Norway’s flourishing economy is due in part to the discovery and development of offshore natural resources; it is the world’s third largest exporter of natural gas, and the sixth largest exporter of petroleum, which gives it a budget surplus that equates to more than 10% of GDP. Its oil fund assets represent more than 170% of GDP, or around 1.5% of the combined value of the world’s stock markets.
The Norwegian economy grew by almost 3% in 2011 and 2012, driven largely by private consumption. Economic growth in 2014 is likely to be 2%.
Pay increases of 3 to 4.5% for the past three years explain why the Norwegians have such a high purchasing power.
Norway also has a trade surplus of €43.5 billion, with imports worth over €60 billion (record level in 2013). Although Europe accounts for 70% of Norwegian trade, Asia is becoming a major supplier.*
Norway has close links with the European Union via the European Economic Area and Schengen, although it has decided against joining the EU in two referendums.
With its high purchasing power, Norway represents an excellent market for trade show activities. The country’s potential and its good credit status make Norwegian professionals a highly sought-after target group.
The dynamism of certain sectors and their development prospects represent a major opportunity for Paris and its trade shows in flourishing sectors like agriculture and food, construction and civil engineering, and the environment.
* Source: Department of Economic Affairs of the French Embassy in Oslo