Kathmandu. There has been a big upheaval in the World Cup. Norwegian created a stir by defeating five-time champions Brazil in the pre-quarterfinals. Norway has reached the World Cup quarter-finals for the first time.
With a population of only 5.6 million, Norway is considered one of the richest countries in the world. It is one of the top countries in the Human Development Index. Where does Norway get its income from? This may be a matter of curiosity.
Norway is one of the Scandinavian countries. These include Sweden and Denmark.
The total area of Norway is 385,207 square kilometers. The mainland area is 323,802 square kilometers. The islands cover 61,425 square kilometers.
Norway’s economy is considered to be a very prosperous and mixed welfare economy. Its GDP is about $500 billion. Its per capita GDP is $ 105,877. Which is about $ 16.09 million in Nepali rupees.
Where does Norway earn its income from?
Norway’s biggest source of income is oil and gas from the North Sea. Norway is Europe’s largest oil and natural gas producer and exporter. The petroleum sector accounts for more than 40 percent of the country’s total exports. Most of Norway’s exports are to the United Kingdom, Germany and the Netherlands. Norway is the world’s third-largest exporter of natural gas. The country produces about 20 million barrels per day. Norway is the world’s 12th largest producer of crude oil.
However, over-reliance on oil and gas poses structural risks to the Norwegian economy. There is a global campaign to reduce the use of fossil fuels. It has also put the economies of countries dependent on oil and gas at risk. This is why they are working to diversify their economy. Norway is also promoting innovation, productivity and green industries to secure the future. –Agency
