How Norway Handles Low Oil Revenues

ktoo.orgFor starters, Norway’s economy is far more diversified, Aas said, pointing to the maritime industry, fisheries, IT, tourism — and one sector anathema to many Alaskans: farmed Atlantic salmon. In all, he estimated Norway only gets about 20 percent of government revenue from oil and gas. That’s compared with nearly 90 percent of unrestricted state funds in Alaska just a few years ago. And while Norway founded its sovereign wealth fund some two decades after Alaska, it’s grown to more than $850 billion. Alaska’s Permanent Fund currently has about $53 billion.

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