Norway

About Norway

Background:

Two centuries of Viking raids into Europe tapered off following the adoption of Christianity by King Olav TRYGGVASON in 994. Conversion of the Norwegian kingdom occurred over the next several decades. In 1397, Norway was absorbed into a union with Denmark that lasted more than four centuries. In 1814, Norwegians resisted the cession of their country to Sweden and adopted a new constitution. Sweden then invaded Norway but agreed to let Norway keep its constitution in return for accepting the union under a Swedish king. Rising nationalism throughout the 19th century led to a 1905 referendum granting Norway independence. Although Norway remained neutral in World War I, it suffered heavy losses to its shipping. Norway proclaimed its neutrality at the outset of World War II, but was nonetheless occupied for five years by Nazi Germany (1940-45). In 1949, neutrality was abandoned and Norway became a member of NATO. Discovery of oil and gas in adjacent waters in the late 1960s boosted Norway's economic fortunes. The current focus is on containing spending on the extensive welfare system and planning for the time when petroleum reserves are depleted. In referenda held in 1972 and 1994, Norway rejected joining the EU.

PEOPLE

Population:
4,660,539 (July 2009 est.)
country comparison to the world: 116

Nationality:
noun: Norwegian(s)
adjective: Norwegian

Ethnic groups:
Norwegian 94.4% (includes Sami, about 60,000), other European 3.6%, other 2% (2007 estimate)

Religions:
Church of Norway 85.7%, Pentecostal 1%, Roman Catholic 1%, other Christian 2.4%, Muslim 1.8%, other 8.1% (2004)

Languages:
Bokmal Norwegian (official), Nynorsk Norwegian (official), small Sami- and Finnish-speaking minorities; note - Sami is official in six municipalities

GOVERNMENT

Country Name:
conventional long form: Kingdom of Norway
conventional short form: Norway
local long form: Kongeriket Norge
local short form: Norge

Government type:
constitutional monarchy

Capital:
name: Oslo
geographic coordinates: 59 55 N, 10 45 E
time difference: UTC+1 (6 hours ahead of Washington, DC during Standard Time)
daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October

Independence:
7 June 1905 (Norway declared the union with Sweden dissolved); 26 October 1905 (Sweden agreed to the repeal of the union)

Flag description:
red with a blue cross outlined in white that extends to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag); the colors recall Norway's past political unions with Denmark (red and white) and Sweden (blue)

ECONOMY

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-majority-owned enterprises. The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on the petroleum sector, which accounts for nearly half of exports and over 30% of state revenue. Norway is the world's third-largest gas exporter; its position as an oil exporter has slipped to seventh-largest as production has begun to decline. Norway opted to stay out of the EU during a referendum in November 1994; nonetheless, as a member of the European Economic Area, it contributes sizably to the EU budget. In anticipation of eventual declines in oil and gas production, Norway saves almost all state revenue from the petroleum sector in a sovereign wealth fund. After lackluster growth of less than 1.5% in 2002-03, GDP growth picked up to 2.5-6.2% in 2004-07, partly due to higher oil prices. Growth fell to 2.5% in 2008, and the economy contracted by 1.1% in 2009 as a result of the slowing world economy and the drop in oil prices.

GDP (purchasing power parity):
$276.5 billion (2009 est.)
country comparison to the world: 41
$279.6 billion (2008 est.)
$272.8 billion (2007 est.)
note: data are in 2009 US dollars

GDP - per capita (PPP):
$59,300 (2009 est.)
country comparison to the world: 5
$60,200 (2008 est.)
$58,900 (2007 est.)
note: data are in 2009 US dollars

Budget:
revenues: $206.9 billion
expenditures: $169 billion (2009 est.)

Inflation rate (consumer prices):
2.3% (2009 est.)
country comparison to the world: 74
3.8% (2008 est.)

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

Exports:
$122 billion (2009 est.)
country comparison to the world: 30
$173.6 billion (2008 est.)

Imports:
$64.5 billion (2009 est.)
country comparison to the world: 38
$85.95 billion (2008 est.)

Exchange rates:
Norwegian kroner (NOK) per US dollar - 6.3988 (2009), 5.6361 (2008), 5.86 (2007), 6.418 (2006), 6.445 (2005)