International Market Development

International market development | Comprehensive analysis of Norway's economy and market conditions

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Author : Bozhou Marine
Update time : 2020-12-29 15:40:22

 
In this article, we mainly introduce the basic situation of the Norwegian market. Including: geographic location, major cities, population conditions, ethnic groups, major festivals, natural resources, major industries, GDP, foreign exchange reserves, employment, prices, taxes, etc.
 
 

  Introduction
 
 
The Kingdom of Norway (Norwegian: Kongeriket Norge or Kongeriket Noreg), referred to as "Norway" (Norwegian: Norge or Noreg), which means "the road to the north", is one of the five Nordic countries and is located in Scandinavia west. The territory of Norway is long and narrow from north to south, the coastline is long and tortuous, and there are many coastal islands. It is called the "country of ten thousand islands". The territory is bordered by Sweden, Finland, and Russia. The territories also include Svalbard and Jan Mayen.
 
Norway is a highly developed capitalist country and a highly industrialized country. The oil industry is an important pillar of the national economy. Norway is also the largest oil producer in Western Europe and the eleventh largest oil exporter in the world. Norway is also one of the pioneers in creating a modern welfare state. In addition, papermaking, shipbuilding, machinery, hydropower, chemicals, and wood processing are also traditionally developed industries in Norway.
 
 

  Capital
 
Oslo, the capital and largest city of Norway, is the political, economic, cultural, transportation center and main port of Norway, and the seat of the Norwegian royal family and government.
 
Oslo is located in southeastern Norway. It is one of the richest, safest and highest living standards in Europe and one of the happiest cities in the world.
 
 

  Main City
 
Oslo
 
Oslo, formerly known as Kristiania before 1925, is the capital and largest city of Norway, the political, economic, and cultural center of the country, and also the trading, banking, industrial and shipping hub of Norway. It is located in the Oslo Fjord in southeast Norway Inside, the population is 666,759. The population of the urban area including the neighboring 10 municipalities is 975,744, while the population of the entire Greater Oslo area is 1,546,706.



Oslo - Photo | Google
 
Bergen
 
Bergen is located in the southwest of Norway, just in the middle of the "Seven Mountains", with a population of 278,556. Bergen is the unofficial capital of Western Norway and Norway’s gateway to the outside world. And because its fjord terrain is suitable for large-scale ship operations, Bergen has become one of the largest cruise ports in Europe.



Bergen - Photo | Google

Trondheim
 
Trondheim is the capital of the South Trondelag Administrative Region and was established in 997. Now it has become the education center, science and technology center, and drug research center in Norway, where 30,000 students receive education. Trondheim is also the third largest city in Norway, with 176,309 people living in the city. In terms of the entire administrative region, there are 297,951 people.
 

Stavanger
 
Stavanger is a municipality in Norway, the administrative center of Rogaland County, and the third largest metropolitan area in Norway. The population is the fourth largest in Norway. The city is located on the Stavanger Peninsula in southwestern Norway. The official establishment date is 1125, the year Stavanger Cathedral was founded. There are a large number of wooden buildings from the 18th and 19th centuries in the city center. These buildings are protected as cultural properties of the city, which makes the city center unique. Due to urbanization, the "Great Stavanger" was formed with its surroundings.
 

Sandvika
 
Sandvika is a town in Norway under the jurisdiction of Akershus County. It is located in the southeastern part of the country, about 15 kilometers from the capital Oslo, at an altitude of 12 meters. The town has the largest shopping center in Northern Europe with a population of 105,928.
 
 

  Jet Lag
 
Norway is 7 hours behind Beijing time.
 
 

  Population and Ethnicity
 
5.375 million (September 2020). 96% are Norwegians and there are about 30,000 Sami people, mainly in the north.
 
 

  Language
 
The official language is Norwegian.
 
 

  Main Holiday
 
New Year's Day January 1st  (New Year's Day);
Maundy Thursday, the day before Good Friday in April;
Easter Day from March to April;
Labor Day May 1st (Labour Day);
Independence DayMay 17th (Constitution Day)
It is the biggest festival for Norwegians. On this day, people from all over the country wore traditional costumes and paraded the streets for lively celebrations. The most spectacular celebration was in Oslo, where thousands of schoolchildren paraded all the way from Karl Johan's Gate to the Royal Palace;
Saint Hans Day, On June 23, people set off bee cannons on the beach to celebrate the "Late Midsummer Night". The Shami people held reindeer competitions, traditional singing concerts and other colorful celebrations in Karasjok and Kautokeino to celebrate their most important Easter.
Ascension Day on the 40th day after Easter;
Whit Monday The eighth Monday after Easter, (Whit Monday);
Christmas December 25th (Christmas Day)
 
 

Norway Wild Animal - Photo | Google

 
  Natural Resources
 
Rich in oil and gas, water power, forest and fishery resources. As of the end of 2014, the estimated total reserves of crude oil and natural gas were 14.1 billion cubic meters (oil equivalent), 45% of which had been exploited. The hydropower resources are abundant, and the developable hydropower resources are about 214 billion kWh, 62% of which have been developed. The northern coast is a world-famous fishing ground. Industry occupies an important position in the national economy, and offshore oil, chemical, shipping, hydropower, and metallurgy are particularly developed. Major European producers and exporters of aluminum and magnesium, most of ferrosilicon alloy products are for export. In the 1970s, the Norwegian offshore oil industry rose and became an important pillar of the national economy. Norway is now the eleventh largest oil exporter in the world.
 
Norway is extremely rich in hydropower resources. Because the watershed is too close to the coast, the rivers are short and the waterfall has a large drop. There are also many glaciers and lakes in Norway. Because of the abundant dissolved water in the glaciers, they are very suitable for hydroelectric power generation. The hydropower resources that can be developed are about 187 billion degrees, 63% of which have been developed.
 
Other mineral resources include: 200 to 500 million tons of coal, 30 million tons of iron, and 18 million tons of titanium. The northern coast is a world-famous fishing ground. The agricultural area is 10463㎞², of which pasture grassland is 6329㎞².
 
 

  Main Industry
 
Industry
 
It occupies an important position in the national economy, especially in offshore oil, chemical, shipping, hydropower, and metallurgy. Major European producers and exporters of aluminum and magnesium, most of ferrosilicon alloy products are for export. In the 1970s, the Norwegian offshore oil industry rose and became an important pillar of the national economy. Norway is now the world’s third largest natural gas exporter and the eighth largest oil exporter.
 

Agriculture, Forestry and Fishery
 
Nearly one-third of the country's land is within the Arctic Circle, and the agricultural area is 982,000 hectares, accounting for only 2.6% of the country's land area, of which 652,000 hectares of pasture grassland. Agriculture is dominated by animal husbandry, eggs and dairy products are basically self-sufficient, and fruits and vegetables are mainly imported. Forest coverage accounts for 37% of the country's land area. Fishery is an important traditional economic sector. The aquaculture industry is dominated by salmon. The main fish species caught are cod, herring, mackerel, capelin, etc.
 

Service Industry
 
Including business, tourism, transportation, communications, finance, construction, real estate, public services, etc. The main tourist cities include Oslo, the capital, and Bergen, the second largest city. The fjords and glaciers in the northwest are famous for their natural landscapes.
 
 

  Economic Downturn
 
Norway’s economic downturn in 2019, with a gross domestic product (GDP) of approximately US$401.8 billion, an increase of 1.2% year-on-year and a decrease of 0.2% from the previous year. The per capita GDP also fell to approximately US$75,000. The national economic growth was weak and the economy was in a period of downturn. .
 


Norway's GDP growth rate over the years | TRADING ECONOMICS
 
Norges Bank: GDP is expected to shrink by 3.5% in 2020. (Previously expected to shrink by 3.6%). The economy has fallen sharply and there is considerable uncertainty about the outlook.
 
 

  Slow growth of foreign exchange reserves
 
 


Trends of Norway's foreign exchange reserves over the years | TRADING ECONOMICS
 
From 2015 to 2019, Norway’s foreign exchange reserves grew slowly, and there was a sharp decline in 2020.
 
 

  The unemployment rate soared to its highest level since World War II
 
 


Norway Unemployment Rate Trends Over the Years | TRADING ECONOMICS
 
Because the economic stagnation caused by the coronavirus has had a severe impact on this wealthy Nordic economy, the unemployment rate in Norway has surged to its highest level since World War II. In March this year, the registered unemployment rate was 10.4%, the highest level in the history of the data.
 
Norway’s current unemployment rate is 7.1%.
 
 

  Prices continue to rise and inflation rates fluctuate greatly
 
 


CPI trend chart of Norway's consumer price index over the years | TRADING ECONOMICS
 
 


Norway's inflation rate trend chart over the years | TRADING ECONOMICS
 
Norway's inflation rate in 2020 has dropped significantly, and economic growth has dropped sharply.
 
 

  Corporate income tax rate 22%
 
 


Norwegian corporate income tax trends over the years | TRADING ECONOMICS
 
In 2020, the Norwegian corporate income tax rate is 22%.
 
 

  Personal income tax rate 38.2%
 
 


Norwegian corporate income tax trends over the years | TRADING ECONOMICS
 
In 2020, the Norwegian personal income tax rate is 38.2%.


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