2023 was a record year for Norway’s seafood industry, generating a total value, including ripple effects, of $12.8 billion USD. Photo: Nofima
2023 proved to be a landmark year for Norway’s seafood sector, with total industry value creation reaching NOK 139 billion (approx. $12.8 billion USD, €12 billion, £10.5 billion).
The regions of Vestland and Nordland contributed significantly, generating a combined NOK 49 billion, with Møre og Romsdal and Trøndelag close behind, according to a recent report by Nofima.
The industry’s reach extends across the country, supporting around 96,000 jobs in fisheries and aquaculture directly and indirectly, from coastal villages to major cities like Oslo. Audun Iversen, the project leader for Nofima’s “Seafood Industry Ripple Effects 2023” report, highlighted the industry’s expanding role, noting: “The seafood industry has always been vital for Norway, and its importance has only increased in recent years. Last year’s performance was particularly strong.”
Seven Key Regions Dominate
Seven counties—Vestland, Nordland, Trøndelag, Møre og Romsdal, Troms, Finnmark, and Rogaland—account for 85% of the industry’s value creation and broader economic impacts. Oslo, the capital, recorded NOK 3.1 billion in value creation, with indirect impacts totalling nearly NOK 2.6 billion. This is largely due to the numerous companies based in Oslo that provide essential services to the industry, such as finance, insurance, and legal support.
Aquaculture Leading the Charge
Aquaculture remains the powerhouse of Norway’s seafood industry, contributing over half of the total value creation. In 2023, this segment generated NOK 74 billion (approx. $6.8 billion USD, €6.4 billion, £5.6 billion) in value, including indirect impacts, and created 41,600 direct jobs. An additional 54,000 jobs are supported through suppliers and service companies.
Fisheries contributed NOK 22 billion (approx. $2 billion USD, €1.9 billion, £1.7 billion) in direct value, with further contributions from the processing sector and suppliers. “The seafood industry supports employment across the coastal regions, and its ripple effects are felt nationwide through the extensive supplier network,” Iversen commented.
Valuable Employment and Economic Impact
The report reveals that each job in the core seafood industry generates an average of NOK 1.89 million (approx. $174,000 USD, €165,000, £143,000) in value, with aquaculture roles seeing even higher averages of NOK 2.69 million (approx. $248,000 USD, €234,000, £203,000) per employee. Excluding Norway’s oil sector, the seafood industry is responsible for 10.5% of the state’s business tax revenue, contributing NOK 40.7 billion (approx. $3.75 billion USD, €3.55 billion, £3.1 billion) to the national budget, alongside additional municipal income from the Aquaculture Fund.
The seafood industry’s significant role in Norway’s economy has grown in recent years, doubling its share of GDP since 2012, from 1-1.5% in the early 2010s to 1.8-2.3% in recent years. A weak krone and high demand for key species such as cod and mackerel contributed to the record NOK 172 billion (approx. $15.8 billion USD, €15 billion, £13 billion) in export revenue in 2023, a 15% increase over 2022.
Aquaculture’s Strong Performance and the Path Ahead
Aquaculture’s value creation before processing reached NOK 44 billion (approx. $4 billion USD, €3.8 billion, £3.3 billion) in 2023, driven by strong operational results, high salmon export prices, and a favourable exchange rate. Including indirect impacts, aquaculture now accounts for 53% of the seafood industry’s total value creation. Meanwhile, fisheries and their ripple effects account for NOK 22 billion (approx. $2 billion USD, €1.9 billion, £1.7 billion), or 13% of the sector’s total value.
Nofima will release a detailed report on the state of the fishing industry in the coming weeks, which is expected to shed light on specific challenges within this sector, followed by an additional report on the fishing fleet early next year.
The seafood industry continues to be a vital economic engine for Norway, supporting local economies and providing valuable exports in a rapidly changing global market.
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