The Norwegian economy’s strong competitiveness is built on openness and transparency with policies that support dynamic trade and investment. The quality of the legal and regulatory framework is among the world’s highest, institutionalizing the effective rule of law. The planned tax reform bill focuses on lowering the corporate income tax rate from 27 per cent to 22 per cent by 2018.
It has a mixed economy with the government owning about 32% of the listed shares on the Oslo stock exchange, and holding shares in around 10–15% of Norwegian industry (as of 2005). State ownership is most dominant in the oil, hydroelectric, and mining sectors. At considerable expense, the government provides subsidies for industry, agriculture, and outlying regions. About half of the total goes to agriculture.
The largest revenue sources for Norway are the extraction and export of oil and natural gas from the ocean floor. However, the metal industry, shipping and tourism are also important for the country’s economy.
It is the world’s third largest exporter of gas and tenth largest exporter of oil. Almost all Norwegian gas is sold on the European market. Norway is the EU’s second largest supplier of energy products (after Russia), including crude petroleum, natural gas and gas liquids.
In Norway free expression is a widely accepted and popular idea and has been since censorship was abolished in 1770 but has had intense periods of suppression in the past. Today, Norway clearly allow more transparency and uninterrupted expression more than ever before and more so than in 177 other countries.
Norway is one of the world’s least corrupt countries, ranked fifth out of 175 countries in Transparency International’s 2014 Corruption Perceptions Index. Well-established anti-corruption measures reinforce a cultural emphasis on government integrity. The judiciary is independent, and the court system operates fairly at the local and national levels. Private property rights are securely protected, and commercial contracts are reliably enforced.