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Economy and Banking Sector of Norway

Norway
Location
Northern Europe
EU Status
not a member

Norway (officially the Kingdom of Norway) is a prosperous, democratic country in Northern Europe, located mainly at the western portion of the Scandinavian Peninsula.Norway has a very high standard of living, a low level of corruption, and a high level of education and health care. Norway has achieved these highest standards of living in the world partially by having a large amount of natural resources compared to the size of its population.

Currency
NOK (Norwegian krone)
Population  (2017)
5 258 317  (+0.01%)
Nominal GDP (2017)
351.6 bln EUR  (+0.05%)
Credit Ratings (as of May 2018)
AAA/Aaa

Norway has mixed economy with free market activity and large state ownership in certain key sectors (for example, in petroleum sector, hydroelectric energy production, aluminium production, telecommunications and banking).

Withholding tax rates in Norway are 0.0-25.0 %. Norway signed 82 double taxation agreements.
Norway signed the automatic information exchange agreement on 29 October 2014 and committed to start the automatic information exchange in September 2017.
Norway has FATCA agreement with the U.S. in effect since 15 April 2013 (Intergovernmental Agreement Model 1).

Number of Banks
168
Consolidated Banking Assets (2017)
3 861.22 bln NOK  (+6.48%)
Deposit Guarantee
2 000 000 NOK

Banking sector in Norway is dominated by domestic commercial and regional savings banks, with a number of foreign-controlled banks from Western and Northern Europe.

See Also