| Norway's economy is highly dependent on its | | | | accolade! |
| offshore petroleum industry, centred around | | | | The country has achieved this enviable situation |
| Stavanger and a vibrant freight services and shipping | | | | partly because Norway has been blessed with natural |
| infrastructure has been established to support the | | | | resources, including oil, natural gas, fish, forestry and |
| continued growth of this industry. Norway has the | | | | minerals, which are particularly high in relation to the |
| third highest GDP per capita in the world, as well as | | | | small size of the population. In fact, fish have been |
| achieving the top position in the world in 2009 for its | | | | exported from Lofoten for over 1000 years.The |
| UNDP Human Development Index. So Norway is a | | | | freight services industry has developed and |
| successful mixed economy with a winning | | | | strengthened over the long term to become the |
| combination of private sector activity and also large | | | | model of efficiency it is today. Meanwhile, export |
| state ownership in key strategic market sectors, | | | | revenues from oil and gas make up 45% of total |
| including offshore petroleum technology through | | | | exports and account for 20% of GDP. So shipping |
| Statoil, in which the government has 62% ownership, | | | | companies and freight services have geared up to |
| and the fully state owned Petoro. | | | | handle the specific needs of these industries in terms |
| In addition to this, the government has a stake in | | | | of storage conditions and handling, as well as the |
| hydroelectric energy production, through Statkraft, | | | | more general freight forwarding needs of some other |
| aluminium manufacturing through Norsk Hydro and | | | | sectors. |
| the major telecommunications provider, Telenor. | | | | This abundance of natural resources and the income |
| Through direct oil license ownership in other non-listed | | | | they generate for Norway has led to a situation |
| companies, the state has an even higher share of | | | | where the hourly productivity levels as well as |
| ownership. | | | | average hourly wages in Norway are among the |
| So the government in Norway is a key player in the | | | | highest in the world. |
| Norwegian economy and has encouraged and | | | | Norway has stayed outside the European Union, |
| supported the development of the country as a | | | | following referendums in 1972 and 1994, but together |
| leading shipping country, with a merchant fleet that is | | | | with Liechtenstein and Iceland, it takes part through |
| the sixth largest in the world. It has therefore also | | | | the European Economic Area agreement and other |
| invested across the international freight sector to | | | | inter-governmental agreements between the EU |
| ensure that freight transport is at maximum | | | | member states. This means that Norway is |
| efficiency and can help drive the economy forward. | | | | integrated with the EU internal market in the main |
| Shipping companies are encouraged and helped to | | | | and freight transport too has benefited as a result of |
| streamline their operations through a government | | | | co-operation across borders with other European |
| that is proactive and supportive to the international | | | | countries. |
| freight sector. | | | | As a result of the winning combination of factors, |
| Norway's high level of oil and gas exports and its | | | | some of which are outlined here, The Norwegian |
| extremely robust capital reserves, which are again | | | | trade surplus for 2008 was around 80 billion dollars, |
| amongst the highest in the world in per capita terms, | | | | so Norway is well cushioned against the effects of |
| make it likely that Norway will continue to be one of | | | | the global financial crisis and in fact it was the only |
| the wealthiest countries in the world for at least the | | | | Western country to run a state budget surplus in |
| short and medium term. This bodes well for | | | | 2009. Overall, it is one of the countries in the world |
| continued investment in the freight services sector, | | | | to be least affected by the worldwide downturn in |
| which in turn is good news for every shipping | | | | 2008 and 2009 and unemployment in Norway is still |
| company and freight company that operates in | | | | running at under 4%. |
| Norway. | | | | So the freight transport sector in Norway can face |
| The cost of living is about 30% higher in Norway | | | | the future with confidence, as the economy is in |
| than in America and the standard of living is one of | | | | good shape and there is likely to be continued |
| the highest in the world. These are amongst the | | | | substantial government investment in the international |
| factors that led Foreign Policy Magazine in 2009 to | | | | freight infrastructure and the industries which it |
| judge Norway to be the best functioning and most | | | | serves. |
| stable country in the world - a quite remarkable | | | | |