Norway or Noreg (nynorsk)), officially the Kingdom of Norway, is a constitutional monarchy in Northern Europe that occupies the western portion of the Scandinavian Peninsula. It is bordered by Sweden, Finland, and Russia, while the United Kingdom and the Faroe Islands lie to its west across the North Sea. The country's extensive coastline along the North Atlantic Ocean is home to its famous fjords.
Norway also includes the Arctic island territories of Svalbard and Jan Mayen. Norwegian sovereignty over Svalbard is based upon the Svalbard Treaty, but that treaty does not apply to Jan Mayen. Bouvet Island in the South Atlantic Ocean and Peter I Island and Queen Maud Land in Antarctica are external dependencies, but those three entities do not form part of the kingdom.
Since World War II, Norway has experienced rapid economic growth, and is now amongst the wealthiest countries in the world. Norway is the world's third largest oil exporter after Russia and Saudi Arabia and the petroleum industry accounts for around a quarter of GDP. It has also rich resources of gas fields, hydropower, fish, forests, and minerals. Norway was the second largest exporter of seafood (in value, after China) in 2006.Other main industries include food processing, shipbuilding, metals, chemicals, mining, fishing and pulp and paper products. Norway has a Scandinavian welfare system and the largest capital reserve per capita of any nation.
Norway was ranked highest of all countries in human development from 2001 to 2006, and came second in 2007 (to fellow Nordic country Iceland). It also rated the most peaceful country in the world in a 2007 survey by Global Peace Index. It is a founding member of NATO. |