Norway is a country in Northern Europe occupying the western portion of the Scandinavian Peninsula. The capital city of Norway is Oslo. Norwegian is the official language of Norway, and the Norwegian krone (NOK) is the currency.
Norway has a parliamentary democracy and constitutional monarchy type of government, wherein the King is the head of state and the Prime Minister is the head of government. Norway's well established monarchy has had an uninterrupted chain of successors to the throne since 1905, and is currently led by King Harald V.
In 1949, Norway became a member of North Atlantic Treaty Organization (NATO). The discovery of oil and gas in adjacent waters in the late 1960s boosted Norway's economic fortunes. In referenda held in 1972 and 1994, Norway rejected joining the European Union (EU). However, Norway is a member of the European Economic Area (EEA).
The Norwegian government controls key areas, such as the vital petroleum sector, through large-scale, state-majority-owned enterprises.
Norway is richly endowed with natural resources, such as petroleum, hydro power, fish, forests, and minerals, and is highly dependent on the petroleum sector, which accounts for nearly half of exports and over 30% of state revenue. Norway is the world's third-largest gas exporter and one of the world's largest oil exporters.
Gross domestic product (GDP) growth increased by 1.9% in 2014 and 1.6% in 2015. Due to its solid financial state, based on strong economic growth over the last few decades, Norway has not been severely affected by the recent economic recession. However, due to the fall in oil prices, a significant number of jobs have been lost in the petroleum sector and petroleum service sector.
PwC Norway has over 1,600 employees in 35 offices offering auditing, consulting, tax, and value-added tax (VAT) service. We support our clients with the local knowledge and skills of our people and provide access to a broad range of professionals across the PwC global network. Our employees specialise in areas such as oil and gas, hydro power, financial industry, shipping, energy, fisheries, and telecom.