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Wednesday, September 14, 2005

Norway - not so rich

Norwegian GDP per capita stands at 40 000$ at the moment which means that it's the world's 4th richest country. But how much the Norwegians are able to consume?

"It (a study by KPMG) indicated that when disposable income was adjusted for cost of living, Scandinavians were the poorest people in Western Europe."

"While the private-consumption figure for the United States was $32,900 per person, the countries of Western Europe (again excepting Luxembourg, at $29,450) ranged between $13,850 and $23,500, with Norway at $18,350."

That's the price of high prices and heavy taxation. Who's going to pay the bill when the population gets older and there are less tax payers? The Norwegians are certainly able to buy some time with their massive oil reserves but for how long? And the left just won the elections - I'm not seeing any way out of this any time soon.

Source: The New York Times

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