Oil and gas is an important sector in the Norwegian economy. More than a fifth of Norway's Gross Value Added is generated from oil and gas extraction and related services. Lower oil prices will slow economic growth to 0.5% in 2015, from 2.2% last year. Over the longer term Norway will need to further diversify from hydrocarbons. Post-2020, declining investment in the upstream sector, lower production and exports of natural gas and crude oil will weigh on GDP.