ECONOMIC GROWTH

Comparison of Economic Growth of Oil-Exporting and Non-Oil-Exporting Countries

Introduction1

Economic Growth of Oil Exporting Countries1

Norway as an Oil-Exporting Country1

Economic Growth of Non-Oil Exporting Countries2

China as a Non-Oil-Exporting Country3

Do Oil-Exporting Countries Enjoy Similar Rates Of Economic Growth to Non-Oil-Exporting Countries?4

Economic Indicators4

What is GDP?5

GDP of Norway (Current US $)5

GDP of China (Current US $)6

GDP Annual Growth Rate7

GDP Annual Growth Rate of Norway7

Annual GDP Growth Rate of China8

GDP per Capital9

GDP per Capital of Norway (Current US $)9

GDP per Capital of China (Current US $)10

Inflation Rate11

Inflation Rate of Norway (Annual %)11

Inflation Rate of China (Annual %)12

Current Account Balance12

Current Account Balance of Norway (BOP, Current US$)13

Current Account Balance of China (Bop, Current US$)13

Employment to Population Ratio14

Employment to Population Ratio of Norway14

Employment to Population Ratio of China16

Conclusion17

References18

Comparison of Economic Growth of Oil-Exporting and Non-Oil-Exporting Countries

Introduction

The relationship between the economy and the exports of a country has always been important. Different countries have different exports, which benefits or deficits their economic sector, depending upon the circumstances. The countries Including Norway and the China are being compared in terms of their economic development based on different level of exports. Norway is an oil exporting country while China is a non-oil exporting country, but still there lies competitiveness among the economic development of these countries. It is the comparison of the economic growth of these two countries in terms of the economic indicators to analyse that whether Norway enjoys more or similar rate of economic growth like China or not.

Economic Growth of Oil Exporting Countries

The oil-exporting countries have significant place in the world market. They enjoy great level of economic growth by controlling the oil prices in terms of reducing or increasing the extraction rates. In most cases, the countries get the money for their budgets by controlling the oil prices affecting the world market. Their oil deposits have remarkable impacts on their economy.

Norway as an Oil-Exporting Country

Norway has been enjoying great level of growth in its economy with the export of oil. It is the largest oil producer of Europe, and the second largest exporter of natural gas. It is also a main supplier of natural gas and oil to other countries of Europe. In the Western Europe, it is the largest producer of oil, and is at the fourth place in the production of natural gas (www.eia.gov).

Figure 1 (www.eia.gov)

The above graph shows the total oil production of Norway, which shows the growth development of the country from the period of 1980 to 2012. It is natural that there are minor fluctuations, but still the country enjoys remarkable growth in its economy.

Economic Growth of Non-Oil Exporting Countries

The non-oil-exporting countries also have momentous position in the world market on the basis of other exports. These countries also enjoy high level of economic growth by exporting their resources to other countries and like the oil-exporting countries they also have control on their products in order to earn great benefits for managing their budgets. These countries are not affected in terms of their economic development with the lacking ...