NORWEGIAN ECONOMY
The Norwegian economy is an example of a mixed economy, a prosperous capitalist welfare state featuring a combination of free market activity and large state ownership.
Norway ranks as the second wealthiest country in the world in monetary value, with the largest capital reserve per capita of any nation.
Norway has a very low unemployment rate, currently at 4.6%. It has the top five lowest income inequality in the world, helped by a mix of policies that support education and innovation. It also topped the world economic forum’s 2017 index of inclusive economies –a study of which countries are best at providing sustained growth over decades– it is broad-based across different sectors, creates jobs for a great majority of the population, and reduces poverty. Moreover, it channels the world’s largest sovereign wealth fund, which manages its oil and gas revenues, into long-term economic planning.
Facts, figures & information
CLIMATE
Norway shares the same latitude as Alaska, Greenland and Siberia, but compared to these areas, Norway has a pleasant climate. It is much more temperate than one would expect.
ECONOMY
The Norwegian economy is an example of a mixed economy, a prosperous capitalist welfare state featuring a combination of free market activity and large state ownership.
EDUCATION
Education in Norway is mandatory for all children aged 6–16. The school year in Norway runs from mid-August to late June of the following year.
CULTURE
The culture of Norway is closely linked to the country’s history and geography. There’s a unique Norwegian farm culture, sustained to this day.
CUISINE
Norwegian cuisine in its traditional form is based largely on the raw materials readily available in Norway and its mountains, wilderness and coast, with a strong focus on game and fish.
SPORT
Norway is a small but very special sporting country. Competitive sports attract enormous attention. Norwegian athletes have won international championship medals.