Scandinavia’s northernmost country, Norway, is characterized by an economy based on the production and exploitation of gas and petrol. These energy resources explain the remarkable growth of Norway’s GDP during the European economic crisis years. It also explains the weight of industry in its economy. Fishing, shipbuilding and marine-related services also play a major role in the economy.
Thanks to the high disposable household income and the geographical position of the country, domestic tourism in Norway is widely dominant; it represents 72.2% of total overnights. Overnights spent by European clientele are stable; those spent by Americans increased by 25% between 2007 and 2015. Tourism generated 7.8% of the national GDP in 2015. The past two year have been unusual because the oil and shipbuilding industries both drove a decline in business tourism whereas the depreciation of the Norwegian Krone supported leisure demand thanks to a better quality-price ratio for tourists.
One of the current trends is the increase of leisure tourism in the area north of the Arctic Circle. Many unique natural attractions are located there, such as mountains, fjords and the Northern Lights. Business demand is present especially in the capital and near the oil sites.
Norway has 47,233 chain rooms in 297 hotels as of January 1, 2017. It decreased by 736 rooms (-1.5%) over the year.
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