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.

GDP (purchasing power parity):

$246.6 billion (2007 est.)

GDP (official exchange rate):

$391.5 billion (2007 est.)

GDP - real growth rate:

3.7% (2007 est.)

GDP - per capita (PPP):

$53,300 (2007 est.)

GDP - composition by sector:

agriculture: 2.4%
industry: 41.9%
services: 55.7% (2007 est.)

Labor force:

2.507 million (2007 est.)

Labor force - by occupation:

agriculture: 4%
industry: 22%
services: 74% (1995)

Unemployment rate:

2.5% (2007 est.)

Population below poverty line:

NA%

Household income or consumption by percentage share:

lowest 10%: 3.9%
highest 10%: 23.4% (2000)

Distribution of family income - Gini index:

28 (2005)

Investment (gross fixed):

20.8% of GDP (2007 est.)

Budget:

revenues: $226.3 billion
expenditures: $158.7 billion (2007 est.)

Fiscal year:

calendar year

Public debt:

83.1% of GDP (2007 est.)

Inflation rate (consumer prices):

0.8% (2007 est.)

Central bank discount rate:

6.25% (31 December 2007)

Commercial bank prime lending rate:

6.65% (31 December 2007)

Stock of money:

NA (31 December 2007)

Stock of quasi money:

NA (31 December 2007)

Stock of domestic credit:

NA (31 December 2007)

Agriculture - products:

barley, wheat, potatoes; pork, beef, veal, milk; fish

Industries:

petroleum and gas, food processing, shipbuilding, pulp and paper
products, metals, chemicals, timber, mining, textiles, fishing

Industrial production growth rate:

0.1% (2007