The Norwegian economy features a combination of free market activity and government-owned business. The government controls key areas, such as the vital petroleum sector, through large-scale state enterprises. The country is richly endowed with natural resources – petroleum, hydropower, fish, forests, and minerals. Only Saudi Arabia and Russia export more oil than Norway. Norway opted to remain 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. The government has moved ahead with privatization. Although Norwegian oil production peaked in 2000, natural gas production is still rising. Norway has saved its oil-and-gas-boosted budget surpluses in a Government Petroleum Fund, which is invested abroad and now is valued at more than $250 billion. After lackluster growth of less than 1% in 2002-03, GDP growth picked up to 3-4% in 2004-06. Norway's economy remains buoyant. Domestic economic activity is, and will continue to be, the main driver of growth, supported by high consumer confidence, and strong investment spending in the offshore oil and gas sector.
On the forefront of “green” technology
Norway has been a leader in bringing attention to global environmental issues since the publication of "Our Common Future" – commonly known to the world as the Brundtland Report. Published in 1987, it presented compelling evidence that humanity had to chart a new course. Today, across the United States and globally, companies are starting to discover and act upon new areas of innovation and business opportunities as “green” awareness reaches critical mass. During the 20 years since the Brundtland Commission, Norway has developed a broad expertise on environmental technology, driven by governmental subsidies and private investments towards sustainable technology. For more information go to http://www.environment.no.