With an aggregate Gross Domestic Product (GDP) of USD 1.5 trillion and combined population of 26 million people, the Nordics are of genuine interest to a number of U.S. companies with leading and advanced products, technologies and services.
With its population covering 323,802 square kilometers, Norway is one of the most sparsely populated countries in Europe.
Norway is considered one of the world's wealthiest countries with a GDP per capita based on purchasing power parities (PPP) exceeding USD 70,000.
The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on the petroleum sector.
Norway is the world's 3rd largest exporter of natural gas and 11th largest exporter of crude oil (2016). Its large merchant shipping fleet is one of the most modern among maritime nations and ranked the 5th largest by value. Other major industries, such as offshore shipping, shipbuilding, fishing and fish farming, information technology, pulp and paper products, and light metals processing have prospered as well.
The Norwegian economy features a combination of free market activity and government intervention. The government controls key areas, such as the vital petroleum sector, and the government maintains control over a number of large-scale state enterprises - some of them fully owned, and some publicly traded, but where the government has controlling interests.
The overall economic and trade relationship is strong, and Norway’s import climate is generally open and receptive to U.S. products and investments, although the agriculture sector is well protected through trade barriers. For information on existing trade barriers
The domestic market is small, but the country can serve as an attractive base for business operations in the Nordic, Baltic, and/or Western Russian markets. Norway adheres to European Union sanctions against Russia, including those with an economic focus.
MISCELLANEOUS INVESTMENT FACTS
Incomes are also more evenly distributed, making every person a consumer.
The majority of Norwegians are fluent in English and many have very close cultural and family ties to the United States.
Norwegian business ethics are similar to those of the United States.
Treaties & Agreements
Norway and the United States belong to a number of the same international organizations and fora, including the African Development Bank, Arctic Council, Asian Development Bank, Euro-Atlantic Partnership Council, Inter-American Development Bank, International Monetary Fund, Organization for Economic Cooperation and Development, Organization for Security and Cooperation in Europe, the North Atlantic Treaty Organization (NATO), United Nations, World Bank, and World Trade Organization. Norway also is an observer to the Organization of American States.
Norway is not a member of the European Union (EU), but is linked to the EU through the European Economic Area (EEA) agreement. By virtue of the EEA, Norway is practically part of the EU’s single market, except in fisheries and agriculture.
Norway is part of the Schengen Agreement, which guarantees free movement of persons and the absence of internal border control between 22 of the 28 EU Member States, as well as Norway, Iceland, Switzerland and Liechtenstein. Passport controls between Schengen countries have been reintroduced in 2017.