Economy of Norway

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Norway has a highly developed social democratic economy with state-ownership in strategic areas. Although sensitive to global business cycles, the economy of Norway has shown robust growth since the start of the industrial era. The country has a very high standard of living compared with other European countries. Norway's modern manufacturing and welfare system rely on a financial reserve produced by exploitation of natural resources, particularly North Sea oil. Among OECD nations, Norway has a relatively efficient and strong social security system; social expenditure in 2022 was below the OECD average and stood at roughly 20.7% of GDP.

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