Norwegia

Norway Economic Profile

Norway is a high-income country located in Northern Europe and boasts the most prosperous economy in the Scandinavian region. With a nominal GDP of approximately $500 billion in 2023, this small nation of 5.4 million people occupies an important economic position globally.

The most distinctive feature of the Norwegian economy is its dependence on oil and natural gas industries. Through the development of North Sea oil fields, Norway has earned substantial resource revenues since the 1970s, and currently oil and gas account for approximately 60% of exports. These resource revenues are accumulated in the Government Pension Fund Global (the world's largest sovereign wealth fund), which held assets exceeding $1 trillion as of 2023.

Recent economic developments focus on responding to energy transition. The impact of the Ukraine situation has led to a surge in European gas demand, strengthening Norway's position as an energy supplier. Simultaneously, to respond to the EU's decarbonization policies, investment in renewable energy and EV-related industries is accelerating. Norway already boasts one of the world's highest EV adoption rates, with electric vehicles comprising nearly 90% of new car sales.

Notable points include high labor productivity, well-developed social security systems, and stable management of resource revenues. By maintaining a robust welfare state while advancing digitalization and transition to green industries, Norway's strategic approach is key to sustained economic growth in the future.