Norway’s economic system is an example of a mixed economy. It consists of features of both a free market economy and a command economy. Both the state and the private sector play an important role in the functioning of the economic system of the Kingdom of Norway. This makes it possible to combine economic efficiency with the satisfaction of society’s needs, which eliminates misunderstandings and ultimately contributes to improving the standard of living.
Foreign trade
Foreign trade has an impact on the country’s economic growth and, consequently, on phone number list the quality of life of its inhabitants. Thanks to the oil and gas deposits discovered in 1967 on the North Sea shelf and , the country has become the largest oil producer in Europe. In addition, access to the two seas mentioned above and the Barents Sea has allowed Norway to occupy a leading position in the world in the fishing sector. Statistics from the Observatory of Economic Complexity (OEC) show that in 2018, the value of exported fish amounted to Its main customers were the countries of the European Union, with Poland in the lead.
The political situation between Norway and Poland
Over the past 15 years, trade relations between Norway and Poland have strengthened and had a positive impact on export volumes. The year of Poland’s accession to the European Union is considered a turning point for both countries. The marketing trends for higher education two economies began cooperation based on the Agreement on the European Economic Area (EEA) and the Agreement between the European Economic Community (EEC) and the Kingdom of Norway on free trade. These signed agreements have a positive impact on both economies, as the powder data volume of Polish-Norwegian trade has continued to increase. According to the Central Statistical Office, its balance increased from $2.47 billion in 2004 to just over $7.05 billion in 2013. And in 2018, it amounted to $9.52 billion.
Norway’s exports and Poland’s imports
In 2018, Norway exported a total of USD 127 billion worth of goods from its country, ranking 33rd in the world. Natural gas, oil, metals and fish became the most exported goods, with Germany, the United Kingdom and the Netherlands being its main customers. In contrast, exports to Poland accounted for 2.38% of Norwegian foreign trade, or USD 3.03 billion. The main exported products were fish (both fresh and frozen), crude oil, passenger and cargo ships and aluminium. In comparison, according to 2018 data, Poland ranked 18th in global imports, supplying products worth a total of USD 278 billion. Its dynamic growth in foreign trade was evidenced by a $70.5 billion increase in imports between 2013 and 2018, rising from $207 billion in 2013 to $278 billion in 2018. And, consistently over the years, Norway’s main imported products have been oil, cars and parts. In short, OEC data shows that the Kingdom of Norway accounts for 1.09% of Poland’s imports.
Sectors in constant growth
For many years, foreign trade between Norway and Poland has remained stable, with only minor fluctuations. Among Poland’s trading partners, Norway ranks 20th in imports. The two economies have formed a strong trade bond, and export industries that are steadily strengthening are:
- Fish – Poland is the main contractor for the Norwegian fishing industry. It accounts for 15% of all fish imports. Despite the epidemiological situation and the general faltering of the world economy, fish exports (cod and salmon) to Poland have continued to increase so far. The country has become one of Poland’s main suppliers, as quality, which Norwegians insist on, is an important aspect.
- Minerals – Poland accounts for approximately 2% of Norwegian exports in this sector. What is the mining industry? It consists of the following products: slag, cement, salt, as well as oil and natural gas.
- Metals – The metallurgical sector plays an important role in trade between Norway and Poland. Norway boasts vast reserves of precious metals, as well as oil, natural gas and fish, it also has reserves of ferrous and non-ferrous metal ores, which it exports to Poland.