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Norway Economy - 1990 https://theodora.com/wfb1990/norway/norway_economy.html SOURCE: 1990 CIA WORLD FACTBOOK Overview: Norway is a prosperous capitalist nation with the resources to finance extensive welfare measures. Since 1975 exploitation of large crude oil and natural gas reserves has helped achieve an average annual growth of roughly 4%, the third-highest among OECD countries. Growth slackened in 1987-88 because of the sharp drop in world oil prices and a slowdown in consumer spending, but picked up again in 1989. Future economic issues involve the aging of the population, the increased economic integration of Europe, and the balance between private and public influence in economic decisions. GDP: $75.8 billion, per capita $17,900; real growth rate 5.7% (1989 est.) Inflation rate (consumer prices): 4.5% (1989) Unemployment rate: 3.9% (1989 est., excluding people in job-training programs) Budget: revenues $40.6 billion; expenditures $41.3 billion, including capital expenditures of $NA (1989) Exports: $22.2 billion (f.o.b., 1989); commodities--petroleum and petroleum products 25%, natural gas 11%, fish 7%, aluminum 6%, ships 3.5%, pulp and paper; partners--UK 26%, EFTA 16.3%, less developed countries 14%, Sweden 12%, FRG 12%, US 6%, Denmark 5% (1988) Imports: $18.7 billion (c.i.f., 1989); commodities--machinery, fuels and lubricants, transportation equipment, chemicals, foodstuffs, clothing, ships; partners--Sweden 18%, less developed countries 18%, FRG 14%, Denmark 8%, UK 7%, US 7%, Japan 5% (1988) External debt: $18.3 billion (December 1989) Industrial production: growth rate 15.8% (1989) Electricity: 26,735,000 kW capacity; 121,685 million kWh produced, 28,950 kWh per capita (1989) Industries: petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles, fishing Agriculture: accounts for 3.1% of GNP and 6.5% of labor force; among world's top 10 fishing nations; livestock output exceeds value of crops; over half of food needs imported; fish catch of 1.9 million metric tons in 1987 Aid: donor--ODA and OOF commitments (1970-87), $3.7 billion Currency: Norwegian krone (plural--kroner); 1 Norwegian krone (NKr) = 100 ore Exchange rates: Norwegian kroner (NKr) per US$1--6.5405 (January 1990), 6.9045 (1989), 6.5170 (1988), 6.7375 (1987), 7.3947 (1986), 8.5972 (1985) Fiscal year: calendar year
NOTE: The information regarding Norway on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Norway Economy 1990 information contained here. All suggestions for corrections of any errors about Norway Economy 1990 should be addressed to the CIA. |