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Norway, officially the Kingdom of Norway, is a constitutional monarchy in Northern Europe that occupies the western portion of the Scandinavian Peninsula, stretching from its northern extremity to its southern one. The majority of the country shares a border to the southeast with Sweden; its northern region is bordered by Finland to the south and Russia to the east. The United Kingdom and the Faroe Islands lie to its west across the North Sea, and Denmark lies south of its southern tip across the Skagerrak Strait. Norway's extensive coastline, facing the North Atlantic Ocean, is home to its famous fjords.
In the 1920s, Norway annexed Jan Mayen and was given the sovereignty over the Arctic archipelago of Svalbard under the Svalbard Treaty. The polar territories of Bouvet Island, Peter I Island and Queen Maud Land are external dependencies, but not parts of Norway.
Becoming the first European nation to declare independence in the 20th century, since World War II Norway has experienced rapid economic growth, and is now amongst the wealthiest countries in the world. Norway is the world's fourth largest oil exporter and the petroleum industry accounts for around a quarter of GDP. The oil industry is mainly situated outside and controlled from the oil capital Stavanger.
Norway also has rich resources of gas fields, hydropower, fish, forests, and minerals. Norway was the second largest exporter of seafood (in value, after China) in 2006. Other main industries include food processing, shipbuilding, metals, chemicals, mining, fishing and pulp and paper products. Norway has a Scandinavian welfare model and the largest capital reserve per capita of any nation.
Norway was ranked highest of all countries in human development from 2001 to 2007. It was tied for first with Iceland in 2007. It was also rated the most peaceful country in the world in a 2007 survey by Global Peace Index. It is a founding member of NATO.