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||1978 - 2015
Much of Norway's economy depends on the use of its natural resource base. The country is rich in natural resources, including oil and gas, hydropower, fish, forests and some minerals. The development of the hydroelectric energy sector at the beginning of the 20th century triggered industrial growth, particularly within the aluminium and ferroalloy industry, and fertilizer production. The discovery of large reserves of oil and gas in the late 1960s, gave further boost to the economy. Norway is the third largest shipping nation in the world, and aquaculture is the second largest export industry. Other important sectors include oceanic fisheries and forestry. The government controls key areas, such as the vital petroleum sector, as it accounts for the largest portion of export revenues and for 30 percent of government revenues. In fact, it is the world's third-largest natural gas exporter; and the seventh largest oil exporter. In anticipation of eventual declines in oil and gas production, Norway saves state revenue from the petroleum sector in the world's largest sovereign wealth fund, with a value getting close to 7000 NOK billion/900 USD billion (Summer 2015) and uses the fund's return to help finance public expenses. After solid GDP growth in 2004-07, the economy slowed in 2008, and contracted in 2009, before returning to positive growth during the next years. However, Norway's economy may slow down in 2015 due to the sharp drop in oil prices. Household expenditure is the main component of GDP and accounts for 41 percent of its total use, followed by gross fixed capital formation (24 percent) and government consumption (22 percent). This page provides - Norway GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Norway GDP Growth Rate - was last refreshed on Saturday, October 10, 2015.