Norway economy

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Norway economy

The Gjermundbu helmet found in Buskerud is the only known reconstructable Viking Age helmet From the 8th to the 10th century, the wider Scandinavian region was the source of Vikings. The looting of the monastery at Lindisfarne in Northeast England in by Norse people has long been regarded as the event which marked the beginning of the Viking Age.

They colonisedraided, and traded in all parts of Europe. Norwegian Viking Norway economy first discovered Iceland by accident in the 9th century when heading for the Faroe Islandsand eventually came across Vinlandknown today as Newfoundlandin Canada. Fairhair ruled with a strong hand and according to the sagas, many Norwegians left the country to live in Iceland, the Faroe IslandsGreenlandand parts of Britain and Ireland.

One of the most important sources Norway economy the history of the 11th century Vikings is the treaty between the Icelanders and Olaf Haraldsson, king of Norway circa to Haakon the Good was Norway's first Christian king, in the midth century, though his attempt to introduce the religion was rejected.

Born sometime in between —, Olav Tryggvasson set off raiding in England with ships. He attacked London during this raiding. Arriving back in Norway inOlav landed in Moster. There he built a church which became the first Christian church ever built in Norway.

However, the administration of government took on a very conservative feudal character. The Hanseatic League forced the royalty to cede to them greater and greater concessions over foreign trade and the economy. The League had this hold over the royalty because of the loans the Hansa had made to the royalty and the large debt the kings were carrying.

The League's monopolistic control over the economy of Norway put pressure on all classes, especially the peasantry, to the degree that no real burgher class existed in Norway.

Norway economy

Greater Norway and Civil war era in Norway Norwegian Kingdom at its greatest extent, 13th century From the s tothe country was at peace. For periods there could be peace, before a lesser son allied himself with a chieftain and started a new conflict.

The Archdiocese of Nidaros was created in and attempted to control the appointment of kings. While in the Viking Age all farmers owned their own land, byseventy percent of the land was owned by the king, the church, or the aristocracy.

This was a gradual process which took place because of farmers borrowing money in poor times and not being able to repay. However, tenants always remained free men and the large distances and often scattered ownership meant that they enjoyed much more freedom than continental serfs.

In the 13th century, about twenty percent of a farmer's yield went to the king, church and landowners. Throughout the High Middle Agesthe king established Norway as a sovereign state with a central administration and local representatives.

Later plagues reduced the population to half the starting point by Many communities were entirely wiped out, resulting in an abundance of land, allowing farmers to switch to more animal husbandry.

The reduction in taxes weakened the king's position, [57] and many aristocrats lost the basis for their surplus, reducing some to mere farmers. High tithes to church made it increasingly powerful and the archbishop became a member of the Council of State.

InOlaf Haakonsson inherited both the Norwegian and Danish thrones, creating a union between the two countries. She waged war against the Germans, resulting in a trade blockade and higher taxation on Norwegians, which resulted in a rebellion.

However, the Norwegian Council of State was too weak to pull out of the union.Norway has a stable economy with a vibrant private sector, a large state sector, and an extensive social safety net.

Norway opted out of the EU during a referendum in November However, as a member of the European Economic Area, Norway partially participates in the EU’s single market and contributes sizably to the EU budget. Norway (Norwegian: Norge or Noreg ; Northern Sami: Norga), officially the Kingdom of Norway, is a Nordic country in Northwestern Europe whose core territory comprises the western and northernmost portion of the Scandinavian Peninsula; the remote island of Jan Mayen and the archipelago of Svalbard are also part of the Kingdom of Norway.

Norway’s rich endowment of natural resources and vibrant private sector have allowed it to maintain a large state sector and an extensive social safety net without disrupting its stable economy.

The League's monopolistic control over the economy of Norway put pressure on all classes, especially the peasantry, to the degree that no real burgher class existed in Norway.

[41] Civil war and Norway at its greatest extent [ edit ]. Learn more about the Norway economy, including the population of Norway, GDP, facts, trade, business, inflation and other data and analysis on its economy from the Index of Economic Freedom. Norway Economic Outlook.

August 28, In the second quarter of the economy expanded from the previous quarter at an accelerated rate compared to Q1.

Norway - Economic forecast summary (May ) - OECD