Friday, August 16, 2024 The weakening of the Norwegian krone has transformed Norway, typically known for its high costs, into a more accessible destination for global tourists. As the krone depreciates against major currencies, the country has seen a significant increase in tourism, particularly from countries like China, where Norway’s natural beauty is now more affordable. The Norwegian krone has depreciated by about 6.
50% against the US dollar and 5.45% against the Euro since the beginning of 2024. This depreciation has made travel to Norway more affordable, resulting in increased spending by tourists on luxury goods, such as clothing from high-end brands like Moncler and Høyer.
The influx of tourists is benefiting local businesses and boosting the overall economy. However, while the tourism sector flourishes, Norwegian consumers and businesses that rely on imports are feeling the pinch. The weaker krone has increased costs for Norwegians traveling abroad and made international goods more expensive for local retailers.
Tourism in Norway is expected to generate $4,682 million (€4,291 million) in 2024, with a projected annual growth rate of 3.03% through 2029. Visitors from Germany, the United States, Sweden, the Netherlands, and Denmark are contributing to this growth, particularly during the summer months.
Popular activities include kayaking in fjords, hiking, camping, and in the winter, seeing the Northern Lights and engaging in skiing and glacier exploration. Norway.