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• GDP: US$264 billion (2006).
• Main exports: Crude oil, natural gas, refined petroleum products, machinery and forestry products.
• Main imports: Machinery and transport equipment, manufactured goods and chemical or related products.
• Main trade partners: UK, Germany, The Netherlands, France and Sweden.
• Main exports: Crude oil, natural gas, refined petroleum products, machinery and forestry products.
• Main imports: Machinery and transport equipment, manufactured goods and chemical or related products.
• Main trade partners: UK, Germany, The Netherlands, France and Sweden.
Economy
The Norwegian economy is dominated by its oil and gas industry, which accounts for nearly 20% of GDP and 60% of export earnings. There is little cultivable land in Norway, but many farmers breed livestock, combining this with forestry to supply Norway's numerous sawmills. Consequently, wood products and paper are both thriving industries.
Offshore fishing has been in decline for some time, although a large number of fish farms have been established, making Norway the world's largest supplier of salmon. Heavy engineering industries, principally shipbuilding and machinery, have also declined (although Norway retains a large merchant fleet).
Although growth has been sluggish in recent years, Norway maintains a very high standard of living.
Norway has been a major oil and gas exporter since the mid 1970s, after discovering large deposits of both in the North Sea. Proven oil reserves are around 11 billion barrels (one-tenth of Saudi reserves and 1% of the world total). Much of the income is invested in a fund, now worth over US$40 billion, for such time as the oil and gas run out (perhaps in 15-20 years).
Norway is a member of the European Free Trade Association (EFTA) and as such trades freely with the EU.
Offshore fishing has been in decline for some time, although a large number of fish farms have been established, making Norway the world's largest supplier of salmon. Heavy engineering industries, principally shipbuilding and machinery, have also declined (although Norway retains a large merchant fleet).
Although growth has been sluggish in recent years, Norway maintains a very high standard of living.
Norway has been a major oil and gas exporter since the mid 1970s, after discovering large deposits of both in the North Sea. Proven oil reserves are around 11 billion barrels (one-tenth of Saudi reserves and 1% of the world total). Much of the income is invested in a fund, now worth over US$40 billion, for such time as the oil and gas run out (perhaps in 15-20 years).
Norway is a member of the European Free Trade Association (EFTA) and as such trades freely with the EU.
Business Etiquette
Businesspeople are expected to dress smartly. Prior appointments are necessary. Norwegian businesspeople tend to be reserved and formal. English is widely spoken. Punctuality is essential. Business cards are commonly exchanged. The best months for business visits are February to May and October to December.
Office hours: Mon-Fri 0800-1600.
Office hours: Mon-Fri 0800-1600.
Conferences & Conventions
Large conference centres are available in the big cities, particularly in Oslo, while most of the larger hotels around the country offer meetings facilities.
Business Contacts
Innovation Norway
PO Box 448 Sentrum, 0104 Oslo, Norway
Tel: 2200 2500.
Website: www.innovasjonnorge.no
PO Box 448 Sentrum, 0104 Oslo, Norway
Tel: 2200 2500.
Website: www.innovasjonnorge.no
