Norway : The World 's Third Largest Natural Gas Exporter

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Morgan Schadel


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Norway is located in Northernmost part of Europe. Norway borders the North Sea and the North Atlantic Ocean and is west of Sweden. The coordinates that Norway lie on is 62 00N, 10 00E. The total area of Norway is 323, 802 square kilometers. In comparison to the world, Norway is ranked 68. Norway has a population of 5,147,972 people. The per capita GDP is $65,515. In comparison to the world, Norway is ranked 9 for per capita GDP. The GNI, which stands for gross national income per capita, is $66,578. Norway 's economy is a mixed economy, with a vibrant private sector, a large state sector, and an extensive social safety. The government controls key areas, such as the vital petroleum sector, through extensive regulation and large-scale state-majority-owned enterprises (Factbook). Norway is the world 's third-largest natural gas exporter; and seventh largest oil exporter, making one of its largest offshore oil finds in 2011. Norway opted to stay out of the EU during a referendum in November 1994; nonetheless, as a member of the European Economic Area, it contributes sizably to the EU budget. In anticipation of eventual declines in oil and gas production, Norway saves state revenue from the petroleum sector in the world 's largest sovereign wealth fund, valued at over $830 billion in January 2014 and uses the fund 's return to help finance public expenses. After
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