Norwegian Economy

Norwegians has a high standard of living, and unemployment has stayed lower than in most European countries, and even if it has been increasing the last year it still is only 3,1% in 2009.

Oil platforms on the North Sea Oil and Gas are the cornerstones of the Norwegian economy and account for roughly half of all export earnings. Norway is also a major producer of aluminum, machinery, fish and fish products, chemicals and ships.

Imports are mainly machinery and equipment, chemicals and other industrial inputs, manufactured consumer goods and food.

Fishery is one of the main and most important incomes in this country, and Norway is one of the top 10 fishing nations in the world.

The Gross Domestic Product per capita for 2006 was 450 000 NOK, or measured in US Dollars about $52.000.Quite impressive figures compared to many other countrys, like Poland ($18.000), Japan ($32.000), Germany ($32.000), Denmark ($36.000) and USA ($45.000).

The Norwegian government has established a Government Pension Fund to secure future pensions for the Norwegian people.

This Fund has increased from 50 billion NOK in 1996 to 750 billion NOK in 2006.

At the end of 2008 the Pension fund was 2275 billion Norwegian Kroner, or in USD about $ 350 billion. Because of the worlds economic crisis the netto increasing was 150 billion NOK, even if the fund was totally added 400 billion NOK.

The wealth from the oil makes Norwegians feel secure about the economic future, and even the latest economic crisis in the world has not changed that fact.

About 20% of the employed in Norway work within health and social services. 18% in retail, hotel and restaurant business12% in manufacturing, mining and quarrying.

In fact only 1,5% work in the oil and gas industry. The average monthly pay for full-time employees in 2006 was NOK 33.100 for men, and 28.700 for women.In USD that makes about $5.000 a month.



Norwegian workers are using a smaller part of their wages on food than ever before.

Only four European countrys are using less money on food. Norwegian workers needs to work 1 hour and 53 minutes to afford buying food for 1 week. 25 years ago the Norwegian worker had to work 4 hours and 30 minutes for one weeks food supply.

50 years ago the average Norwegian family was using 40% of their earnings on food. Today the figure is 11%.

For familys with children the Norwegian State also pay a monthly children benefit.In 2008 the annual benefit per child was NOK 11640 (USD 1.800).The annual benefit is per child, so a family with 4 children is paid $ 7.200 a year in child benefits.

An average Norwegian family use 28,5% of their household economy on housing, lighting and heating.

18% on transport costs, and 12% on culture and leisure.Only 11,3% is used on food and non-alcoholic beverages, which actually is a little less than in 1999.2,8% goes to alcohol and tobacco.

Many would expect health expences to be rather high, but only 2,9% of the money from an average family goes to health care.