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Is Norway a rich country? / Why is Norway so rich?

25 Jul 2022 By PAYCEC

Yes, it is. Norway is one of the richest countries in the World. According to GDP per capita , Norway is now the sixth richest nation in the world. IMF estimates Norway's GDP to be roughly $69,000 per person.

As many of you have probably already realized, oil has been essential to Norway's economic success.

Oil is crucial for three reasons in particular. First off, it has contributed significantly to the public and private economies in Norway. Second, it has generated export revenue that can cover import costs. Third, it has brought about a whole, highly productive business, says Mehlum.

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