Norway is a country with a highly educated population and extensive natural resources, as well as an open economy. The expansion of petroleum industry activity has been a key driver for economic growth in Norway over several decades. Growing petroleum industry demand has boosted mainland economic activity and contributed to higher revenues and an increasing number of well-paid jobs. The petroleum industry will remain important for the Norwegian economy for decades to come, but the dramatic oil price fall in 2014 as well as environmental arguments for heading towards a low-carbon emission society have called upon the government to reduce the production of oil and gas in Norway. The key challenge for Norway is to create new, profitable jobs in the private sector exposed to international competition. There is a need for new activity that can promote high employment and high overall economic growth, in order to safeguard the level of welfare.

For more detailed information in English on recent economic development, see: Royal Ministry of Finance. The National Budget 2021. A Summary and OECD Economic Forecast Summary for Norway.

Educational attainment of the adult population