Norway is situated in the northern part of Europe, located on the west part of Scandinavia. Norway borders to Sweden in the east, Finland and Russia in the north-east. The country has approximately 4.7 million inhabitants. Norway is a constitutional monarchy, with Oslo as its capital. King Harald V has little real political power, but fills an important symbolic function as the Head of State and official representative of Norwegian society and industry. The parliament, Stortinget, is the country’s highest authority. Norway is not a member of the EU, but takes part in European economic co-operation through the EEA Agreement. Norway is a member of NATO. Promotion of peace and reconciliation is an integral component of the country’s cohesive, long-term foreign policy.The Norwegian Krone is the currency of Norway.
The Norwegian economy is generally characterized as a mixed economy – a capitalist market economy with a clear component of state influence. The largest revenue sources for Norway are the extraction and export of oil and natural gas. The country is richly endowed with natural resources – petroleum, hydropower, fish, forests, and minerals. Shipping and tourism are also the major driver of the country’s economy.
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