Norway is one of the most peaceful and affluent countries on earth. The country has the 2nd highest GDP per capita in the world, and tops the United Nations’ Human Development Index.
Services account for around 66% of Norway’s GDP, and employ around 75% of the workforce.
Norway’s economy is built on natural resources, principally its offshore oil reserve. Natural gas and hydraulic energy are important industries also – and the country exports machinery, ships, chemicals and metals.
Norway’s main trading partners are the UK, Sweden, Germany and China. Fishing remains an important industry – Norway is the world’s second biggest exporter of seafood after China.
The oil boom of the seventies transformed Norway’s economy. In recent years, however, many Norwegian politicians and business leaders have expressed concerns that the oil industry is overly dominant – the Norwegian economy is less diverse than that of its neighbours Sweden and Finland, for example. Increasingly the government is seeking to promote diversification of industry.
In 1972, the Norwegian government held a referendum on EU membership. The proposal was rejected, and the government subsequently negotiated a free-trade agreement with Europe. Norway is a member of the OECD and WTO.
Our HLB firms in Norway offer the full range of audit and accounting services and serve clients with international needs.
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