Place Credit Reports Norway Order
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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, it contributes sizably to the EU budget. The government has
moved ahead with privatization. Norwegians worry about that time in the
next two decades when the oil and gas will begin to run out;
accordingly, Norway has been saving its oil-boosted budget surpluses in
a Government Petroleum Fund, which is invested abroad and now is valued
at more than $150 billion. After lackluster growth of 1% in 2002 and
0.5% in 2003, GDP growth picked up to 3.3% in 2004 and to 3.7% in 2005.
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