As per the rankings of the CIA’s GDP (PPP) Estimate of 2015, Norway ranks Eleventh.
It boasts of an unemployment rate of just 4.8%.
Out of a population aged 15-74, 68% are employed.
The Norwegian economy is a mixed economy with a combination of
free markets and large state ownership in certain key sectors.
Almost 50 % of the total export revenue of Norway
originates from its export of oil and gas.
It holds more than 20% of the GDP.
Norway is the Fifth Largest exporter of oil and
the Third largest exporter of gas in the world.
Norway has maintained its position as the leader in health and welfare.
It ranked in the First place in the UN’s Human Development Index
from 2001-2006 and has reclaimed its position from 2009 to 2015.
Norway is one of those countries possessing one
of the lowest rates of crime in the world.
The population of Norway enjoys the highest standard of living in the world.
Strengths of the Norwegian Economy
In terms of monetary value, Norway is the second wealthiest country in the world.
Exports from Norway rose by 4.4 percent
year-on-year to NOK 72.35 billion in February 2018
Norway is the largest exporter of petroleum and natural gas outside
of the Middle East with an export value of more than NOK 312 billion.
Norway is the second largest exporter of fish and fish products,
when ranked by value, with exports worth USD 3660 million.
The main exports of Norway are lubricants and related materials and mineral fuels.
Export of Machinery and means of transport contributes around NOK
49 billion, out of which ships exported amounts to around 25%.
Norway has ranked No. 1 in the UNDP Human Development Index from 2009 till today.
History of Norway:
Viking Age: (8-10th Century):
From the 8-10th Century, the Scandinavian Countries became famous for its Viking age.
The Viking Age characterized the introduction of
sea trade and expansion of the Norwegian economy.
Golden Age (14th Century):
After the Civil War in 1130, peace and increase in
trademarked the golden age of Norwegian History.
It is during this period that the Norwegian
king established Norway as a sovereign state.
However, in 1349, the Black Death resulted in deaths of more than half
of the population of Norway and sent Norway into the throes of poverty.
Unions with Sweden and Denmark (14th Century- 20th Century):
With the appointment of King Magnus VII, both Norway and
Sweden were united under the same rule under the Kalmar Union
After an unsuccessful attempt to break out of the Kalmar
Union, Norway remained in Union with Denmark until 1814.
With the introduction of Protestantism, Norway lost
its independence and became a colony of Denmark.
Norway proclaimed itself a neutral country through both the First and Second World
Wars, but attacks by Germany meant it was dragged into the war nevertheless.
Current Situation of Norway (20th Century-Present):
Norway discovered oil in the North Sea in 1969.
The major exportation of oil by Norway did not begin until the 1980’s as a large
capital investment was required for the establishment of the petroleum industry.
Today, more than 50% of the total export of Norway stems from oil and natural gas.
Exports in Norway averaged 25927.93 NOK Million
from 1960 until 2018, reaching its highest
at 91,186.74 NOK Million in January 2014 and lowest at 449 NOK Million in July 1960.
In 1990s, Norway cleared off its debt and
started expanding its sovereign wealth fund.
Today, Norway has the ranks First in the world and has the highest sovereign wealth.
Revolutionary population movements by labor groups in the 1880s
led to the development of superior labor laws and welfare rights.
The movement garnered greater movement in the 1920s.
The labor movement fought for better working
conditions and employment benefits.
Women's movements were also working to establish
equal opportunities and social rights.
Today, Norway stands No 1 in the World
Happiness Report and Standard of Living Index.