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Norway Economic Report

2542 words - 11 pages

LOCATION OF THE COUNTRY AND CLIMATE OF THE COUNTRY

The country this report is on is Norway. Norway is located in northern Europe. It borders the North Sea and the North Atlantic Ocean and its West of Sweden. The whole country of Norway is slightly larger than New Mexico. Norway borders other European countries such as Finland, Sweden, and Russia. There is 2542 km of border in the whole of Norway. The Norway Finland border is 727 km. The Norway Sweden border is 1,619 km and the Norway Russia border is 196 km. The climate along the coast of Norway is temperate due to the North Atlantic current. The interior of Norway is colder than the coastline with increased precipitation and ...view middle of the document...

The increased revenues from increased exports caused the GNP of Norway to skyrocket compared to earlier years.
There is a clear and present phenomenon when looking at the way GNP and exports increased. From about 1968 to present day both exports and GNP increased but, GNP continued increasing at a substantially faster rate then exports. This occurrence can be explained by taking into account Norway’s fiscal policies. In the early 1970’s Norway begin to enjoy higher revenues from increased exports due to petroleum products, since the discovery oil in 1966 off the continental shelf of Norway. Norway looking toward the future decided that it would be best to prepare for the day when their oil wells would produce no more oil so; they created the Government Petroleum Fund. This fund takes the surplus revenues from the Petroleum exports and it invests abroad. This action can almost be seen as a compound effect. As time goes on more and more revenue gets invested which, then produces more and more returns.
The export/GNP ratio shows where GNP and export rose and fell. For instance there was a major spike in the export/GNP ratio in the mid 50’s indicating that around those years exports increased relative to GNP. Around 1986 the largest drop in the ratio is recorded. At this point there was a drop in export but GNP was still rising at an increasing pace.

IMPORT/GNP RATIO

Imports and GNP of Norway were pretty stable and unchanging for the first twenty-five years. Beginning in the early 1970’s both imports and GNP begin to rise at a greater rate then it had previous did twenty years early. This was around the time that revenues begin to come in from the export of petroleum products. These revenues cause GNP to increase at a very rapid rate. At the same time imports began to increase. This happened because increased revenues allowed Norway to have a larger government expenditure which, meant Norway could purchase more imported goods and services from other countries.
Around the mid 1970’s there was a sharp increase in the import/GNP ratio. During this time imports increased at a sharper rate then GNP. From about 1980 to present day the import GNP ratio goes on a steady decline which, can be accounted for by the increased GNP during that time period. The sharp rate decrease from 1994 to present day can be explained by Norway’s fiscal policy. Norway began contracting costs by decreasing imports into Norway. With ever rising GNP and now decreasing imports Norway experienced a sharp drop in the import GNP ratio graph.
BALANCE OF TRADE

The balance of trade in the Norway economy has changed very dramatically over the past fifty years. From the 1950; s to the early 1960’s marked the non-oil years of Norway’s economy. The principle export crops at the time were wheat, Rye, Barley, Oats, Mixed Corn, Potatoes and Hay. Norway is also s producer of copper concentrate, Pyrites, Titanium ore, Nickel, Aluminum,...

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