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→Economy
==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.
[[Image:Dalen Telemarken Norway.jpg|thumb|340px|Dalen, Telemarken, Norway. Photochrom print, between ca. 1890 and ca. 1900.]]
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.