http://en.wikipedia.org/wiki/NorwayNorwegians enjoy the second highest GDP per-capita (after Luxembourg) and fourth highest GDP (PPP) per-capita in the world. Today, Norway ranks as the second wealthiest country in the world in monetary value, with the largest capital reserve per capita of any nation. According to the CIA World Factbook, Norway is a net external creditor of debt. Norway maintained
first place in the world in the UNDP Human Development Index (HDI) for six consecutive years (2001–2006),<2> and then reclaimed this position in 2009 and 2010.<11> Cost of living is about 30% higher in Norway than in the United States and 50% higher than the United Kingdom. The standard of living in Norway is among the highest in the world. Foreign Policy Magazine ranks Norway last in its Failed States Index for 2009,
judging Norway to be the world's most well-functioning and stable country. Continued oil and gas exports coupled with a healthy economy and substantial accumulated wealth lead to a conclusion that Norway will remain among the richest countries in the world in the foreseeable future.
The Norwegian economy is
an example of a mixed economy, a prosperous capitalist welfare state featuring a combination of free market activity and large state ownership in certain key sectors. The Norwegian welfare state makes public health care free (above a certain level), and parents have 46 weeks paid<66> parental leave. The income that the state receives from natural resources includes a significant contribution from petroleum production and the substantial and carefully managed income related to this sector. Norway has a very low unemployment rate, currently 3.1%.<67> 30% of the labour force are employed by the government, the highest in the OECD.<68> 22% are on welfare and 13% are too disabled to work, the highest proportions in the world.<69> The hourly productivity levels, as well as average hourly wages in Norway are among the highest in the world.
The egalitarian values of the Norwegian society ensure that the wage difference between the lowest paid worker and the CEO of most companies is much smaller than in comparable western economies. This is also evident in Norway's low Gini coefficient.Referendums in 1972 and 1994 indicated that the Norwegian people wished to remain outside the European Union (EU). However,
Norway, together with Iceland and Liechtenstein,
participates in the European Union's single market via the European Economic Area (EEA) agreement. The EEA Treaty between the European Union countries and the EFTA countries– transposed into Norwegian law via "EØS-loven"<70>– describes the procedures for implementing European Union rules in Norway and the other EFTA countries.
This makes Norway a highly integrated member of most sectors of the EU internal market. However, some sectors, such as agriculture, oil and fish, are not wholly covered by the EEA Treaty.
Norway has also acceded to the Schengen Agreement and several other intergovernmental agreements between the EU member states.In 2011 there were approximately
883,000 people with immigrant background residing in Norway, or 17% of the total population. In 2010, the immigrant community grew by 57,000 which accounted for 90% of Norway's population growth while 27% of the newborns were of immigrant background. ... These statistics indicate that Norway's population is now 82.0% ethnic Norwegian, and falling quickly. Of the 12.2% of the population that is immigrant or children of two immigrants (which doesn't include the 5.7% of mixed birth), other Europeans are 5.8% of the total, Asians (including Pakistanis, Iraqis, and Turks) 4.3%, Africans 1.5%, and others 0.6%.
http://en.wikipedia.org/wiki/Economy_of_NorwayHighly progressive income taxes, the introduction of value-added tax, and a wide variety of special surcharges and taxes made Norway one of the most heavily taxed economies in the world. Authorities particularly taxed discretionary spending, levying special taxes on automobiles, tobacco, alcohol, cosmetic items, and so on.
The primary purpose of the Norwegian tax system has been to raise revenue for public expenditures; but it is also viewed as a means to achieve social objectives, such as redistribution of income, reduction in alcohol and tobacco consumption, and as a disincentive against certain behaviors.Trade with other countries represents 67% of Norway's GDP (in the US trade is 22% of GDP).
Norway ranks #3 (behind Sweden and Luxembourg) in the percentage of GDP that it sends abroad as aid (0.89%). (The US is at 0.17%.)