Norwegian krone (NOK)
Facts about Norway
Norway officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy occupying the western portion of the Scandinavian Peninsula, as well as Jan Mayen, the Arctic archipelago of Svalbard and Bouvet Island (is not subject to the Antarctic Treaty). Norway has a total area of 385,252 square kilometres (148,747 sq mi) and a population of about 4.9 million. It is the second least densely populated country in Europe. The majority of the country shares a border to the east with Sweden; its northernmost region is bordered by Finland to the south and Russia to the east; in its south Norway borders the Skagerrak Strait, across which Denmark is situated. The capital city of Norway is Oslo. Norway's extensive coastline, facing the North Atlantic Ocean and the Barents Sea, is home to its famous fjords.
Two centuries of Viking raids tapered off following the adoption of Christianity by King Olav Tryggvason in 994. A period of civil war ended in the 13th century when Norway expanded its control overseas to parts of the British Isles, Iceland, and Greenland. Norwegian territorial power peaked in 1265, but competition from the Hanseatic League and the spread of the Black Death weakened the country. In 1380, Norway was absorbed into a union with Denmark that lasted more than four centuries. In 1814, Norwegians resisted the cession of their country to Sweden and adopted a new constitution. Sweden then invaded Norway but agreed to let Norway keep its constitution in return for accepting the union under a Swedish king. Rising nationalism throughout the 19th century led to a 1905 referendum granting Norway independence. Although Norway remained neutral in World War I, it suffered heavy losses to its shipping. Norway proclaimed its neutrality at the outset of World War II, but was nonetheless occupied for five years by the Third Reich. In 1949, neutrality was abandoned and Norway became a founding member of NATO. 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 EU. Key domestic issues include immigration and integration of ethnic minorities, maintaining the country's extensive social safety net with an ageing population, and preserving economic competitiveness.
Norway is a unitary parliamentary democracy and constitutional monarchy, with King Harald V as its head of state and Jens Stoltenberg as its prime minister. It is a unitary state with administrative subdivisions on two levels known as counties (fylker) and municipalities (kommuner). The Sámi people have a certain amount of self-determination and influence over traditional territories through the Sámi Parliament and the Finnmark Act. Although having rejected European Union membership in two referenda, Norway maintains close ties with the union and its member countries, as well as with the United States. Norway remains one of the biggest financial contributors to the United Nations, and participates with UN forces in international missions, notably in Afghanistan, Kosovo, Sudan and Libya. Norway is a founding member of the United Nations, NATO, the Council of Europe, and the Nordic Council, a member also of the European Economic Area, the WTO, the OECD and is a part of Schengen Area.
Norway has extensive reserves of petroleum, natural gas, minerals, lumber, seafood, fresh water, and hydropower. On a per-capita basis, it is the world's largest producer of oil and natural gas outside of the Middle East, and the petroleum industry accounts for around a quarter of the country's gross domestic product. The country maintains a Nordic welfare model with universal health care, subsidized higher education, and a comprehensive social security system. From 2001 to 2007, and then again in 2009 and 2010, Norway had the highest human development index ranking in the world.