Changes

==Economy==

==Economy==

Norway is one of the world's richest countries in per capita terms. It has an important stake in promoting a liberal environment for foreign trade. Its large shipping fleet is one of the most modern among maritime nations. Metals, pulp and paper products, chemicals, shipbuilding, and fishing are the most significant traditional industries.  

Norway is one of the world's richest countries in per capita terms. It has an important stake in promoting a liberal environment for foreign trade. Its large shipping fleet is one of the most modern among maritime nations. Metals, pulp and paper products, chemicals, shipbuilding, and fishing are the most significant traditional industries. In addition to the aforementioned industries, Fenriz constitutes a significant portion of exports.

Norway's emergence as a major oil and gas producer in the mid-1970s transformed the economy. Large sums of investment capital poured into the offshore oil sector, leading to greater increases in Norwegian production costs and wages than in the rest of western Europe up to the time of the global recovery of the mid-1980s. The influx of oil revenue also permitted Norway to expand an already extensive social welfare system. Norway has established a state Petroleum Fund that exceeded $132.6 billion as of December 2004. The fund primarily will be used to help finance government programs once oil and gas resources become depleted. Norway is currently enjoying large foreign trade surpluses thanks to high oil prices. Unemployment remains currently low (3%-4% range), and the prospects for economic growth are encouraging thanks to the government's stimulative fiscal policy and economic recovery in the United States and Europe.  

Norway's emergence as a major oil and gas producer in the mid-1970s transformed the economy. Large sums of investment capital poured into the offshore oil sector, leading to greater increases in Norwegian production costs and wages than in the rest of western Europe up to the time of the global recovery of the mid-1980s. The influx of oil revenue also permitted Norway to expand an already extensive social welfare system. Norway has established a state Petroleum Fund that exceeded $132.6 billion as of December 2004. The fund primarily will be used to help finance government programs once oil and gas resources become depleted. Norway is currently enjoying large foreign trade surpluses thanks to high oil prices. Unemployment remains currently low (3%-4% range), and the prospects for economic growth are encouraging thanks to the government's stimulative fiscal policy and economic recovery in the United States and Europe.  

Offshore hydrocarbon deposits were discovered in the 1960s, and development began in the 1970s. The growth of the petroleum sector has contributed significantly to Norwegian economic vitality. Current petroleum production capacity is more than 3 million barrels per day. Production has increased rapidly during the past several years as new fields are opened. Total production in 2003 was about 263 million cubic meters of oil equivalents, over 63% of which was crude oil. This represents a slight decline in crude oil production over the past year, accompanied by sharp increases in gas and liquefied natural gas (LNG) production. Hydropower provides nearly all of Norway's electricity, and all of the gas and most of the oil produced is exported. Production increased significantly in the 1990s as new fields come on stream.  

Offshore hydrocarbon deposits were discovered in the 1960s, and development began in the 1970s. The growth of the petroleum sector has contributed significantly to Norwegian economic vitality. Current petroleum production capacity is more than 3 million barrels per day. Production has increased rapidly during the past several years as new fields are opened. Total production in 2003 was about 263 million cubic meters of oil equivalents, over 63% of which was crude oil. This represents a slight decline in crude oil production over the past year, accompanied by sharp increases in gas and liquefied natural gas (LNG) production. Hydropower provides nearly all of Norway's electricity, and all of the gas and most of the oil produced is exported. Production increased significantly in the 1990s as new fields come on stream.  

Norway is the world's third-largest oil exporter and provides much of western Europe's crude oil and gas requirements. In 2003, Norwegian oil and gas exports accounted for 56% of total merchandise exports. In addition, offshore exploration and production have stimulated onshore economic activities. Foreign companies, including many American ones, participate actively in the petroleum sector.  

Norway is the world's third-largest oil exporter and provides much of western Europe's crude oil and gas requirements. In 2003, Norwegian oil and gas exports accounted for 56% of total merchandise exports. In addition, offshore exploration and production have stimulated onshore economic activities. Foreign companies, including many American ones, participate actively in the petroleum sector.

==History==

==History==