Norway is crawling with natural resources. Petroleum, copper, natural gas, pyrites, nickel, iron ore, zinc, lead, timber, and hydropower are what they depend on. That is a pretty big cushion. But most of all, the fishing industry rolls in the dough. In fact, Alesund, Norway calls itself the herring capital of the world.
For all you travelers out there, the Norwegian kroner is worth $8.28 per U.S. dollar. The exchange rate is steadily increasing over the years as the economy is becoming stronger. They don't use the Euro- they rejected the EU (European Union) because they didn't want to jeopardize their stable economy. Petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles, and fishing are the industries of Norway. Only 3% of the Norwegian soil is suited for farming. The mountains really influence how the people live.
To find more info about Norway's economy click here |