Outlook for the Norwegian economy

Oil and industry seem to be picking up, while tourism—especially from America—soars John L. Rogne Chief Economist, Innovation Norway During the last two generations, Norway has become a dual economy—both an oil economy and an advanced manufacturing and service economy. This transformation has been fueled by generous revenues from the growing oil activity. This also created new challenging markets and opportunities for Norwegian industry, combined with wide-ranging research activity in off-shore oil and gas extraction. Together with the increase in oil and gas production, Norway also switched over to become a leading oil and gas service provider. Increased tax revenues opened room for lifting welfare services. This also transformed activity and working capacity toward more domestic-based activity, and the mechanism was an increase in public spending and an increased general wage l