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Economy of Norway is a mix of market economy and a Nordic welfare model with universal health care and a comprehensive social security system. Norway has rich reserves of petroleum, natural gas, minerals, lumber, seafood, fresh water, and hydropower. The petroleum industry accounts for around a quarter of the country's gross domestic product. The country has the fourth-highest per capita income in the world on the World Bank and IMF lists. On a per-capita basis, it is the world's largest producer of oil and natural gas outside the Middle East. Today, Norway ranks as the second-wealthiest country in the world in monetary value, with the largest capital reserve per capita of any nation.
Norway is a major shipping nation and has the world's 6th largest merchant fleet, with 1,412 Norwegian-owned merchant vessels. Shipping has long been a support of Norway's export sector, but much of Norway's economic growth has been fueled by an abundance of natural resources, including petroleum exploration and production, hydroelectric power, and fisheries.
Export revenues from oil and gas have risen to almost 50% of total exports and constitute more than 20% of the GDP. Norway is the fifth-largest oil exporter and third-largest gas exporter in the world, but it is not a member of OPEC.
Foreign trade amounts to approximately 37 per cent of Norway's GDP. Norway is currently among the world's top exporters in the seafood, crude oil and shipping services sectors, and has significant market shares in the light metals and ship equipment sectors, as well as in a number of maritime services such as classification, consulting and marine insurance. Leading export markets are United Kingdom and Germany.
Crude oil, natural gas and electricity account for 65% of all exports. According to current estimates, Norway has oil for the next 50 years and gas for the next 100 years.
Norway's main export partners are United Kingdom, Germany, Netherlands, Sweden, France, United States, Denmark, Belgium-Luxembourg, South Korea, Canada.
Norway's main exports are:
The Norwegian economy is an example of a combined economy, a prosperous capitalist welfare state and social democracy country featuring a combination of free market activity and large state ownership in certain key sectors. The state income derived from natural resources includes a significant contribution from petroleum production.
Norway did not join the European Union. However, Norway, together with Iceland and Liechtenstein, participates in the European Union's single market through the European Economic Area (EEA) agreement. The EEA Treaty between the European Union countries and the EFTA countries describes the procedures for implementing European Union rules in Norway and the other EFTA countries. Norway is a highly integrated member of most sectors of the EU internal market. Some sectors, such as agriculture, oil and fish, are not wholly covered by the EEA Treaty. Norway has also acceded to the Schengen Agreement and several other intergovernmental agreements among the EU member states.
Norway is a sophisticated and established market having a long and trusted trading relationship with the UK ans bordering Scandinavian countries. It has an educated and technologically advanced society looking for high quality products and services. Norway is a market for importing clothing, accessories, footwear, food and drink, gift ware, furniture.
Norway's main import partners are Sweden, Germany, China, Denmark, United Kingdom, United States, Netherlands, Poland, France, Canada.
Norway's main imports are:
- Refined Petroleum
- Passenger and Cargo Ships
- Nickel Mattes
- Delivery Trucks
- Packaged Medicaments
- Other Furniture
- Iron Structures
- Crude Petroleum