Oil Keeps Norway’s Economy Positive

Norway’s economy saw strong growth in the second quarter at the same time when other countries of European Union are going through crisis. Oil and gas dominated economy of Norway saw positive trend as consumer spending and foreign and domestic firm investment grew.

Economists expected that non-oil industries will be affected by the strong currency and weakness in key European markets and also by the Europe’s debt crisis, but the results indicated that they also remain unaffected.

Quarterly figures have taken annual growth up to 5%. The reported growth was far above the rates reported by any other European Union countries.

Opulentus NorwayBesides the strong oil and gas sector, which makes up a 5th of the economy, GDP grew by 1% in second quarter. Annual Norway economy was 3.7% above last year.

Norway’s economy was one of the few bright spots in European Union this year.

New oil and gas fields discovered have act as catalyst for the country’s economy. International oil firms have started acquiring stalks in the fields. These new oil and gas firms have also taken the employment level to a new high. Requirements for skilled professionals from this industry are in high demand.

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