Confidus Solutions logotype

Confidus Solutions

Economy of Norway

Norway is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Norway is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Norway exports around $154.2 billion and imports roughly $90.14 billion. 4.3% of population in the country are unemployed. The total number of unemployed people in Norway is 230,195. In Norway, 8.1% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Norway is low, indicating that it has a stable economy. Investors should consider Norway to be a safe location for investments and other financial ventures. Government expenditure on education is 6.8% of GDP. The Gini Index of the country is 26.8. Norway is experiencing high equality. Differences in income among citizens are only mildly significant. Norway has a Human Development Index (HDI) of 0.944. Norway has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The Global Peace Index (GPI) for Norway is 1.393. Due to strong law enforcement presence and high social responsibility, Norway is very safe by international standards. The strength of legal rights index for Norway is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of Norway is Norwegian krone. The plural form of the word Norwegian krone is kroner. The symbol used for this currency is kr, and it is abbreviated as NOK. The Norwegian krone is divided into Ore; there are 100 in one krone.

Credit rating

The depth of credit information index for Norway is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Norway has a credit rating score of AAA, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Norway has a credit rating score of AAA, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Norway has a credit rating score of Aaa, and the prospects of this rating are stable.

Central bank

In Norway, the institution that manages the state's currency, money supply, and interest rates is called Bank of Norway. Locally, the central bank of Norway is called Norges Bank. The average deposit interest rate offered by local banks in Norway is 1.83%.

Public debt

Norway has a government debt of 35.5% of the country's Gross Domestic Product (GDP), as assessed in 2013.

Tax information

The corporate tax in Norway is set at 24%. Personal income tax ranges from 0% to 47.2%, depending on your specific situation and income level. VAT in Norway is 25%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Norway is $346337 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Norway was last recorded at $65 million. PPP in Norway is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Norway is 522,349 billion. Based on this statistic, Norway is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Norway. The Gross Domestic Product (GDP) per capita in Norway was last recorded at $98 million. The average citizen in Norway has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Norway averaged 1.8% in 2014. According to this percentage, Norway is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Norway.

Industry

Major industries in the country are petroleum and gas, shipping, fishing, aquaculture, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles. The total labor force of Norway is 2,794,820 people, wherein 4.3% of population in the country are unemployed. The total number of unemployed people in Norway is 230,195. The Industrial Production growth rate of Norway is 0.3%.To read more about industrial information within Norway click on industry of Norway.

Agriculture

There are 8301 km2 of arable land in Norway, and it comprises 3% of the country's total territory. There are 8301 km2 of cultivated land in Norway. The country's major agricultural crops and products are barley, wheat, potatoes, pork, beef, veal, milk, fish.To read more about agriculture click on agriculture of Norway.