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.