Norway

norway

Quick facts:

Territory 385,178 km2
Population 5.05 million (2013)
Currency Norwegian krone (NOK)
Capital Oslo
Official language Norwegian
Memberships United Nations, NATO, the Council of Europe, the Nordic Council, WTO, OECD, the European Economic Area and the Schengen Area
Real GDP per capita 52,800 EUR per inhabitant (2012)
Growth of GDP, % 2.9% (2012). Forecast: 1.9% in 2013, 2.6% in 2014, 2.7% in 2015
Average gross salary 36,700 NOK / 4588 EUR (2013)
VAT rate 25% – general rate; Reduced rates: 15% for food&drink, 8% for passenger transport, hotel accommodation, cinema and some other service categories.
Company Income Tax 28%; in 2014 to decrease to 27%
Phone code +47
Top domain .no

Norway or, officially, the Kingdom of Norway is a modern and highly developed Scandinavian country.  Despite rejecting full EU membership, Norway maintains close ties with the EU and its member countries and is part of the European Economic Area. It participates in all EU research projects and initiatives. The country has the world’s highest Human Development Index ranking in the world and a stable and strong economy based on a combination of public and private ownership.

The Government Pension Fund owned by the Norwegian State is the biggest investment fund in the world with an approximate value of 580 billion Euros. The country is rich in natural resources such as oil & gas, minerals, forests, hydropower and fish, and its economy largely depends on the use of these natural resources.

Norway has the second highest GDP per capita in Europe. During 2013-2015 the country’s economy is expected to grow at 1.9-2.7% per year.

The country is a global knowledge hub for three key industries: Oil & Gas, Maritime and Seafood. About 30% of the Norwegian FDIs are invested in the Oil & Gas sector. Other important sectors include IT & Communications, Financial Services, Biotechnology, Green Technology and some other technology-based sectors.

We have conducted various market research and business partner search projects in Norway in a number of sectors. Please visit Our Experience section to see the specific industries of our expertise.