Norway has a population of over 5 million people; it is a high-income economy and is a member of the OECD. In terms of rankings, it has the second GDP per capita in the world and the best index of quality of life in the world.
The main trade with Norway has been mainly with the EU. The total GDP of Noway is around $511 billion and Norway’s GDP per capita is around $101,000, which makes it the second highest in the European Economic Area (EEA) following Luxembourg. Norway emerged as the EU’s most valuable import partner for trade in goods totalling around €91 billion. There is a surplus of around €48 billion in relation to Norway’s trade with the EU. The European Economic Area (EEA) Agreement will protect Norwegian market interests in the main European market.
The main economic activities include fisheries, shipping and fish farming. In relation to shipping, Norway has the fourth largest fleet in the world. The gas and oil makes up around 25% of the GDP or Norway and makes up over half of the exports. Norway is the world’s second most important non-OPEC oil exporter.
Exporting to Norway? Contact our local experts
Importing from Norway? Contact our local experts