Oil production and Consumption
Oil Production: 4% 1.902 million bbl/day (2012 est.) 1,826.10
Oil Consumption: 222.64
Norway produces a lot of oil and is the 14th country in the world for oil production. Norway is Europe's largest oil producer. All of Norway's oil reserves are located offshore in the North Sea, the Norwegian Sea, and the Barents Sea. Even though they have a high amount of oil being produced in Norway there isn't a lot of it being consumed. This really gives you a better sense of place for Norway and helps show the type of living in Norway.
Oil Consumption: 222.64
Norway produces a lot of oil and is the 14th country in the world for oil production. Norway is Europe's largest oil producer. All of Norway's oil reserves are located offshore in the North Sea, the Norwegian Sea, and the Barents Sea. Even though they have a high amount of oil being produced in Norway there isn't a lot of it being consumed. This really gives you a better sense of place for Norway and helps show the type of living in Norway.
Norway's Economy
The economy of Norway is mixed and has shown great growth since the start of the industrial era. Most of Norway's economic growth has been around it's natural resources. Norway has a very high standard of living compared to other countries in the Europe area and have a strong welfare system.
Labor Force: 2.707 million (2014)
Public Dept: 30.1% of GDP (2013 est.)
Exports: $154.2 billion (2013 est.)
These three factors have changed over time; currently Norway's labor force is 109th in the world, the public dept is 123rd in the world, and Norway's amount of exports is 33 in the world. These statistics actually tell you a lot about Norway's economy. For instance with their labor force being 109th in the world this could have to do with their population or show that their labor force isn't as intense as other countries. While Norway's public dept being 123rd this is actually a good thing because it shows that people in Norway are on top of their finances and aren't in dept. Lastly for the exports being 33rd in the world this shows that Norway's economy focuses on exporting gas (oil and gas) and this is what the economy is built around.
GDP Per Capita: $55,400 (2013 est.)
Labor Force: 2.707 million (2014)
Public Dept: 30.1% of GDP (2013 est.)
Exports: $154.2 billion (2013 est.)
These three factors have changed over time; currently Norway's labor force is 109th in the world, the public dept is 123rd in the world, and Norway's amount of exports is 33 in the world. These statistics actually tell you a lot about Norway's economy. For instance with their labor force being 109th in the world this could have to do with their population or show that their labor force isn't as intense as other countries. While Norway's public dept being 123rd this is actually a good thing because it shows that people in Norway are on top of their finances and aren't in dept. Lastly for the exports being 33rd in the world this shows that Norway's economy focuses on exporting gas (oil and gas) and this is what the economy is built around.
GDP Per Capita: $55,400 (2013 est.)