Norway is one of the most developed countries in the world. It has a GDP per capita that ranks among the highest in the continent. The country’s economy is dominated by natural gas production, but it also has strong manufacturing, agriculture, and fisheries areas.
The top industry in Norway is petroleum refining and petrochemicals. This industry accounts for about 20% of total industrial output and is expected to grow at an annual rate of 2.9% over the next decade. Another key industry is shipbuilding; its contribution to GDP growth will be 1.3%.
Other leading industries include chemicals (7%), food processing (5%), metal processing (4%), and wood and paper products (3%).
Top economic sectors in Norway
Based on the Norwegian Trade Register and Statistics, the top industries are:
- Transport (16.1%)
- Gas extraction (15.9%)
- Utilities (14.7%)
- Construction (12.8%)
- Manufacturing (7.2%)
Transport
Norway’s transport industry is the fourth largest in Europe, with a GDP of $182.2 billion and more than 3.5 million employees. Transport in Norway is a key part of the economy. The top five areas of transport are:
- Maritime transport: fishing, shipping, cargo handling, oil, and gas exports.
- Rail transport: rail freight, passenger transport, public transport (buses, trolleys).
- Road transport: passenger cars, trucks, heavy goods vehicles; cargo imports/exports.
- Air transport: Norwegian Air Shuttle and Braathens Regional Airlines.
Oil extraction
Norway is a country with a thriving oil extraction segment. The extraction contributes 7% to the national GDP, with the extraction and refining of petroleum products accounting for 2% of that figure. The oil extraction sector has been growing steadily since the 1970s when it first took off after the discovery of large offshore oil deposits in the North Sea.
In the Norwegian oil and gas sector, the top three industries are:
- Petroleum and Natural Gas Extraction (Petroleum and Natural Gas Extraction).
- Oil Gas Field Services (Oil and Gas Field Services).
- Oil Refining (Oil Refining).
In addition to being an important source of revenue for Norway itself, the oil extraction sector provides jobs for thousands of people across the country.
Utilities
The utility area in Norway is responsible for providing vital services such as energy, water, and waste management to the people. The country has made significant investments in modernizing its utility infrastructure, to provide reliable and efficient services to its citizens.
The country has a well-developed energy sector, with a focus on renewable energy sources such as hydropower, wind, and solar energy. This has resulted in a highly efficient and reliable energy supply, which has been a major factor in the country’s economic success. The government has also made significant investments in energy-saving programs, including those for buildings and appliances. To increase the sector’s productivity, the authorities have also made investments in research and innovation.
Construction
Norway’s construction sector is highly advanced, with a wide range of projects being undertaken. From residential and commercial buildings to infrastructure and energy projects, the sector can meet the needs of the nation’s growing population. This is made possible by the country’s commitment to investing in research and development, as well as its focus on green building practices.
The construction field is a great example of how a modern economy can be successful while still being environmentally friendly. With its strong commitment to sustainability, the sector is helping to shape the future of the country’s economy and its citizens.
Manufacturing
The country’s manufacturing area is well-developed and highly competitive, and its products are renowned for their quality and reliability. The sector is also highly innovative, with a focus on research and development, and it has been able to keep up with the latest technological advances.
Norway’s manufacturing field has a long history, with a wide range of industries, including food and beverage, automotive, and electronics. The sector has experienced strong growth in recent years, with exports reaching record levels in 2019. Finally, the field is a major employer, providing jobs for around 250,000 people.
