(Last updated: 2 Jul 2011)

Current business situation

The Department of Foreign Affairs and Trade (DFAT) provides advice for business travellers and tourists going to Norway. This is regularly updated, and should be checked before planning travel.

Country facts

(Source: Department of Foreign Affairs and Trade - Country economic fact sheet)

Economic climate

Norway's economy is today characterised by substantial petroleum revenues, sharp growth in government expenditure, a tight labour market and high cost inflation. The mainland economy features some aspects that are associated with a boom period, although growth is low. After several years of mainland GDP growth in the order of three to four per cent, activity is now increasing by less than two per cent a year. The economy is operating near capacity limits, and wage and price inflation is higher than among Norway's trading partners.

For the latest key economic indicators and statistics, please see the Department of Foreign Affairs and Trade country economic fact sheet.

Political climate

The government is a Constitutional monarchy. Under the Constitution of 1814 the King's council – the Council of State – is Norway's executive power. The members of the Council of State are normally referred to as the Government. The Storting (Norway's parliament) is the legislative and budgetary power, while the Supreme Court and the courts make up the judiciary power.

Trade relations and statistics

The main priorities in Norwegian foreign policy are strengthening relations with the European Union (EU) and maintaining good relations with Russia. Norway has also taken on the role of international good citizen, actively mediating in the Middle East peace process, participating in United Nations peacekeeping operations, and providing a high level of development assistance. In referenda held in 1972 and 1994, Norway rejected joining the EU. Successive governments have, however, endeavoured to establish the closest links possible with the EU.

Australia and Norway enjoy friendly bilateral relations and share similar views on a wide range of international issues, including the environment, disarmament and human rights.

Please see the Department of Foreign Affairs and Trade country economic fact sheet for key trade statistics.