3 ms·

Best I can find is about 17% of GDP in Norway is from Oil and Gas. While that per capita number is high, it's not Saudi Arabia levels.

• dmoy 3y ago
  > Best I can find is about 17% of GDP in Norway is from Oil and Gas. While that per capita number is high, it's not Saudi Arabia levels. Per capita doesn't mean % of GDP though. It means relative to the population. Norway exports like $50B / yr of petroleum (and another $120B of natural gas). Saudi Arabia exports like $170B / yr of petroleum. Saudi Arabia population is like 7x larger, so per Capita oil and gas is larger in Norway even if you subtract out all the natural gas.
  • ubercore 3y ago
    Right I'm just suggesting per capita isn't necessarily the best way to talk about how important oil is to Norway's economony.
• swexbe 3y ago
  1. Make $100 from selling oil. 2. Use the money to buy other local services. There, now your GDP is just 50% oil.
  • magicalhippo 3y ago
    Which is why we don't do that[1]. [1]: https://www.regjeringen.no/no/tema/okonomi-og-budsjett/norsk_okonomi/bruk-av-oljepenger-/handlingsregelen-/id444338/ https://www.regjeringen.no/no/tema/okonomi-og-budsjett/norsk...
    • swexbe 3y ago
      Equinor still pays salaries & dividends last i checked
      • ubercore 3y ago
        Oil industry is about 6% of Norwegian employment. For sure, it's a huge part of Norway and shouldn't be overlooked, but it's specious to compare it directly to a country like Saudi Arabia.