Norway has an effectively managed and efficient export economy. Norway ranks third in natural gas exports and 7th in oil exports. Norway’s oil production company, Statoil, is 70% state owned and provides the country with 30% of total export revenues. Nearly 100% of Norway’s internal power consumption is satisfied by renewable resources: over 98% from hydroelectric, the rest from wind and thermal.
Aside from oil, Norway’s mineral exports include industrial metals, most notably iron ore and copper. Norway trades mostly with the Eurozone; 26% of exports are to the U.K. Aside from Europe, 9% of imports are from China. Norway is not an EU member although it is a contributor to the EU’s budget. Overall, Norway’s economy is surprisingly small at USD $339 billion PPP-GDP. Per capita PPP-GDP is nearly USD $67,000. Household consumption is 41% of GDP and the gross national savings rate is nearly 37% of GDP.
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