Norway Economy Stats
Author: jaacosta47
Consecutive Norwegian governments have pledged to save the country’s wealth for the welfare of forthcoming generations. Yet, there have been questions about the country’s handling of its oil industry. There are misgivings about the government’s ability to take care of the extensive Norwegian Oil Fund.
The oil fund is said to be too large for such a small population. Take a look at the following statistics: At 3/4 of $1 trillion, the NOF seems to be excessive for Norway that only has 5 million citizens. Paradoxically, the country has a foreign debt of $657 billion. Subtracting the debt from the fund’s $740 billion leaves a balance of only $83 billion.
Norway's energy boom exposed an economy which is not ready for life after oil. This imperils the long-lasting feasibility of the most laissez-faire welfare model in the world. High spending has bolstered wages and other costs to shaky levels. This is big concern for the oil and gas industries as well as other sectors. It has become a barrier to additional energy investments. Other Norwegian firms outside the oil sector have been finding it hard to accelerate an economy that depends on exports.
The Organization for Economic Cooperation and Development in its World Economic Outlook report has issued a stern warning to the Norwegian Government regarding hazards that may endanger the local economy. These two “risk factors” are the real estate industry and prices of crude oil.
Norway is ranked second in the list of the world’s most expensive economies. Switzerland is number one while Bermuda, Australia and Denmark are the other three. These figures came from the World Bank.
Overview:
Definitions
- Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
- Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
-
Debt > Government debt > Public debt, share of GDP:
Public debt as % of GDP (CIA).
No date was available from the Wikipedia article, so we used the date of retrieval.
- Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
- Exports per capita: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
- GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
- GDP > Composition, by sector of origin > Services: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
- GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
- GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
- GDP > Purchasing power parity per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Figures expressed per capita for the same year.
- GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
- Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
- Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
- Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
- Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); CIA World Factbooks 2010, 2011, 2012, 2013. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; CIA World Factbooks 18 December 2003 to 28 March 2011. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.
Citation
Norway Economy Profiles (Subcategories)
- Norway ranked first for human development index amongst Christian countries in 2006.
- Norway ranked first for GDP > composition by sector > industry amongst High income OECD countries in 2012.
- Norway ranked first for GDP per capita amongst Sparsely populated countries in 2012.
- Norway ranked first for currency > PPP conversion factor to official exchange rate ratio globally in 2005.
- Norway ranked first for income > GNI per capita, PPP > current international $ amongst Europe in 2012.
- Norway ranked second for GDP > per capita > PPP amongst NATO countries in 2012.
- Norway ranked first for GNI > current US$ per capita amongst Cold countries in 2005.
5
Consecutive Norwegian governments have pledged to save the country’s wealth for the welfare of forthcoming generations. Yet, there have been questions about the country’s handling of its oil industry. There are misgivings about the government’s ability to take care of the extensive Norwegian Oil Fund.
The oil fund is said to be too large for such a small population. Take a look at the following statistics: At 3/4 of $1 trillion, the NOF seems to be excessive for Norway that only has 5 million citizens. Paradoxically, the country has a foreign debt of $657 billion. Subtracting the debt from the fund’s $740 billion leaves a balance of only $83 billion.
Norway's energy boom exposed an economy which is not ready for life after oil. This imperils the long-lasting feasibility of the most laissez-faire welfare model in the world. High spending has bolstered wages and other costs to shaky levels. This is big concern for the oil and gas industries as well as other sectors. It has become a barrier to additional energy investments. Other Norwegian firms outside the oil sector have been finding it hard to accelerate an economy that depends on exports.
The Organization for Economic Cooperation and Development in its World Economic Outlook report has issued a stern warning to the Norwegian Government regarding hazards that may endanger the local economy. These two “risk factors” are the real estate industry and prices of crude oil.
Norway is ranked second in the list of the world’s most expensive economies. Switzerland is number one while Bermuda, Australia and Denmark are the other three. These figures came from the World Bank.
Posted on 25 May 2014
jaacosta47
423 Stat enthusiast
