Norway PESTLE Insights – A Macroeconomic Outlook Report
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Norway PESTLE Outlook Report Overview
The GDP of Norway was $524.7 billion in 2023 and the country ranked 27th out of 153 nations in the GCRI Q3 2023. The Norwegian government has tasked the Water Resources and Energy Directorate (NVE) with conducting strategic impact assessments for three potential offshore wind areas slated for tendering in 2025. Additionally, NVE will begin assessments for other relevant offshore wind areas towards the country’s goal of having 30GW of offshore wind operational by 2040, based on recommendations from earlier studies.
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The Norway PESTLE insights report consists of the country’s snapshot, risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
GDP 2023 | $524.7 billion |
Key Landscape | · Political Landscape
· Economic Landscape · Social Landscape · Technological Landscape · Environmental Landscape |
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Norway Macroeconomic Key Sector’s Contribution to the Economy
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PESTLE Insights of the Norway Macroeconomic Outlook Report
Political Landscape: According to the World Bank, Worldwide Governance Indicators (2023), the country was ranked in the 100 percentile in terms of voice and accountability in 2022. Norway holds the 7th position out of 44 countries. Its economic freedom score surpasses both the global and regional averages. Based on the 2024 Index, Norway’s economy is categorized as “largely free” in the assessment.
Economic Landscape: As of June 2022, Norway has maintained a significant role in global crude oil and natural gas production, accounting for 2% and 3%, respectively, according to the Energy Information Administration (EIA). The country’s extensive network of subsea pipelines facilitates the transportation of crude oil and condensate to processing terminals along its coast. Shuttle tankers support offshore production.
Key Landscape Analysis in the Norway PESTLE Insights Report
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Scope
From 2024 to 2041, Norway’s government will allocate 25% of the state budget for maintenance and renewal, including 40 nationwide projects for landslides, road improvements, and rail infrastructure expansion.
Key Highlights
The OBX Index exhibited an upward trend over the past year. As of March 5, 2024, the index stood at 1,181.3, compared to 1,144.2 on March 5, 2023.
Reasons to Buy
- Macroeconomic Outlook Report identifies the potential of the country as an investment destination by analyzing the political, economic, social, technological, legal, and environmental (PESTLE) structure.
- PESTLE Insights provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and the direction of operations.
- Along with providing the country’s snapshot, the report captures the risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
- This report also highlights key clusters/cities which contribute significantly to the country’s GDP and population along with major companies’ presence in these areas.
Sparebank
Nordic mining
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Frequently asked questions
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What was Norway's GDP in 2023?
Norway’s GDP was $524.7 billion in 2023.
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What was Norway’s rank in the GCRI Q3 2023?
Norway ranked 27th out of 153 nations in the GCRI Q3 2023.
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Which are the key landscapes in the Norway PESTLE Insights report?
A few of the key landscapes in Norway’s PESTLE insights report are the political landscape, economic landscape, social landscape, technological landscape, and environmental landscape among others.
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