The Norwegian economy and business sector

Norway’s prosperity is based on the responsible management of its natural resources. Today, the Norwegian business sector is developing world-leading technology in a number of areas, in close cooperation with research communities.

Photo: Ilja C. Hendel

Our natural resources have given us a comparative advantage. Oil, gas, seafood, and products from energy-intensive industry are among our main export commodities. Our sea areas are six times the size of our land area, and our ocean-based industries account for almost 40 % of our total value creation, and 70 % of our exports.

Today, we are using new technology to develop green and sustainable solutions in these and other areas, such as shipping in Arctic waters, oil production on the sea floor, and the sustainable management of abundant fish stocks. This has made Norwegian companies world leaders in their respective niches.

A robust economy, flexible business sector, and responsible management of resources

The Norwegian economy has proved to be robust over the years. This is largely because the business sector has been flexible and able to adapt, and because Norway has had business-friendly policies. Norway’s substantial oil and gas revenues are managed to the benefit of society as a whole. A large proportion of these revenues is channelled into Norway’s sovereign wealth fund, the Government Pension Fund Global. When the oil runs out, the returns from the Fund will continue to provide substantial revenues that can then be used to benefit the population.

A climate of trust and cooperation

Norway has a small, open economy, and is completely dependent on international cooperation. The Norwegian way of working is based on cooperation, with an emphasis on equality. Senior management are accessible, in political and business environments alike. These are important assets in the work to develop the innovative solutions the world needs. Trust and cooperation are key to ensuring sustainable growth in the future.