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2014 OECD Economic Surveys: Norway 2014

image of OECD Economic Surveys: Norway 2014

This 2014 OECD Economic Survey of Norway examines recent economic developements, policies and prospects. Special chapters cover real estate markets and financial risk and entrepreneurship.

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Assessment and recommendations

Norway’s economy has continued to prosper with continued growth in average incomes, low inequality, low unemployment and low inflation. Petroleum wealth has contributed to high incomes and supported the non-petroleum (mainland) economy; around 8% of mainland production is estimated to be directed towards supplying the offshore sector. At the same time, the prudent policy of saving almost all of net profits from petroleum as public sector assets has mitigated the impact of terms of trade fluctuations while building up a substantial stock of financial assets held in the Government Pension Fund Global. The value of this fund was about 200% of mainland GDP, some USD 800 billion, by the end of 2013.

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