Norwegian Economy: Productive, Adaptable and Innovative
Since1948, the Norwegian economy, has prospered. Yearly growth has been at an average 3,1 percent.
Some factors are key to the tale of Norways prosperity, like productivity, adaptability, and innovation.
Today we are the 118th most populated country in the world:
- at the same time we are the 24. largest economy
- a fact which is mainly due to our high productivity per working hour
Barack Obama emphasises that American workers are among the most productive workers in the world. The Norwegians workers are among the few in the world that are even more productive than the Americans.
Measured in GDP per workers, our productivity is 58 percent higher than the average in the EU.
Not everyone is as fortunate as we are in this respect. Currently, the economies of several of our most important trading partners are experiencing hard times. In the USA, the unemployment rate is at more than 8 %. In Spain, every second young person is out of work for the time being.
In these countries, increasingly more young people start their own business – for many of them their go at entrepreneurship is driven by necessity.
In Norway, we have a different point of departure: we have the lowest unemployment rate in Europe.
But in spite of this, we have a relatively high rate of new entrepreneurs!
- In the last ten years, the number of new businesses established per year has increased by 30 % – almost 50 000 firms were established in 2011. Of course, these numbers must been seen in relation to the Norways population, which has just surpassed 5 million.
- And many of these new ventures seems to be succeeding: the number of bankruptcies is decreasing from more than 5000 in 2009 to below 2000 for the first half of 2012
Norway is also among the best performers when it comes to opportunity-driven entrepreneurship.
People who are creating their own business in Norway do it because they want to – not because they need to, for instance due to losing their job.
Many of the young entrepreneurs we see in Norway today have good opportunities for a secure job with a good salary in well-established companies. Even so, many of them choose to start their own business.