Compare Norway (2008) - Norway (2007)

Compare Norway (2008) z Norway (2007)

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	Norway (2008)	Norway (2007)

Budget	revenues: $232.3 billion expenditures: $158.4 billion (2007 est.)	revenues: $200.7 billion expenditures: $136.1 billion (2006 est.)
Debt - external	$469.1 billion; note - Norway is a net external creditor (30 June 2007)	$350.3 billion; note - Norway is a net external creditor (30 June 2006)
Diplomatic representation in the US	chief of mission: Ambassador Wegger C. STROMMEN chancery: 2720 34th Street NW, Washington, DC 20008 telephone: [1] (202) 333-6000 FAX: [1] (202) 337-0870 consulate(s) general: Houston, Minneapolis (may be closed in 2008), New York, San Francisco	chief of mission: Ambassador Wegger C. STROMMEN chancery: 2720 34th Street NW, Washington, DC 20008 telephone: [1] (202) 333-6000 FAX: [1] (202) 337-0870 consulate(s) general: Houston, Minneapolis, New York, San Francisco
Economy - overview	The Norwegian economy is a prosperous bastion of welfare capitalism, featuring a combination of free market activity and government intervention. The government controls key areas, such as the vital petroleum sector, through large-scale state enterprises. The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on its oil production and international oil prices, with oil and gas accounting for one-third of exports. Only Saudi Arabia and Russia export more oil than Norway. 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. The government has moved ahead with privatization. Although Norwegian oil production peaked in 2000, natural gas production is still rising. Norwegians realize that once their gas production peaks they will eventually face declining oil and gas revenues; accordingly, Norway has been saving its oil-and-gas-boosted budget surpluses in a Government Petroleum Fund, which is invested abroad and now is valued at more than $250 billion. After lackluster growth of less than 1% in 2002-03, GDP growth picked up to 3-5% in 2004-07, partly due to higher oil prices. Norway's economy remains buoyant. Domestic economic activity is, and will continue to be, the main driver of growth, supported by high consumer confidence and strong investment spending in the offshore oil and gas sector. Norway's record high budget surplus and upswing in the labor market in 2007 highlight the strength of its economic position going into 2008.	The Norwegian economy is a prosperous bastion of welfare capitalism, featuring a combination of free market activity and government intervention. The government controls key areas, such as the vital petroleum sector, through large-scale state enterprises. The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on its oil production and international oil prices, with oil and gas accounting for one-third of exports. Only Saudi Arabia and Russia export more oil than Norway. 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. The government has moved ahead with privatization. Although Norwegian oil production peaked in 2000, natural gas production is still rising. Norwegians realize that once their gas production peaks they will eventually face declining oil and gas revenues; accordingly, Norway has been saving its oil-and-gas-boosted budget surpluses in a Government Petroleum Fund, which is invested abroad and now is valued at more than $250 billion. After lackluster growth of less than 1% in 2002-03, GDP growth picked up to 3-4% in 2004-06. Norway's economy remains buoyant. Domestic economic activity is, and will continue to be, the main driver of growth, supported by high consumer confidence and strong investment spending in the offshore oil and gas sector.
Exchange rates	Norwegian kroner per US dollar - 5.8396 (2007), 6.4117 (2006), 6.4425 (2005), 6.7408 (2004), 7.0802 (2003)	Norwegian kroner per US dollar - 6.4117 (2006), 6.4425 (2005), 6.7408 (2004), 7.0802 (2003), 7.9838 (2002)
GDP - composition by sector	agriculture: 2.4% industry: 42.9% services: 54.7% (2007 est.)	agriculture: 2.4% industry: 43.5% services: 54.1% (2006 est.)
GDP - real growth rate	4.9% (2007 est.)	4.6% (2006 est.)
Industrial production growth rate	1% (2007 est.)	1.8% (2006 est.)
Inflation rate (consumer prices)	0.4% (2007 est.)	2.3% (2006 est.)
International organization participation	ADB (nonregional members), AfDB, Arctic Council, Australia Group, BIS, CBSS, CE, CERN, EAPC, EBRD, EFTA, ESA, FAO, IADB, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, MIGA, NAM (guest), NATO, NC, NEA, NIB, NSG, OAS (observer), OECD, OPCW, OSCE, Paris Club, PCA, Schengen Convention, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNMEE, UNMIS, UNRWA, UNTSO, UPU, WCO, WEU (associate), WHO, WIPO, WMO, WTO, ZC	AfDB, Arctic Council, AsDB, Australia Group, BIS, CBSS, CE, CERN, EAPC, EBRD, EFTA, ESA, FAO, IADB, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, MIGA, NAM (guest), NATO, NC, NEA, NIB, NSG, OAS (observer), OECD, OPCW, OSCE, Paris Club, PCA, Schengen Convention, UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNMEE, UNMIS, UNRWA, UNTSO, UPU, WCO, WEU (associate), WHO, WIPO, WMO, WTO, ZC
Labor force	2.5 million (2007 est.)	2.447 million (2006 est.)
Legislative branch	modified unicameral Parliament or Storting (169 seats; members are elected by popular vote by proportional representation to serve four-year terms); note - in 2009 the number of seats will change to 165 elections: last held 12 September 2005 (next to be held in September 2009) election results: percent of vote by party - Labor Party 32.7%, Progress Party 22.1%, Conservative Party 14.1%, Socialist Left Party 8.8%, Christian People's Party 6.8%, Center Party 6.5%, Liberal Party 5.9%, other 3.1%; seats by party - Labor Party 61, Progress Party 38, Conservative Party 23, Socialist Left Party 15, Christian People's Party 11, Center Party 11, Liberal Party 10 note: for certain purposes, the parliament divides itself into two chambers and elects one-fourth of its membership in the Lagting and three-fourths of its membership in the Odelsting	modified unicameral Parliament or Storting (169 seats; members are elected by popular vote by proportional representation to serve four-year terms); note - in 2009 the number of seats will change to 165 elections: last held 12 September 2005 (next to be held in September 2009) election results: percent of vote by party - Labor Party 32.7%, Progress Party 22.1%, Conservative Party 14.1%, Socialist Left Party 8.8%, Christian People's Party 6.8%, Center Party 6.5%, Liberal Party 5.9%, Red Electoral Alliance 1.2%, other 1.9%; seats by party - Labor Party 61, Progress Party 38, Conservative Party 23, Socialist Left Party 15, Christian People's Party 11, Center Party 11, Liberal Party 10 note: for certain purposes, the parliament divides itself into two chambers and elects one-fourth of its membership in the Lagting and three-fourths of its membership in the Odelsting
Pipelines	condensate 508 km; gas 6,529 km; oil 2,444 km; oil/gas/water 457 km (2007)	condensate 508 km; gas 5,910 km; oil 2,557 km; oil/gas/water 746 km (2006)
Political parties and leaders	Center Party [Aslaug Marie HAGA]; Christian People's Party [Dagfinn HOYBRATEN]; Conservative Party [Erna SOLBERG]; Labor Party [Jens STOLTENBERG]; Liberal Party [Lars SPONHEIM]; Progress Party [Siv JENSEN]; Socialist Left Party [Kristin HALVORSEN]	Center Party [Aslaug Marie HAGA]; Christian People's Party [Dagfinn HOYBRATEN]; Coastal Party [Roy WAAGE]; Conservative Party [Erna SOLBERG]; Labor Party [Jens STOLTENBERG]; Liberal Party [Lars SPONHEIM]; Progress Party [Siv JENSEN]; Red Electoral Alliance [Torstein DAHLE]; Socialist Left Party [Kristin HALVORSEN]
Telephone system	general assessment: modern in all respects; one of the most advanced telecommunications networks in Europe domestic: Norway has a domestic satellite system; moreover, the prevalence of rural areas encourages the wide use of cellular mobile systems instead of fixed-wire systems international: country code - 47; 2 buried coaxial cable systems; submarine cables provide links to other Nordic countries and Europe; satellite earth stations - NA Eutelsat, NA Intelsat (Atlantic Ocean), and 1 Inmarsat (Atlantic and Indian Ocean regions); note - Norway shares the Inmarsat earth station with the other Nordic countries (Denmark, Finland, Iceland, and Sweden) (1999)	general assessment: modern in all respects; one of the most advanced telecommunications networks in Europe domestic: Norway has a domestic satellite system; moreover, the prevalence of rural areas encourages the wide use of cellular mobile systems instead of fixed-wire systems international: country code - 47; 2 buried coaxial cable systems; 4 coaxial submarine cables; satellite earth stations - NA Eutelsat, NA Intelsat (Atlantic Ocean), and 1 Inmarsat (Atlantic and Indian Ocean regions); note - Norway shares the Inmarsat earth station with the other Nordic countries (Denmark, Finland, Iceland, and Sweden) (1999)
Unemployment rate	2.4% (2007 est.)	3.5% (2006 est.)

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