Strong productivity growth in many small and medium-sized enterprises

For market-oriented businesses in mainland Norway as a whole, productivity grows by around 1 per cent each year, but we have many examples of small and medium-sized enterprises achieving very high productivity growth.

Subsea Composite Solutions AS in Vestland has achieved average annual productivity growth of nearly 70 per cent over the past seven years. The company manufactures buoyancy modules for underwater vehicles that can operate at different depths.

'Automation is the reason we have achieved such strong productivity growth. Machine-based production is more efficient than manual customisation,' says Vidar Grindheim, CEO of Subsea Composite Solutions.

Previous analyses have concluded that large, established companies drive productivity growth in Norway, but the survey shows that small and medium-sized enterprises also make a significant contribution. Norway has very few large companies, but a thriving ecosystem of smaller businesses that power the productive economy we will depend on in the future.

'Innovative small and medium-sized enterprises are important for value creation in Norway and essential for transformation and productivity. This is particularly true of entrepreneurs and start-ups. It is worth remembering that everything big today started small. Innovation is the key to productivity,' says Håkon Haugli, our CEO.

Read the productivity report from Samfunnsøkonomisk analyse

Below are the top three companies in each sector. The percentage shows their average annual productivity growth over the past seven years. We have only included companies with average value creation of more than NOK 1,500,000 per full-time equivalent over the seven-year period.

Placewise Group AS in Trondheim, Trøndelag: 70 per cent

Radionor Communications AS in Trondheim, Trøndelag: 68 per cent

Elasticsearch AS in Asker, Akershus: 60 per cent

Subsea Composite Solutions AS in Alver, Vestland: 67 per cent

Torgy Mek. Industri AS in Tønsberg, Vestfold: 67 per cent

Lopack AS in Vågan, Nordland: 64 per cent

Aircontact Services AS in Sola, Rogaland: 58 per cent

Zystm AS in Sarpsborg, Østfold: 48 per cent

Econnect Energy AS in Oslo: 44 per cent

Nes Fircroft Norge AS in Sandnes, Rogaland: 65 per cent

Neodrill AS in Stavanger, Rogaland: 63 per cent

Select Travel AS in Oslo: 54 per cent

Sick AS in Bærum, Akershus: 63 per cent

Officelink AS in Bodø, Nordland: 60 per cent

Temptech AS in Sandefjord, Vestfold: 60 per cent

Fjelberg Fjordbruk AS in Kvinnherad, Vestland: 84 per cent

Salmar Settefisk AS in Frøya, Trøndelag: 54 per cent

Helgeland Smolt AS in Gildeskål, Nordland: 52 per cent

The survey shows that almost half of the most productive companies are based in Oslo and Akershus. Looking only at companies that generate more than NOK 1,500,000 in value added per full-time equivalent, Oslo has the highest number of highly productive companies. Together, Oslo and Akershus account for 48 per cent of the most productive companies.

• Oslo: 31 per cent
• Akershus: 17 per cent
• Rogaland: 9 per cent
• Vestland: 9 per cent
• Trøndelag: 6 per cent
• Buskerud: 5 per cent
• Vestfold and Møre og Romsdal: 4 per cent
• Nordland, Agder, Østfold and Innlandet: approx. 3 per cent
• Troms: 2 per cent
• Telemark: 1 per cent
• Finnmark: 0.4 per cent

The analysis is based on accounting data from 2015–2024. Productivity is measured as value creation per full-time equivalent, and growth is measured at constant prices.