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Industry revenue of »travel agency activities« in Norway 2011-2023

Although tourism has been flourishing in Norway, backed by factors such as favorable governmental policies and weakening of the Norwegian krone in recent years, travel agencies have not received much benefit. Industry revenues are projected to plunge drastically from 3.9 billion U.S. dollars in 2012 to 1.8 billion U.S. dollars by 2023. Key reasons for this include arise in independent travel, rising popularity of sharing economies and peer to peer travel, and an increasing number of users preferring cheaper online alternatives.

The outbreak of the Covid-19 virus has caused further disruptions in the industry. As the death toll continues to rise, the government has not only banned all international travel, but also shut majority of the restaurants and hotels, in a bid to control the spread of the infection, all of which is expected to have an adverse impact on the travel industry.

Spike in unemployment rate

Since the beginning of the corona crisis in Norway, employees in several sectors have been affected, especially the ones in the tourism and transportation sector. Before the virus outbreak, the unemployment rate in this sector amounted to 3.4 percent, but as of April 21, the numbers increased to over 28 percent. Leading airline companies SAS and Norwegian Air have laid off 90 percent of their staff for an indefinite period whilst leading hotel group, Scandic, is planning to operate with only 50 percent of the workforce.

Industry revenue of »travel agency activities« in Norway from 2011 to 2023

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.186

The industry classification is based on the NACE Rev.2 - system in Norway. The industry “travel agency activities“ has the code “N7911“.

Details on the methodology can be found here.

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