‘Discovery of oil and gas in adjacent waters in the late 1960s boosted Norway’s economic fortunes. In referenda held in 1972 and 1994, Norway rejected joining the EU. Key domestic issues include immigration and integration of ethnic minorities, maintaining the country’s extensive social safety net with an aging population, and preserving economic competitiveness’. (CIA)
Natural resources
petroleum, natural gas, iron ore, copper, lead, zinc, titanium, pyrites, nickel, fish, timber, hydropower
Economy
‘Norway has a high-income non-EU European economy; aging labour force; large state-owned energy company constrains budget and spending; largest oil sovereign wealth fund; major fishing, forestry, and extraction industries; large welfare system’ (CIA)
Currency: Norwegian Krone (free floating). Ease of doing business index: 9th
But the price of a pint in Oslo
It’s expensive to us because we’re poorer. A pint in Belarus is cheaper than in the UK, if that’s the measure of choice.
‘Norwegians pay more tax’ – They can afford to. Norwegians are richer after tax and they have well funded services and a functioning society.