Norway

E

Currency and Banking

The basic monetary unit of Norway is the krone (NK) of 100 øre (NK6.31 equalled US$1; early 2007). The central bank is the Bank of Norway (1816; Norges Bank), which is the sole bank of issue. Norway also has about 133 savings banks and 20 commercial banks.

F

Commerce and Trade

The composition and direction of Norwegian export trade changed dramatically in the 1970s with the development of North Sea oil and natural gas reserves. Norway is now Europe’s largest exporter of these two products, which together normally account for between one third and one half of the country’s total annual exports. Other major exports include machinery, aluminium, iron and steel, chemicals, pulp and paper products, and food products consisting mostly of fish. Imports include machinery and transport equipment, petroleum products, chemicals, office machines, and ores. In 2004 annual exports were valued at about US$80,489 million and imports at US$47,425 million. Norway’s three most important trading partners are the United Kingdom (which takes about 20 per cent of all exports), Sweden, and Germany. Other important trade partners include the United States, Denmark, and the Netherlands.

G

Labour

Norway has a total labour force of about 3 million with unemployment at 4.4 per cent.The work force is distributed among the various economic sectors as follows: agriculture, forestry, and fishing, 3 per cent; manufacturing and industry, 21 per cent; services and trade, 76 per cent. About two thirds of the labour force is unionized. The Norwegian Federation of Trade Unions comprises 34 national unions with a total of over 1.3 million members.

H

Transport

Construction of roads and railways is difficult and expensive because of Norway’s rugged terrain, and in much of the country water transport is still important. Norway is served by a road network of about 91,916 km (57,114 mi), 78 per cent of which is paved. The road network is most developed in the Østlandet. In November 2000 a road tunnel linking Laerdal and Aurland, forming part of the main route from Bergen to Oslo, was opened. At 24.5 km (15¼ mi) long it is the world's longest. More than 2.2 million motor vehicles are registered. Railways are state operated and have a total length of 4,023 km (2,500 mi), more than half of which is electrified. Coastal transport, of both passengers and freight, is especially important in the Vesterland, the Trøndelag, and Nord Norge. The coastal towns of Bergen (in the south-west) and Kirkenes (near the Russian border) are linked by a daily boat service—the Hurtigruten. Oslo is the country’s principal port. The Norwegian merchant fleet, with 1,461 vessels in 2006, totalling 3 million gross tonnes (grt), is one of the largest in the world and an important source of foreign exchange earnings. Domestic air services are also well developed. The country has more than 50 airports, with the main international airports at Oslo (Gardermoen), Bergen (Flesland), and Stavangar (Sola).

I

Communications

Radio and television broadcasting in Norway are under government administration, but management is generally free of government intervention. The country has about 4 million radios, and some 3 million television sets, and there are about 461 telephones in use per thousand people. The newspaper industry, which is heavily subsidized by the government, includes 81 daily newspapers, with a combined circulation of about 3 million; Verdens Geng is the most influential.