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.

Salmar logo - Photo:Salmar

Salmar

The world’s first fish farm at sea – Ocean Farm 1 – was developed with the help of world-leading Norwegian expertise in fish farming and offshore activities.

Telenor logo - Photo:Telenor

Telenor

The mobile network operator Telenor has built its international position on experience gained from a domestic market that has some of the world’s most advanced users of mobile technology.

dnv gl logo - Photo:dnv gl

DNV GL

The company DNV GL, which specialises in certification services, is an example of how trust can translate into a comparative advantage for Norway. The customers’ trust in the company’s expertise means that DNV GL now has operations in more than a hundred countries.

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.

Yara birkeland boat - Photo:Yara

The electrification of shipping

Norway is playing a leading international role in the electrification of shipping. The vessel YARA Birkeland will be the world’s first fully electric and autonomous container ship, with zero emissions.

Norwegian sushi

Norwegian farmed salmon

Norwegian farmed salmon has become a firm favourite with Japanese sushi chefs. Every day, some 14 million meals of Norwegian salmon are eaten around the world.

Blueye pioneer - Photo:BLUEYE ROBOTICS

Blueye Pioneer

The little Blueye Pioneer underwater drone sets a new standard in its field. It has been developed by Norwegian entrepreneurs and researchers to withstand difficult conditions, including strong currents and stormy seas. It even fits into your hand luggage on flights.