Accountancy in Norway

Country overview

Norway is a country in Scandinavia, northern Europe. Norway is not part of the European Union (EU), but participates in the EU’s internal market through its membership of the European Economic area (EEA), which is an agreement between the EU and the four EFTA member states (Norway, Iceland, Liechtenstein and Switzerland). The official language used in Norway is Norwegian. Norway has a population of about 5.3 million.

Economic overview

The currency of Norway is krone (NOK), which consists of 100 øre (oere). The EUR/NOK exchange rate per mid-2016 is approximately 9.38. The level of unemployment is approximately 4.6% (April 2016).

The benchmark interest rate in Norway is 0.5% per May 2016. Norway’s economy is characterized by its export-led growth, largely based on large oil and gas reserves. The country also has one of the largest sovereign wealth funds in the world.

Transport infrastructure

The transport infrastructure in Norway is influenced by the country’s demography (low population density) as well as geography (large distances). The public transport sector is large, with a relatively large highway network for road transport between key commercial centers. There are also extensive networks for rail and air transport. Many regional airports connect the major cities with the peripheral towns and municipalities for domestic travelers. Gardermoen is the international airport for Norway, and acts as the main domestic hub, with its central location slightly north of Oslo.


Latest version updated 20th December 2017

Country Breakdown

5.233

Million

Population

kr

Norwegian Krone

Currency

$ 370.6

Billion

GDP

385,203

km2