Norway Economy

Working abroad sounds like an adventure to many people. However, job search in Norway requires more than just the obvious Norway CV writing and translation, it requires thorough preparation. You will experience problems that probably did not even come to your mind when you decided to find jobs in Norway.

Do not take too lightly the influence a work in Norway can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, odd job application procedures, different candidate selection criteria and unusual management culture.

art_warning Norway EconomyMost visits to Norway are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

Norway economy - overview: The Norway economy is a prosperous bastion of welfare capitalism, featuring a combination of free market activity and government intervention. The government controls key areas, such as the vital petroleum sector (through large-scale state enterprises). The country is richly endowed with natural resources - petroleum, hydro-power, fish, forests, and minerals - and is highly dependent on its oil production , which accounts for the largest portion of export revenue and about 20% of government revenue. Norway is the world's second-largest gas exporter; and seventh largest oil exporter.

Norway opted to stay out of the EU during a referendum in November 1994. The government has moved ahead with privatization. With arguably the highest quality of life worldwide, Norwegians still worry about that time in the next two decades when the oil and gas begin to run out. Accordingly, Norway has been saving its oil-boosted budget surpluses in a Government Petroleum Fund, which is invested abroad and now is valued at over $500 billion in 2011 and uses the fund's return to help finance public expenses.

After solid GDP growth in 2004-07, the economy slowed in 2008, and contracted in 2009, before returning to positive growth in 2010-11, however, the government budget is set to remain in surplus.

Labor force - by occupation: services 74%, industry 22%, agriculture, forestry and fishing 4% (1995)

Unemployment rate: 3.4% (2011 est.), 2.6% (2008 est.), 3.9% (2002 est.)

Natural resources: petroleum, copper, natural gas, pyrites, nickel, iron ore, zinc, lead, fish, timber, hydropower

Industries: petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles, fishing

NorwayCurrency Norway EconomyCurrency: Norway Krone (NOK; symbol Kr) = 100 øre. Notes are in denominations of Kr1,000, 500, 200, 100 and 50. Coins are in denominations of Kr20, 10, 5 and 1, and 50 øre.

Credit/Debit Cards and ATMs: All major credit and debit cards are widely accepted. ATMs are widely available.

Traveler’s Cheques: Accepted in banks, hotels, some shops and by airlines.

Exchange rates: Norway kroner per US dollar - 5.432 (2011 est.), 6.0442 (2010 est.), 6.288 (2009), 5.6361 (2008), 5.86 (2007), 6.418 (2006), 6.445 (2005), 6.7327 (2004), 7.98 (2002), 8.99 (2001), 8.8 (2000), 7.8 (1999), 7.55 (1998)

Inflation rate (consumer prices): 1.4% (2011 est.), 3.6% (2008 est.)

Other Norway Economy Info

We hope that your Norway job search has been successful and you will get Norway visa too. So, if your Norway cover letter and Norway CV are ready, you may distribute them to your future employers & recruiters and start preparing for a Norway job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Norway economy info!


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