Norway is noted to be the second happiest country to live in the world. Even though the country has extreme climate and a difficult terrain. Norway is part of the western half of the Scandinavian Peninsula. Almost half of the inhabitants live in the far south by Oslo the capital. Basically two-thirds of Norway is full of mountains. Right off of its coastline lie deep glacial fjords with 50,000 islands. The first people to settle in Norway were Indo-European and made a permanent settlement near Oslo about 6,000 years ago. Even in today’s day and age the country’s population lives in cities such as Bergen and Trondheim. Norwegians have always depended on fishing and farming and developed a seafaring tradition that created the
Viking era. Norway finally gained its independence in 1905 and became the world’s leader in specialized shipbuilding.
This will give a explanation about how the GDP and its growth over time in Norway. Also, how the monetary system works and what influences the level of prices. As well as how the external sector in how things are traded.
https://www.britannica.com/place/NorwayThe trade balance for Norway and other countries is calculated as the difference between the exports and imports of goods and services, as percent of GDP. A positive number means trade surplus and a negative number means trade deficit.
Monetary System in Norway includes the central banking system Norges Bank. The Norges Bank provides loans and receives deposits for Norwegian commercial. The currency they carry around is called the krone. One krone is equal to 8.1781 U.S. dollars. Norges Bank influences the level of price depending on the inflation of exchange rate in the nominal krone over time. The Government indebtedness is three quarters of a trillion dollars. That’s because of the Norwegian Oil Fund provides plenty for the country’s 5 million citizens. They do have a foreign debt of 657 billion dollars.