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||1979 - 2015
Norway is a highly developed country with a small population and a very strong economy. The Norwegian economy is characterized by being open and mixed, with a combination of private and public ownership. Norway has developed some world-class industries in sectors like oil and gas; maritime; and marin (seafood). GDP per capita is the second highest in the world and the Norwegian productivity is much higher than the average of the European Union, as its high labor costs along with the extra value from the petroleum sector led to higher use of advanced technology and to constant focus on productivity. According to the World Economic Forum in 2014, Norway was the eleventh most competitive country in the world and the seventh among European countries. 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 Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Norway GDP Annual Growth Rate - was last refreshed on Sunday, October 4, 2015.