New report: Record-high export revenues in 2022 – but low growth and continued dependence on oil

Norway exported goods and services worth NOK 3,100 billion in 2022, almost double the 2021 figure. This sharp increase was mainly driven by soaring European gas prices and rising global prices for fish, aluminium and fertiliser. Adjusted for price changes, Norwegian goods exports remained unchanged, while services exports grew by 25 per cent.

Oil and gas accounted for the majority of exports, at 65 per cent. The maritime sector, energy-intensive industries and seafood also accounted for significant shares.

The export figures are presented in a new report commissioned by NHO, LO, Eksfin, us and the National Export Council. The report highlights regional characteristics and industry structures, and compares Norwegian exports with the rest of Europe.

Vestland had the highest exports of all the counties, valued at NOK 215 billion. However, when looking at exports per employee, Møre og Romsdal topped the list, followed by Vestland. In both counties, the maritime industry, seafood and energy-intensive industries were key contributors to their high rankings. Nordland was the third most export-intensive county, thanks to its seafood sector and energy-intensive industries.

Among Norway's municipalities, Oslo, Bergen, Bærum and Stavanger had the highest export revenues when oil and gas were excluded. However, when looking at exports per employee, the fifteen most export-intensive municipalities are in rural areas. In each of these municipalities, one or more export-oriented cornerstone companies play a vital role in employment and value creation.

Typical examples of municipalities with the highest exports per employee are Årdal and Sunndal, where Hydro operates major aluminium and metal plants, and Eidfjord, which is home to one of Norway's largest hydropower plants.

Exports supported 610,000 jobs in 2022, accounting for more than 20 per cent – or one in five – of all jobs in Norway. Exports of goods and services represented 56 per cent of Norway's gross domestic product that year. This was lower than in Ireland and Belgium, far higher than in Italy and France, and in line with the EU average. Excluding oil and gas, the figure falls to 32 per cent, placing Norway near the bottom of the European rankings.

Although Norway earned substantial revenues from exports in 2022, export growth was lower than in our neighbouring countries when we adjust for exchange rates and prices. Danish and Swedish exports have grown twice as fast as Norwegian exports.

'We need to achieve growth on a par with Denmark and Sweden if we are to reach the target of increasing non-oil and gas exports by 50 per cent by 2030. We see significant potential across several sectors of Norwegian business and industry, and Norway can contribute to Europe's green transition in areas including energy and green maritime industries,' says our CEO, Håkon Haugli.

The report shows a link between how much a country exports and the productivity of jobs in its export industries – in other words, exports per employee. Compared with Denmark and Sweden, Norway also has lower productivity. However, Norway ranks higher than France, Germany and several other European countries.

According to the report, our productivity may lag behind Denmark and Sweden because a large share of Norway's workforce is concentrated in less productive parts of the manufacturing sector. Employment in Norway is relatively high in food processing, finished goods manufacturing, metals and metal products, and machinery production. Denmark has the highest share of people employed in the pharmaceutical and healthcare industry, the most productive export industry.