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Busines and Economy of Norway

One of northern Europe’s strongest economies, Norway is an efficient mix of free-market economy and government control. The state controls key sectors such as oil and gas which is the main base for the economy, and grants heavy subsidies to sectors such as fishing and agriculture. Private enterprise, especially in services, trade and manufacturing, is substantial. Norway’s economy is based largely on the country’s large reserves of petroleum and gas, with industries like timber, textiles, mining, chemicals, shipbuilding and fishing contributing to the rest of the GDP. In recent years, concern has been expressed over the fast-disappearing reserves of oil & gas, and the government has been considering measures to encourage other sectors. Some facts: GDP : US $275.4 billion GDP per head : US$ 55,600 Annual Growth Rate : 2.6% Inflation Rate : : 3.8% Major Industries : Oil & Natural Gas, shipbuilding, fishing, paper, timber, chemicals, metals, mining, textiles Major Trading Partners : EU ( Germany, Sweden, Netherlands, UK, Denmark)

Business Guide

Most offices in Norway open five days a week, Monday to Friday, from 9 am to 4 pm. Banks too function for five days a week, from about 8.15 am to 3.30 pm, and till 5 pm on Thursdays, although some banks in Oslo stay open on Saturdays and Sundays as well.

Most shops and stores close on Sundays, but remain open from Monday to Friday, 9 am to 5 pm, and on Saturdays from 9 am to 1 pm. A number of shops stay open till 6 or 7 pm on Thursdays.

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