Member of: AfDB, AsDB, Australia Group, BIS, CBSS, CCC, CE, CERN,
EBRD, ECE, EFTA, ESA, FAO, GATT, IADB, IAEA, IBRD, ICAO, ICC, ICFTU,
ICRM, IDA, IEA, IFAD, IFC, IFRCS, ILO, IMF, IMO, INMARSAT, INTELSAT,
INTERPOL, IOC, IOM, ISO, ITU, MTCR, NACC, NAM (guest), NATO, NC, NEA,
NIB, NSG, OECD, OSCE, PCA, UN, UNAVEM II, UNCTAD, UNESCO, UNHCR,
UNIDO, UNIFIL, UNIKOM, UNITAR, UNMOGIP, UNOMOZ, UNPROFOR, UNTSO, UPU,
WEU (associate), WHO, WIPO, WMO, ZC
Diplomatic representation in US:
chief of mission: Ambassador Kjeld VIBE
chancery: 2720 34th Street NW, Washington, DC 20008
telephone: [1] (202) 333-6000
FAX: [1] (202) 337-0870
consulate(s) general: Houston, Los Angeles, Minneapolis, New York, and
San Francisco
consulate(s): Miami
US diplomatic representation: chief of mission: Ambassador Thomas A. LOFTUS embassy: Drammensveien 18, 0244 Oslo mailing address: PSC 69, Box 1000, APO AE 09707 telephone: [47] 22 44 85 50 FAX: [47] 22 44 33 63
Flag: red with a blue cross outlined in white that extends to the edges of the flag; the vertical part of the cross is shifted to the hoist side in the style of the Dannebrog (Danish flag)
@Norway:Economy
Overview: Norway has a mixed economy involving a combination of free market activity and government intervention. The government controls key areas, such as the vital petroleum sector (through large-scale state enterprises) and extensively subsidizes agriculture, fishing, and areas with sparse resources. Norway also maintains an extensive welfare system that helps propel public sector expenditures to slightly more than 50% of the GDP and results in one of the highest average tax burdens in the world (54%). A small country with a high dependence on international trade, Norway is basically an exporter of raw materials and semiprocessed goods, with an abundance of small- and medium-sized firms, and is ranked among the major shipping nations. The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on its oil sector to keep its economy afloat. Norway imports more than half its food needs. Although one of the government's main priorities is to reduce this dependency, this situation is not likely to improve for years to come. The government also hopes to reduce unemployment and strengthen and diversify the economy through tax reform and a series of expansionary budgets. The budget deficit is expected to hit a record 8% of GDP because of welfare spending and bail-outs of the banking system. Unemployment is currently running at 8.4% - including those in job programs - because of the weakness of the economy outside the oil sector. Economic growth, only 1.6% in 1993, moved up to 5.5% in 1994. Oslo opted to stay out of the EU during a referendum in November 1994.
National product: GDP - purchasing power parity - $95.7 billion (1994 est.)
National product real growth rate: 5.5% (1994 est.)
National product per capita: $22,170 (1994 est.)
Inflation rate (consumer prices): 1.3% (1994 est.)