Business market

Norway has an export oriented industry and one of the strongest economies in the world. Oil and gas, shipbuilding/equipment, energy and fish farming create a strong for buisness travel both domestic and internationally. Norway is the world’s third largest oil & gas exporter and the second largest exporter of fish. A large proportion of Norwegian business is located in the Oslo region, and Oslo's metropolitan area generates a quarter of the country's GDP.

Norway is ranked among the top performers in the ease of doing business. The Norwegian economy is strong, open and globally integrated with a high level of trade and foreign investments, and favourable international competitiveness.

A strong, open, and productive economy

Norway is a prosperous and stable society with a strong democratic tradition and a political and economic climate that is conducive to industry and business development. Norway has a productive economy and Europe's second highest GDP per capita in Purchasing Power Standard (PPS), according to figures from 2011 by OECD (2011). The corporate tax rate is 28 per cent in Norway, among the lowest in Europe.

Access to the EU market

Norway has chosen not to become a member of the European Union (EU), but Norwegian and foreign-owned companies located in Norway have access to the EU market through the European Economic Area (EEA) agreement. The Norwegian economy is considered to be open and international, with a high degree of foreign direct investments.

Companies

A unique mix of strong knowledge-based clusters, a highly educated workforce and a high quality of life makes the Oslo region an attractive place to invest and work. Norway's expertise within advanced technology, research and development (R&D) is clustered around the Oslo region. More than half of Norway's R&D activity is located here and the region provides access to the most highly educated labour force in Europe - a key advantage for innovative businesses operating in the region.

The Oslo region ranks high on innovation in Europe and has a service-based economy with more than eighty per cent employed in the private and public service sectors. Many of them work in high-tech services and the region lays claim to unique expertise within the following knowledge-intensive clusters.

Main clusters: Shipping and Maritime services, Energy and Environmental Technology, ICT, Life Science and Cultural Industries

Companies: 485,900 in Norway, 117,800 in Oslo Region (January 2011). 14 % growth since 2003, more than 10 per cent foreign-owned.

The largest companies in Norway in terms of revenue are (2011):

Tourism market

Outbound

In 2011 Norwegians had 22.2 million trips with at least one overnight stop. 36 per cent of these trips were outbound. Total outbound overnight stays reached 11.3 million in 2011. The most popular destinations abroad were Sweden, Denmark and Spain. On international trips the Norwegians prefer to travel by air and stay in hotels. Women tend to travel more often and on longer trips than men. Residents in Oslo and Akershus travel more frequently than others in Norway. 34% of all between 16 and 79 years from Oslo and Akershus made 3 trips or more in 2007.

Germans, Danes, Swedes, Dutch and the British are the most frequent guests in Norway.

Tourists spend more than NOK 110 billion in Norway. Almost NOK 3 out of every NOK 10 is spent in the capital city of Oslo and the neighboring county Akershus.

Inbound
Oslo Airport provides the best access and is an ideal starting point for trips to Scandianvia’s prime attractions – the Fjords, Hurtigruten (Coastal Express), the Midnight Sun and the Northern Light, skiing and mountaineering, and the Viking Experience.

OSL is also a natural long-haul entry point to Scandinavia and the Baltics, especially from North America.

With four season, Norway is an attractive tourism destination all year round with great potential for inbound traffic. Oslo’s tourism attractions and activities range from art, museums and the Viking Experience to sailing, biking, hiking and skiing. Brands include Edvard Munch, the Vikings, Thor Heyerdal, Ibsen Festival, Vigeland Sculpture Park, Holmenkollen Ski Jump, Bislett Games and Scandinavian Cuisine.

Germans, Dutch, Danish and Swedes are nationalities that most frequently visit Norway. For air travelers only, Americans, Swedes, Germans, French, British, Danish and Polish travel most often to Norway.