Norway Tenders

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The economy of Norway is a highly developed mixed economy with state-ownership in strategic areas. Although sensitive to global business cycles, the economy of Norway has shown robust growth since the start of the industrial era. The country has a very high standard of living compared with other European countries, and a strongly integrated welfare system. Norway's modern manufacturing and welfare system rely on a financial reserve produced by exploitation of natural resources, particularly North Sea oil. The Norwegian state maintains large ownership positions in key industrial sectors concentrated in natural resources and strategic industries such as the strategic petroleum sector, hydroelectric energy production, aluminum production, the largest Norwegian bank and telecommunication provider. The government controls around 35% of the total value of publicly listed companies on the Oslo stock exchange, with five of its largest seven listed firms partially owned by the state. When non-listed companies are included the state has an even higher share in ownership. Norway's state-owned enterprises comprise 9.6% of all non-agricultural employment, a number that rises to almost 13% when companies with minority state ownership stakes are included, the highest among OECD countries. Both listed and non-listed firms with state ownership stakes are market-driven and operate in a highly liberalized market economy. The oil and gas industries play a dominant role in the Norwegian economy, providing a source of finance for the Norwegian welfare state through direct ownership of oil fields, dividends from its shares in Equinor, and licensure fees and taxes. The oil and gas industry is Norway's largest in terms of government revenue and value-added. The organization of this sector is designed to ensure the exploration, development and extraction of petroleum resources result in public value creation for the entire society through a mixture of taxation, licensing and direct state ownership through a system called the State's Direct Financial Interest. The emergence of Norway as an oil-exporting country has raised a number of issues for Norwegian economic policy. There has been concern that much of Norway's human capital investment has been concentrated in petroleum-related industries. The Government Pension Fund of Norway is part of several efforts to hedge against dependence on petroleum revenue.