Norwegian Economy
STOP here to find some interesting facts on the Norwegian economy and a few tidbits about Norway's history.
Oil Rig/Oljeplattform (in Norwegian above)
Surplus?
The Norwegian Economy seem to be holding "its own" in these turbulent times with only a slight downturn in spite of negative forecasts pictured around the world today. This nation's economy is not running in "the red", in fact, they have a surplus. How could that be?
Fight for Survival
Could the answer possibly be found in reflecting on the history of this seafaring nation? Could it be that these innovative, adventurous hard-working folks of this Nordic land, all the way back to ancient times, learned to fight for survival and won at last?
Their ancestors never had a life of ease in this cold, mountainous region of the world, they had to use both brain and brawn to survive.
More on Norwegian History and Norway's Economy
Meager HarvestRarely did the small farms produce enough grain to feed their families. With tremendous difficulties on the rocky bareness of what was tillable land coupled with an extremely short growing season, with meager harvest most of the time.
Tree Bark to Feed their Families?
They could not mill all the harvested grain into flour as they also had to leave enough seeds for the next year's planting. This meant they would grind tree bark (don't try it) and mix it in with the flour to have enough to feed their families. History tells us that this flour made many ill.
In the past, the Norwegian people had to prepare long in advance for surviving their long, cold, hard winters. However, even with hard laborious work, and good plans, the weather often did not cooperate to produce an adequate harvest to supply their needs. In spite of the very short growing season, these hardy Norwegians somehow survived and thrived in spite of it.
A Mini Peek at the Norwegian Economy and their History
Fishing and the SeaThe abundance of fish and seafood has always played a big part in Norway's economy, and that still remains.
Norway borders saltwater on three sides - so seafaring people they surely are. Fishing for large and small seafood still is and was a big part of the Norwegian economy and survival.
Preservation of Foods
To keep fish from spoiling before refrigeration was invented and before salt became available, drying fish and meats was the first method of long-term preservation. Later salt became the major factor in the preservation of their meats and fish, but in certain cases, they also continued the drying method after these foods were salted. However, in those ancient times, salt was an expensive commodity and not necessarily available in this Nordic land. Also, they salted, cured, and/or dried meats, especially lamb, for later use.
World War II
The Second World War didn't make life easy for the Norwegians as well as for most of Europe. It left a deep mark on these hardy, tough people of this small country.
Norway was an occupied nation for five long and terrifying years. As a result, food, shelter, medicine, and clothing were scarce during these horrible years in Norway, as well as in the rest of occupied Europe. This shortage of necessities for life lasted long after the war ended. It took years and arduous persistence to recover and rebuild after that dreadful and painful war.
Perhaps, by learning to endure and survive through numerous hard times, trials, and tribulations, coupled with their innate love and loyalty for their country, the Norwegians are extremely tenacious, tough, thrifty, and an innovative people. They are usually good planners, making good use of things at hand; being frugal and wise spenders; hard-working, and last, but not least, a giving and charitable nation.
A Charitable Nation
When international disasters occur, this little country, about 5 million strong, is one of the first nations on the scene with food, medicine, clothing, monies, and workers. Per capita, the Norwegian people are close to the top in supplying aid around the world.
Personally, I believe, giving is the main criterion for any country or person to obtain wealth. However, that is my personal belief, not a worldwide known fact. Nevertheless, generous giving seems to have been proven to be multiplied back to the giver in most instances, time and time again.
A Bird's Eye View into the Norwegian Economy and
Norways's Industries
North Sea oil and Gas Fields
The Norwegian per capita income ranks among the world's highest. North Sea oil and gas fields are one of the cornerstones of the Norwegian economy.
Other Major Industries
Norway also produce pulp and paper, forestry, mining, and manufacturing, and is a major player in the worldwide shipping industry.
Norway's Water and Hydroelectric Power adds to the Norwegian Economy.
The Norwegian Economy also benefits from the overwhelming resource of water that produces hydroelectric power. Their Electric production is more than supplying the needs of the Norwegian consumer so surplus electric power is exported to neighboring European countries.
Fshing Industry
Traditionally, however, the country's economy also relies heavily on its mega fishing industry with about 90 percent of its catch exported - with the important cod and salmon being in the lead.
Fish Farming
is a growth sector, with government assistance, and Norway is the world's leading producer and exporter of fresh and smoked salmon.
Whaling
Of course, whaling has been a major industry for hundreds of years. Now, whaling is a subject of controversy but has resumed despite an international ban.
Tourism in Norway
According to Wikipedia, tourism in Norway contributed to 4.2% of the gross domestic product as reported in 2016. Every fifteen people throughout the nation work in the tourism industry. Tourism is seasonal in Norway, with more than half of the total tourists visiting between the months of May and August.
Educational system and Living Standard
This country's excellent economy has resulted in a high living standard for the Norwegian population with a corresponding superb educational system.
Income for Fresh out of College
Prior to the COV19 Pandemic, the average income of young people just out of college was about $56,000 per year. That fact may have changed, We do not have the latest data on that subject.
Daily Life
The positive economic picture of Norway is reflected in the daily lives of the people.
Norwegians love the out-of-doors, which means you will find them on mountain tops, out for walks, out fishing, boating, skiing, and enjoying fresh air and sunshine.
There is no lack of hospitals, medical clinics, schools, universities, sports clubs, shopping malls, supermarkets, boutiques, quaint shops, restaurants, tourist attractions, parks, churches, theaters, or rec centers.
Many Norwegian housewives enjoy unusual conveniences in their homes, such as walk-in refrigerators, in addition to their regular refrigerators in their kitchens, as well as all the other modern conveniences. Heated floors in homes are common.
Some properties have heated sidewalks and driveways – and of course, that's very nice, since Norway, as I am sure you know, usually has plenty of snow in the winter.
In addition to owning their homes, they often have cabins/hytter or vacation homes somewhere in the mountains; by the ocean, or by a lake for getaways. Many Norwegian go to their vacation spots every weekend or whenever.
Travel
Norway's positive economy has given the Norwegians, with an ancient love for travel and explorations, the means to travel. It is fabulous to have at least 3 weeks or more of summer vacation along with many holidays throughout the year where they have time to take off to foreign lands.
You will probably run into "Norwegian Vikings" anywhere you are on this globe. In fact, my daughter met a group of happy Norwegians on her recent trip to South Korea and a while ago, I met a group of fun-loving Norwegian Vikings on a trip to Majorca, an island south of Spain.
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