Image: Nofima / FIS

Value creation in the Norwegian seafood industry increased by 36%

Five counties account for almost 90% of all value creation in the Norwegian seafood industry, with Nordland County as number one, generating over 20 billion (USD 1.87 B)in value creation and ripple effects, followed by Vestland, Troms og Finnmark, Møre og Romsdal and Trøndelag.

This week, Nofima launched their annual report on the positive impacts of the seafood industry. Value creation in the seafood industry increased by 36% last year, amounting to NOK 71 billion (USD 6.63 B). If the ripple effects from the industry are taken into account, the total value creation was NOK 109 billion (USD 10.18 B). The aquaculture sector accounts for the majority of these impressive figures.

Source: Nofima / Wiki / FIS

The large increase is a result of growth in the aquaculture sector and the fact that the prices for both wild-caught fish and farmed fish have increased. The combination of higher prices and overall growth in the aquaculture sector has allowed it to overtake the fisheries industry in terms of economic impact.

Nordland, Vestland, Troms og Finnmark, Møre og Romsdal and Trøndelag counties each had a direct value creation of between NOK 11 and 16 billion (USD 1.03 B / USD 1.49 B).

“The seafood industry is one of the key drivers for the local economies in these five counties. If we break the figures down by municipality, it is clear that the industry is vital to the prosperity of several municipalities”, says researcher Audun Iversen, who is project manager for the report.

The industry’s value creation amounted to 2.3% of mainland Norway’s GDP in 2022, a 0.8% increase from the early 2010s.

In the ripple effect analysis, the scientists have also calculated the tax revenue generated from the seafood industry’s activities, including both corporation tax and personal tax paid by both the industry and its suppliers in connection with the industry’s demand for goods and services. The total tax revenue in 2022 was NOK 25.9 billion (USD 2.42 B).

The industry’s core activities generated a total of NOK 9.3 billion (USD 870 M) in corporation tax, while NOK 3.1 billion (USD 290 M) was paid in corporation tax from its suppliers. The remaining NOK 13.6 billion (USD 1.27 B) comes from personal tax paid by the industry and its suppliers.

Source: Nofima

A total of 86,000 people were employed in the seafood industry last year, with as many as 46,000 jobs as a direct result of the industry’s ripple effects. Oslo and Bærum are two notable examples: In Oslo, 570 people are directly employed in the seafood industry, while the industry’s ripple effects account for as many as 1500 jobs. In Bærum, hardly anyone is directly employed in the seafood industry, but the industry’s ripple effects have resulted in 370 jobs.

The industry has exceeded turnover year-on-year for 15 of the past 20 years. 2022 was no exception with a total export value of NOK 151.4 billion (USD 14.14 B), an increase of 25% from the peak year 2021. This high level of economic activity generates profits and employment, which in turn generates tax revenue for the state.

Source: Nofima 

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