THE NORWEGIAN ECONOMY

AND THE SEA

LOFOTEN, 30 MAY 2017

GOVERNOR ØYSTEIN OLSEN

The sea that binds us together

2

The sea that takes us out into the world

3

The sea that feeds us

4

Exports from Norway – 1835

Seafood

Shipping

Other

Share of total exports. Percent

Source: Statistics Norway 5

Rise of Norwegian shipping

6

Net tonnage

Source: Statistics Norway

0

500

1000

1500

2000

2500

1800 1830 1850 1870 1890 1910 1930

Exports from Norway– 1835 and 1950

Share of total exports. Percent

Source: Statistics Norway

1835

Seafood

Shipping

Other

1950

7

From fishing to fish farming

0

10

20

30

40

50

60

1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014

Fishing

Fishfarming

Production. In billions of 2014 NOK

NOK

Source: Statistics Norway 8

The sea that gives us prosperity

9

From shipbuilding to platform construction

0

20

40

60

80

100

120

140

160

180

197119741977198019831986198919921995199820012004

Shipbuilding

Platform construction

Gross product. 3-year moving average. Index. 1984=100

Source: Statistics Norway 10

Exports from Norway – 1835, 1950 and 2016

1950 1835 2016

Seafood

Shipping

Oil and gas

Other

Share of total exports. Percent

Source: Statistics Norway 11

From natural resources to financial

wealth

Sources: Norwegian Petroleum Directorate, Ministry of Finance and Norges Bank

0%

25%

50%

75%

100%

0%

25%

50%

75%

100%

1997 2007 2017 2027

På sokkelen

OljefondetOil fund

12

Continental shelf

GDP per capita

2015 1971

0 50 100 150

Greece

Norway

Italy

UK

France

Germany

Denmark

Sweden

US

Switzerland

0 50 100 150

Greece

Italy

France

UK

Denmark

Sweden

Germany

US

Switzerland

Norway

PPP-adjusted. Index. US = 100

Source: OECD 13

The sea that carries us forward

14

THE NORWEGIAN ECONOMY

AND THE SEA

LOFOTEN, 30 MAY 2017

GOVERNOR ØYSTEIN OLSEN