"Too Expensive to Visit Before... Surprisingly Affordable" Tourists Flocking to Norway

Krona Currency Falls 6.5% So Far This Year

Norway Bergen
Photo by Getty Images Bank

As the value of the Norwegian krone, Norway's currency, has fallen by 6.5% this year, tourists are flocking to Norway.

EuroNews reported on the 8th that Norway's travel and tourism revenue is expected to reach 4.201 billion euros (approximately 6.5 trillion KRW) this year. If this trend continues, travel and tourism revenue is projected to increase by 3.3% annually until 2029, reaching 4.97 billion euros (about 7.5 trillion KRW).

Norway has been known as one of the most expensive travel destinations in Europe, but recently, due to the depreciation of the krone, it is gaining attention as a relatively "affordable" travel destination. This year, the krone's value dropped 6.5% against the dollar, trading at 0.09 dollars per krone. Its value against the euro also decreased by 5.45%, trading at 0.08 euros per krone.

The media reported that under these circumstances, tourists from neighboring countries such as Germany and Sweden, as well as Chinese tourists, are increasing.

The decline in the krone's value is due to the contraction of Norway's oil industry caused by falling international oil prices. As an oil-producing country, Norway's economy is highly sensitive to oil and natural gas prices.

Additionally, the media pointed out that factors such as the government's increase in wealth tax, consideration of reintroducing inheritance tax, investor withdrawal, and a faster-than-expected slowdown in inflation have also contributed to the depreciation of the krone.