n the style of the Dannebrog (Danish flag)

Economy Norway

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. 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 3-4% in 2004-06. 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.

GDP (purchasing power parity):
$207.3 billion (2006 est.)

GDP (official exchange rate):
$261.7 billion (2006 est.)

GDP - real growth rate:
3% (2006 est.)

GDP - per capita (PPP):
$47,800 (2006 est.)

GDP - composition by sector:
agriculture: 2.3%
industry: 41.4%
services: 56.3% (2006 est.)

Labor force:
2.42 million (2006 est.)

Labor force - by occupation:
agriculture: 4%
industry: 22%
services: 74% (1995)

Unemployment rate:
3.5% (2006 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: 4.1%
highest 10%: 21.8% (1995)

Distribution of family income - Gini index:
25.8 (2000)

Inflation rate (consumer prices):
2.3% (2006 est.)

Investment (gross fixed):
19.1% of GDP (2006 est.)

Budget:
revenues: $195.8 billion
expenditures: $133.1 billion; including capital expen