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Norway
Chamber of Commerce Country Factsheet Last update: 12.07.2018

Your advisors at the Chamber of Commerce

  • Steven Koener
    +352423939379
  • Violaine Mathurin
    +352423939481
Contact us: europe@cc.lu

Key Indicators

Area
323,802 km2
Population
5,320,045 (July 2017 est.)
Government type
constitutional monarchy
Languages
Bokmal Norwegian (official), Nynorsk Norwegian (official), small Sami- and Finnish-speaking minorities
GDP
$375.9 billion (2017 est.)
Growth rate
1.4% (2017 est.)
HDI
1
Capital
Oslo

 

Introduction

Two centuries of Viking raids into Europe tapered off following the adoption of Christianity by King Olav TRYGGVASON in 994; conversion of the Norwegian kingdom occurred over the next several decades. In 1397, Norway was absorbed into a union with Denmark that lasted more than four centuries. In 1814, Norwegians resisted the cession of their country to Sweden and adopted a new constitution. Sweden then invaded Norway but agreed to let Norway keep its constitution in return for accepting the union under a Swedish king. Rising nationalism throughout the 19th century led to a 1905 referendum granting Norway independence. Although Norway remained neutral in World War I, it suffered heavy losses to its shipping. Norway proclaimed its neutrality at the outset of World War II, but was nonetheless occupied for five years by Nazi Germany (1940-45). In 1949, Norway abandoned neutrality and became a member of NATO. Discovery of oil and gas in adjacent waters in the late 1960s boosted Norway's economic fortunes. In referenda held in 1972 and 1994, Norway rejected joining the EU. Key domestic issues include immigration and integration of ethnic minorities, maintaining the country's extensive social safety net with an aging population, and preserving economic competitiveness.

Source: The CIA World Factbook - Norway

 

Macroeconomic indicators

Mainland output growth will remain robust in the first half of 2018, boosted by the increase in the global oil price but held back by a slowdown in housing construction. Output growth will then moderate. The unemployment rate will decrease further, while price and wage inflation will rise.

The switch from an expansionary to a neutral fiscal stance as implied by the adjusted fiscal rule is appropriate given the economy's cyclical position. Achieving the switch will bolster policy credibility. The central bank has signalled that it will increase the policy rate in autumn this year, which is appropriate. Structural reforms should remain focused on improving the business environment, including lighter taxation financed by greater public-spending efficiency.

Source: OECD - Economic Forecast

IMF Statistics:

Subject descriptor20142015201620172018
Gross domestic product, constant prices
Percent change
2.2151.5980.8151.2021.797
Gross domestic product, current prices
U.S. dollars (Billions)
500.519388.315376.268392.708405.726
Gross domestic product per capita, current prices
U.S. dollars (Units)
97,066.57174,597.98671,497.28973,590.90775,054.516
Inflation, average consumer prices
Percent change
2.0252.1743.2002.3002.500
Volume of imports of goods and services
Percent change
1.5110.7222.2012.6403.105
Volume of exports of goods and services
Percent change
2.2343.6241.2981.4651.842
Unemployment rate
Percent of total labor force
3.5304.3744.7004.5004.200
Current account balance
U.S. dollars (Billions)
59.77935.03826.23329.89330.092
Current account balance
Percent of GDP
11.9439.0236.9727.6127.417
Colored cells are estimates

Source: IMF Statistics - Norway

 

Luxembourg and the country

Existing conventions and agreements

Non double taxation agreement 

In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.

  • Convention from 06.05.1983 (Memorial 1984, A No.108, p.2024)
  • Effective as of 01.01.1986 ((Memorial 1984, A No.108, p.2024)
  • Amendment of the Convention from 07.07.2009 (Memorial 2010, A, No.51, p.910)
  • Effective as of 01.01.2011 (Memorial 2010, A, No.51, p.910)

Air Services agreement

  • Agreement from 11.17.1952 (Memorial 1953, p. 735)
  • Effective as of 31.07.1953 (Memorial 1953, p. 1079)

Source: Administration des contributions directes

 

Further information

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact Points in Norway

Embassy of the Grand Duchy of Luxembourg in Norway

Ambassador with residence in Copenhagen: Mrs Janine FINCK

05, Fridtjof Nansens Plads
DK - 2100 Copenhagen
Tél.: (+45) 35 26 82 00
Fax: (+45) 35 26 82 08
E-mail: copenhague.amb(at)mae.etat.lu 
Website: copenhague.mae.lu

 

Honorary consuls

Honorary Consul with jurisdiction in the region of Oslo, Ostfold, Vestfold, Telemark, Austagder, Vestagder, Rogaland, Fjordaland, Sogn og Fjordane, Oppland, Hedmark and Buskerud:

Mr Ole Jacob SUNDE

Formuesforvaltning, Aktiv Forvaltning AS,
Henrik Ibsens gate 53
N-0255 Oslo
Tél.: (+47) 24 12 44 00
E-mail: ole.jacob.sunde(at)formue.no

Honorary Consul with jurisdiction in the region of Mog og Romsdal, Sor-Trondelag, Nord-Trondelag, Nordland, Troms et Finmark :

Mr Ole BJØRNEVIK
Boa Offshore AS
Strandveien 43
N-7067 Trondheim
Tél.: (+47) 73 99 11 60
Fax: (+47) 73 99 11 98
GSM: (+47) 92 61 45 10
E-mail: ole(at)boa.no

Source: Ministry of Foreign Affairs of luxembourg

 

Economic and Commercial Attaché (AWEX) in charge of Iceland and Norway

Economic and Commercial AttachéMrs Dominique BLANQUET

Munkedamsveien 53 B
N-0250 Oslo
Tel: +47 22 12 84 00
E-mail: oslo(at)awex-wallonia.com 

Source: AWEX

 

Country risk as defined by Office du Ducroire for Norway

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Office DuCroire - Country risk Norway

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