The unbearable lightness of the krone
Marcello Minenna on why a weak currency reflects markets’ lack of confidence in Norway’s economic policy
Norway is one of the world’s richest nations, with GDP per capita of about $100,000. It also now has the weakest currency of any developed western economy.
From the 1990s, when the country’s hydrocarbons industry was consolidating its presence in global energy markets, the value of the krone was strongly influenced by oil prices. Norway has vast oil and natural gas reserves, and its energy sector accounts for more than one-third of GDP, more than 15% of investment and two-thirds of exports.
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