Norway Economic Information
Central Bank: Bank of Norway
Currency: Norwegian krone (NOK or kr)
A country rich in natural resources, Norway is the 3rd largest net exporter of oil. Norway's population enjoys one of the highest standards of living in the world and a generous pension program fueled by oil revenue. There have been instances of oil price movements affecting the krone.
Key industries:
Petroleum and gas, food processing, shipbuilding, pulp and paper products, metals, chemicals, timber, mining, textiles and fishing.
Agricultural products:
Barley, wheat, potatoes, pork, beef, veal, milk and fish.
Export commodities:
Petroleum and petroleum products, machinery and equipment, metals, chemicals, ships and fish.
Import commodities:
Machinery and equipment, chemicals, metals and foodstuffs.
Historical foreign currency exchange rates
 Downward Trend |
 Upward Trend |
| Source: These exchange rates are interbank rates as published by Interactive Data as of 8/29/2010. These rates were not available to retail customers and were not the rates offered by EverBank. Past performance does not guarantee future results. |
A few factors to consider when evaluating the Norwegian krone:
Reasons to consider
- Due to rising oil prices, Norway's GDP growth has averaged 3%-5% from 2004.
- Norway is a commodity-rich country with natural resources such as petroleum, hydropower, fish, timber and minerals. External and budget balances remain comfortably in surplus.
- The Norwegian government controls over 31% of publicly listed companies in the country. Household incomes increased by 3.2% year on year in the fourth quarter, reflecting higher earnings and property income. This suggests that household income and wealth were not major constraints on private consumption.
- The Norwegian population enjoys a very low unemployment rate below 2.6% and one of the highest average hourly wages in the world.
- The 2nd largest pension fund in the world, the Norwegian Pension Fund is valued at $350 billion (January, 2008), which equals $75,000 for every Norwegian.
Risk factors to consider
- The appreciation and deprecation of the Norwegian krone is susceptible to the fluctuations of oil and gas prices. Mainland GDP growth turned slightly negative in the fourth quarter, but remained stronger than in most of Western Europe.
- Given Norway's relatively small size, the Norwegian krone is not traded as much as currencies from larger economies such as the euro and yen. The banking sector's profits have fallen significantly, but still remain positive.
How EverBank can help with your Norwegian krone needs?
WorldCurrency® CDs (Single-currency CDs): Earn interest rates at local rates in the currency of your choice.
WorldCurrency Basket CDs (Multi-currency CDs): Open a single CD comprised of multiple currencies, each designed to focus on a specific regional strength, and/or geopolitical and economic development. This currency is available in the following Basket CD(s):
WorldCurrency Access Deposit Account: Open a transactional money market account in the currency of your choice.
I'm interested in opening a WorldCurrency® account, what is my next step?
Please note: Not all investments are right for all investors. You should conduct your own research and/or consult with an investment advisor before making any investment.
- Before opening a WorldCurrency account, we recommend reading the following pages:
- If you are ready to open your WorldCurrency account, apply online or call 800.926.4922 for more information.
- For your protection, we require that you sign and mail your application along with a deposit.
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