Article Outline
The basic monetary unit of Norway is the Norwegian krone. The krone is divided into 100 øre. The central bank is the Bank of Norway (established in 1816), which is the sole bank of issue.
The composition and flow of Norway’s export trade changed dramatically in the 1970s with the development of North Sea petroleum and natural gas reserves. Today, Norway is Europe’s largest exporter of these two products, which together normally account for between one-third and one-half of the country’s total annual exports. Other important exports include nonferrous metals, primarily aluminum; food products, particularly fish; chemicals and related products; paper; and iron and steel. In 2004 exports were valued at $80.5 billion; the main recipients were the United Kingdom, Germany, the Netherlands, France, Sweden, and the United States. Leading imports include machinery, transportation equipment, chemicals, clothing and accessories, iron and steel, and metal ores. Imports were valued at $47.4 billion; chief suppliers were Sweden, Germany, the United Kingdom, Denmark, the Netherlands, France, and the United States.
By the late 20th century a vigorous tourism industry had emerged in Norway, despite the nation’s comparatively high prices, and the country has seen a steady rise in the number of annual visitors. Most of Norway’s visitors come from the United Kingdom and continental Europe. In summer, when the days are pleasant and long, Norway’s coastal ports are a popular destination, especially among the many visitors who arrive by cruise ship or ferry. Other visitors are drawn to Norway’s historic sites, including its Viking museums and medieval stave churches. Norway’s scores of ski resorts and vast network of cross-country ski trails attract many winter tourists.
Norway has the most developed waterpower resources of any country in Europe. Its hydroelectricity is the least expensive and its per capita consumption among the highest in the world. Development of this resource began in the early 20th century, and by 1960 Norway was exporting hydroelectricity to Sweden. Today, Norway obtains about three-quarters of its total energy requirements from electricity, virtually all of which is generated by waterpower. Electricity production in 2003 was 106 billion kilowatt-hours.
Most of Norway’s hydroelectric installations are built deep in the mountains. Tunnels, blasted through miles of rock, carry water from interior lakes to the mountain turbines. About one-quarter of this power is used for Norwegian homes, farms, and shops or is exported. The remaining three-quarters is used to power Norway’s major industries.
Building roads and railroads is difficult and expensive in Norway because of the rugged terrain, and in much of the country water traffic is still vitally important. Norway is served by a road network of 91,916 km (57,114 mi), of which about one-third are national main roads. The road network is densest in the southeast. Railroads are state operated and have a total length of about 4,000 km (about 2,500 mi), more than half of which is electrified. Coastal transport, of both passengers and freight, is especially important in the west and north. The coastal towns of Bergen (in the southwest) and Kirkenes (near the Russian border) are linked by daily boat service. Oslo is the country’s principal port. The Norwegian merchant marine, with 1,461 vessels of 1,000 gross tons or more, is one of the largest in the world. It is an important source of foreign-exchange earnings. International and domestic air service is also well developed. The country has dozens of airports, with Gardermoen, the main international airport, located just north of Oslo.
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