Norway is a Nordic country with the lowest crime rate in the world, a rich economy and a high standard of living. An important feature of its mentality is a sense of equality and respect for each person. The country is a leader in the world, and Norwegian oil has played a significant role in this.
Norwegian oil as a route to prosperity and wealth for the whole nation
All natural resources located in the country are the property of its inhabitants. This also applies to oil, which was discovered here in 1969. The GDP per person is stable at $40,000. During the whole period of resource extraction the income from its export amounted to 454.5 billion dollars. The funds are used to develop social policy, improve infrastructure and make the population more comfortable.
The oil and gas industry accounts for 20% of GDP. Sixty fields have been discovered in the seas adjacent to the country, and 135 more are being developed. Norwegian oil exports account for 45% of all deliveries. Part of the profit from the sale of raw materials is transferred to the personal account of each person, who is registered there from the first days of life.
The segment of medicine is mostly represented by state institutions. All treatment is free of charge, including surgery, and for the elderly there is a nursing home where each patient lives in his or her own apartment or cottage.
Norway has the highest education expenditure, but it also has one of the highest levels of education.
Despite the size of its income from oil exports, Norway is trying to reduce the economy’s dependence on resources. To this end, the State Oil Fund has been established, which serves as a savings fund and is focused on the payment of pensions and social benefits. Contributions to it are made on a regular basis in an amount to be determined annually by Parliament.
Norway is not a member of the European Union, but a Schengen agreement exists with its countries.
The state controls the housing construction segment. Companies with cooperative form of ownership have the right to build houses. Construction of real estate objects is characterized by high production costs, which is due to climatic and geographical peculiarities of the region. 80% of housing is owned by the population.
Norway has the lowest unemployment rate at 1% and benefits are the highest. The state covers the payment for public utilities and transport costs. The retirement age of Norwegians is 65 years old, with an average of 79-81 years old living here.
This high level of the Norwegian economy is due to an important principle. It is certain that natural resources and income from them belong to all residents, not to individual companies. This is why the fuel and energy industry is controlled by the state.