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Norway's Economic System
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Norway's Economic System
Norway
Tax
- Mixed Economy
- Has a high standard of living compared to other European countries
- Spend a lot on luxuries
- Economic growth was fueled by an abundance of natural resources including petroleum and hydro electric power
- The natural resources they were lucky to find support the cost of their high standard of living
- Manufacturing and welfare system rely on a financial reserve produced by natural resources
- Traditional and heavy manufacturing declined
- Top personal income tax rate is 47.8 percent
- Corporate tax rate is 27 percent.
- The overall tax burden equals 40.8 percent of GDP.
- Government spending = 44% of total domestic output.
- Public debt = 30% of GDP.
- Large oil revenues have preserved budget surpluses.
GPD
• Sector has a GPD that is one of the highest percentages in the world
- $345.2 billion
- 2.2% growth
- 1.5% 5-year compound annual growth
- $66,937 per capita
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