History of Norway company by 1985, just to go bankrupt by 1993. Unemployment reached record-high levels in the early 1990s. By 1990 Norway was Europe's largest oil producer and by 1995 it was the world's second-largest oil exporter. Membership in the European Union was rejected in a 1994 referendum, with Norway instead joining the European Economic Area and later also the Schengen Area. Large public investments in the 1990s were a new National Hospital and Oslo Airport, Gardermoen—connected to the capital with Norway's first high-speed railway, the Gardermoen Line. A number of large government companies, such as Statoil, Telenor and Kongsberg were privatized.
State budget of Norway State budget of Norway The State budget of Norway () is a budget passed by the Norwegian legislature, Stortinget, each year. It accumulates all income and expenses for the Government of Norway. The document defines the taxes to be collected, and what expenses will be accomplished. The budget follows a fiscal year of January 1 to December 31. The proposition for the budget is made by the Ministry of Finance in the first week of October. This proposition is named "Storting Proposition no. 1" or "Yellow Book" and is the governments suggestion for a budget. It is then considered by