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Monday, August 15, 2022

Norway to be hit hard by Brexit

Only Great Britain itself and Luxembourg will be harder hit by Great Britain’s looming exit from the European Union than Norway. A new German study thinks Norway will suffer great economic losses from Brexit.

News bureau NTB reports that the study predicts losses of EUR 22o per resident if Britain leaves the EU without any trade agreements. If Britain manages to agree on exit agreements, losses would be reduced to EUR 120 per person.

Norwegian officials have announced that they’ve worked out agreements with Great Britain if the country leaves the EU on October 31 with no EU agreement. Most think some sort of EU agreement will nonetheless be reached that will apply to Norway since Norway, while not a member of the EU itself, is a member of the European Economic Area.

Great Britain has long been Norway’s biggest trading partner, with Norway exporting goods worth NOK 215.4 billion to the UK.

newsinenglish.no staff

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