Focus On Norway
Encompassing mountains, glaciers and deep coastal fjords, Norway is one of Europe’s most visually beautiful countries. And with its fisheries, oil, metal, and other important commodities, the western Scandinavian nation is one of the world’s most prosperous countries.
Exports of oil and gas have provided Norwegians with the second highest per capita wealth in the world. However, the country’s economy has been struggling from a decline in oil-related activities and shipments, which has resulted in oil companies around the globe reducing their investments.
Despite the petroleum industry's challenging year, the mainland economy has achieved moderate growth. On top of a 1.0% GDP expansion in 2016, FocusEconomics’ panel believe the economy is set to grow by 1.4% in 2017. According to the Organisation for Economic Co-operation and Development (OECD), Norway’s economy will continue to grow at a gradual rate until 2018 thanks in part to higher private consumption and greater investment in oil, helped by improved global prospects and a weaker currency.
With one of the world’s least corrupt countries, ranked fifth out of 175 countries by Transparency International in their 2015 Corruption Perceptions Index, and a competitive economy built on transparency and policies that encourage trade and investment, Norway offers an exciting environment to UK companies.
According to the Department for International Trade, the UK’s top exports into Norway are:
• Industrial and electrical machinery • Chemicals • Medicines and pharmaceuticals • Petroleum products • Animal and vegetable bi-products
Further opportunities for UK businesses can be found in energy, renewables and low carbon economy, security, healthcare, quality consumer goods, and infrastructure.