|Machinery and Equipment|
Norway, officially the Kingdom of Norway, is a sovereign and unitary monarchy whose territory comprises the western portion of the Scandinavian Peninsula plus the island Jan Mayen and the archipelago of Svalbard. The Antarctic Peter I Island and the sub-Antarctic Bouvet Island are dependent territories and thus not considered part of the Kingdom. Norway also lays claim to a section of Antarctica known as Queen Maud Land. Until 1814, the Kingdom included the Faroe Islands (since 1035), Greenland (1261), and Iceland (1262). It also included Shetland and Orkney until 1468.
Norway has a total area of 385,252 square kilometers (148,747 sq. mi) and a population of 5,213,985 (May 2016). The country shares a long eastern border with Sweden (1,619 km or 1,006 mi long). Norway is bordered by Finland and Russia to the north-east, and the Skagerrak Strait to the south, with Denmark on the other side. Norway has an extensive coastline, facing the North Atlantic Ocean and the Barents Sea.
King Harald V of the Dano-German House of Glücksburg is the current King of Norway. Erna Solberg became Prime Minister in 2013, replacing Jens Stoltenberg. A constitutional monarchy, Norway divides state power between the Parliament, the Cabinet, and the Supreme Court, as determined by the 1814 Constitution. The Kingdom is established as a merger of several petty kingdoms. By the traditional count from the year 872 the Kingdom has existed continuously for 1,144 years, and the list of Norwegian monarchs includes over sixty kings and earls.
Norway has both administrative and political subdivisions on two levels: counties and municipalities. The Sámi people have a certain amount of self-determination and influence over traditional territories through the Sámi Parliament and the Finnmark Act. Norway maintains close ties with the European Union and the United States. Norway is a founding member of the United Nations, NATO, the Council of Europe, the Antarctic Treaty and the Nordic Council; a member of the European Economic Area, the WTO and the OECD; and is also a part of the Schengen Area.
The country maintains a combination of market economy and a Nordic welfare model with universal health care and a comprehensive social security system. Norway has extensive reserves of petroleum, natural gas, minerals, lumber, seafood, fresh water, and hydropower. The petroleum industry accounts for around a quarter of the country's gross domestic product (GDP). On a per-capita basis, Norway is the world's largest producer of oil and natural gas outside the Middle East.
The country has the fourth-highest per capita income in the world on the World Bank and IMF lists. On the CIA's GDP (PPP) per capita list (2015 estimate) which includes territories and some regions, Norway ranks as number eleven. From 2001 to 2006, and then again from 2009 to 2015, Norway had the highest Human Development Index ranking in the world. Norway has topped the Legatum Prosperity Index for seven years in a row as of 2015. Norway also ranks first on the OECD Better Life Index, the Index of Public Integrity, and the Democracy Index.
Norwegians enjoy the second-highest GDP per-capita among European countries (after Luxembourg), and the sixth-highest GDP (PPP) per-capita in the world. Today, Norway ranks as the second-wealthiest country in the world in monetary value, with the largest capital reserve per capita of any nation. According to the CIA World Fact book, Norway is a net external creditor of debt. Norway maintained first place in the world in the UNDP Human Development Index (HDI) for six consecutive years (2001–2006), and then reclaimed this position in 2009, through 2015.The standard of living in Norway is among the highest in the world. Foreign Policy Magazine ranks Norway last in its Failed States Index for 2009, judging Norway to be the world's most well-functioning and stable country. The OECD ranks Norway fourth in the 2013 equalized Better Life Index and third in inter generational earnings elasticity.
The Norwegian economy is an example of a mixed economy, a prosperous capitalist welfare state and social democracy country featuring a combination of free market activity and large state ownership in certain key sectors. Public health care in Norway is free (after an annual charge of around $230 for those over 16), and parents have 46 weeks paid parental leave. The state income derived from natural resources includes a significant contribution from petroleum production. Norway has a very low unemployment rate, currently 2.6%. 69% of the population aged 15–74 are employed. People in the labour force are either employed or looking for work.9.5% of the population aged 18–66 receive a disability pension and 30% of the labour force are employed by the government, the highest in the OECD. The hourly productivity levels, as well as average hourly wages in Norway, are among the highest in the world.
The egalitarian values of Norwegian society have kept the wage difference between the lowest paid worker and the CEO of most companies as much less as in comparable western economies. This is also evident in Norway's low Gini coefficient.
The state has large ownership positions in key industrial sectors, such as the strategic petroleum sector (Statoil), hydroelectric energy production (Statkraft), aluminium production (Norsk Hydro), the largest Norwegian bank (DNB), and telecommunication provider (Telenor). Through these big companies, the government controls approximately 30% of the stock values at the Oslo Stock Exchange. When non-listed companies are included, the state has even higher share in ownership (mainly from direct oil licence ownership). Norway is a major shipping nation and has the world's 6th largest merchant fleet, with 1,412 Norwegian-owned merchant vessels.
By referendums in 1972 and 1994, Norwegians rejected proposals to join the European Union (EU). However, Norway, together with Iceland and Liechtenstein, participates in the European Union's single market through the European Economic Area (EEA) agreement. The EEA Treaty between the European Union countries and the EFTA countries– transposed into Norwegian law via "EØS-loven describes the procedures for implementing European Union rules in Norway and the other EFTA countries. Norway is a highly integrated member of most sectors of the EU internal market. Some sectors, such as agriculture, oil and fish, are not wholly covered by the EEA Treaty. Norway has also acceded to the Schengen Agreement and several other intergovernmental agreements among the EU member states.
The country is richly endowed with natural resources including petroleum, hydro power, fish, forests, and minerals. Large reserves of petroleum and natural gas were discovered in the 1960's, which led to a boom in the economy. Norway has obtained one of the highest standards of living in the world in part by having a large amount of natural resources compared to the size of the population. In 2011, 28% of state revenues were generated from the petroleum industry.
Norway is the first country which banned cutting of trees (deforestation), in order to prevent rain forests from vanishing. The country declared its intention at the UN Climate Summit in 2014, alongside Great Britain and Germany. Crops that are typically linked to forests' destruction are timber, soy, palm oil and beef. Now Norway has to find new way to provide these essential products without exerting negative influence on its environment.
Finance Norway is the industry organisation for the financial industry in Norway. We represent about 240 financial companies with around 50,000 employees.
Banks and insurance companies are the circulatory system of the Norwegian economy. They are essential to value creation and growth in the country, to financing of good projects, to ensure safety of life and property, and they contribute to a sustainable society. Through dialogue and analysis, Finance Norway works to ascertain the best prerequisites for the functioning of the financial sector.
We work to increase confidence in the industry and contribute to the safe and efficient operation. Our member companies are savings banks, commercial banks, life insurance companies, general insurance companies and financial groups.
|Agriculture||Livestock, cereals, wheat, potatoes, grapes, oats & tomatoes.|
|Manufacture||Oil, petroleum, machinery, automotive, energy|
|Services (Including financial)||52.7% (2009 estimate)|
|Statoil||Oil & Gas|
|Total E & P||Oil & Gas|
|Machinery and Equipment|
Oslo Børs (OSE: OSLO) offers Norway’s only regulated markets for securities trading today. The stock exchange offers a full product range including equities, derivatives and fixed income instruments. Oslo Børs is the only independent stock exchange within the Nordic countries. Oslo Børs is today an online market place where all trading is done through computer networks. Trading starts at 09:00am and ends at 04:30pm local time (CET) on all days of the week except weekends and holidays declared by Oslo Børs in advance.
There are three markets for listing and trading on the stock exchange: Oslo Børs is the largest market place for listing and trading in equities, equity certificates, ETPs (exchange traded funds and notes), derivatives and fixed income products. Established in 1819, first as a commodity exchange. Equities and bonds listed and traded from 1881. Oslo Axess was established in May 2007 as an alternative to Oslo Børs for listing and trading in shares. Nordic ABM was established in June 2005 as an alternative bond market.
Oslo Børs was established by a law of September 18, 1818. Trading on Oslo Børs commenced on April 15, 1819. In 1881 Oslo Børs became a stock exchange, which means securities were listed. The first listing of securities contained 16 bond series and 23 stocks, including the Norwegian central bank (Norges Bank). Oslo Børs cooperates with London Stock Exchange on trading systems. The exchange has also a partnership with the stock exchanges in Singapore and Toronto (Canada) for a secondary listing of companies. The stock exchange was privatized in 2001, and is, after the merger in 2007, 100% owned by Oslo Børs VPS Holding ASA.
When the financial crisis brought the global economy to its knees, Norway was largely unscathed. But oil under $50? That's another story.
Unemployment peaked at about 3.7 percent in 2010 in the post-crisis aftermath. Falling oil prices already pushed the jobless rate to 4.3 percent in May, the highest in at least 11 years, and that was before a renewed drop in Brent crude.
Norwegians, like the Danes and Swedes, are of Teutonic origin. The Norsemen, also known as Vikings, ravaged the coasts of northwest Europe from the 8th to the 11th century and were ruled by local chieftains. Olaf II Haraldsson became the first effective king of all Norway in 1015 and began converting the Norwegians to Christianity. After 1442, Norway was ruled by Danish kings until 1814, when it was united with Sweden—although retaining a degree of independence and receiving a new constitution—in an uneasy partnership. In 1905, the Norwegian parliament arranged a peaceful separation and invited a Danish prince to the Norwegian throne—King Haakon VII. A treaty with Sweden provided that all disputes be settled by arbitration and that no fortifications be erected on the common frontier.
The krone (code: NOK), plural kroner, is the currency of Norway and its dependent territories. It is subdivided into 100 øre, which exist only electronically since 2012. The name translates into English as crown.
The krone was the thirteenth most traded currency in the world by value in April 2010, down three positions from 2007.
The krone was introduced in 1875, replacing the Norwegian speciedaler/spesidaler at a rate of 4 kroner = 1 speciedaler. In doing so, Norway joined the Scandinavian Monetary Union, which had been established in 1873. The Union persisted until 1914. After its dissolution, Denmark, Norway, and Sweden all decided to keep the names of their respective and since then separate currencies.
Within the Scandinavian Monetary Union, the krone was on a gold standard of 2,480 kroner = 1 kilogram of pure gold (1 krone = 403.226 milligrams gold)
This gold standard was restored between 1916 and 1920 and again in 1928. It was suspended permanently in 1931, when a peg to the British pound of 19.9 kroner = 1 pound was established. (The previous rate had been 18.16 kroner = 1 pound). In 1939, Norway pegged the krone temporarily to the U.S. dollar at a rate of 4.4 kroner = 1 dollar. Nonetheless, Norway would continue to hold the Kingdom's gold reserves.
During the German occupation (1940–1945) in the Second World War, the krone was initially pegged to the Reichsmark at a rate of 1 krone = 0.6 Reichsmark, later reduced to 0.57. After the war, a rate of 20 kroner = 1 pound (4.963 kroner = 1 U.S. dollar) was established. The rate to the pound was maintained in 1949, when the pound devalued relative to the U.S. dollar, leading to a rate of 7.142 kroner = 1 U.S. dollar.
n December 1992, the Central Bank of Norway abandoned the fixed exchange rate in favor of a floating exchange rate (managed float) due to the heavy speculation against the Norwegian currency in the early 1990s, which lost the central bank around two billion kroner in defensive purchases of the NOK through usage of foreign currency reserves for a relatively short period of time.
In 1875, coins were introduced (some dated 1874) in denominations of 10 and 50 øre and 1 and 10 kroner. These coins also bore the denomination in the previous currency, as 3, 15, and 30 skillings and 2½ specidaler. Between 1875 and 1878, the new coinage was introduced in full, in denominations of 1, 2, 5, 10, 25, and 50 øre and 1, 2, and 10 kroner. The 1, 2, and 5 øre were struck in bronze; the 10, 25, and 50 øre and 1 and 2 kroner, in silver; and the 10 and 20 kroner, in gold.
The last gold coins were issued in 1910; silver was replaced by cupro-nickel from 1920.
Between 1917 and 1921, iron temporarily replaced bronze. 1917 also saw the last issuance of 2 kroner coins. During the German occupation in the Second World War, zinc was used in place of cupro-nickel in 10, 25, and 50 øre coins, and production of the 1 krone piece was suspended.
In 1877, Norges Bank introduced notes for 5, 10, 50, 100, 500 and 1000 kroner. In 1917, 1 krone notes were issued, with 2 kroner notes issued between 1918 and 1922. Because of metal shortages, 1 and 2 kroner notes were again issued between 1940 and 1950. In 1963, 5 kroner notes were replaced by coins, with the same happening to the 10 kroner notes in 1984. 200 kroner notes were introduced in 1994.
|National Song||"Ja, vi elsker dette landet"|
|Currency||Norwegian krone (NOK)|
|GDP / GDP Rank||364.439 Billion USD|
|GDP Growth Rate||1.6 Percent|
|GDP Per Captial||$69249.46 (PPP)|
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
< 1.0% Other Religions
Norwegian 94.4% (Includes Sami
Other European 3.6%
King – Harald V
Prime Minister – Erna Solberg
|Website||Go to the web|
|Public Debt||33.203 Percent|
|Unemployment Rate||4.806 Percent|
|Labor Force (Occupation)||-|