Economic History of Norway

Norway's economy is based on two main industries; fishing and petroleum. The second part of it's economy is fairly new as it was only added in the last century, but the fishing industry of Norway can be traced back to the time of the Norwegian Vikings. However, to keep track of Norway's economy throughout its entire history is quite tricky because Norway has only been independent for a bit more than 100 years. Before this, the Norwegian territory has changed hands between Denmark and Sweden. However, with the economic data that we do have we can say for certain that the Norwegian economy had been fueled by farming and fishing until oil was discovered in the early 20th century. Since this discovery of oil Norway has become the 14th largest oil producer and the 9th largest oil exporter in the world. oil also accounts for 50% of all exports from the country and 30% of all revenue from the country. Currently, the Norwegian government is reinvesting most of its oil revenues into renewable energies as they foresee oil prices falling over the years to come.