Continued economic growth in Northern Norway

Northern Norway has had a significant population growth during the last years, contributing to the economic growth.

Access to and exploitation of natural resources leads to rapid growth in Northern Norway, SpareBank 1 Nord-Norge says in its quarterly report.


The North-Norwegian savings bank SpareBank 1 Nord-Norge posts a good result for the second quarter of 2013. Operating profits before tax were NOK 497 million (app €63,75 million), compared to NOK 392 million (app €50,28) for Q2 of 2012. 

Northern Norway is enjoying a period of continued good economic growth. This can be seen in all sectors of society. An important reason for the positive developments is the region’s access to and exploitation of valuable natural resources. Substantial oil and gas discoveries in the Norwegian Sea and Barents Sea have resulted in rapid growth in the oil industry, both directly and indirectly through many related industries, the report reads.

“The region is emerging as exciting and attractive, with a broad range of opportunities,” says CEO of SpareBank 1 Nord-Norge, Jan-Frode Janson.

There is still available capacity for growth in the aquaculture industry. The price trend for salmon has remained at a high level throughout the whole first half of the year, and both the market and price outlooks are good in the coming months. The fishing industry still faces challenges related to low raw material prices, a strong kroner and the economic problems in important markets. On the other hand, all of our most important fish stocks are in good shape.

Historically, tourism has been important, especially in the summer season. Winter tourism is now becoming as significant as summer tourism, which is making this industry even more important. As a result of the above factors and a lot of public sector investment, the level of activity in the building and construction sector is also very high, the report states.

Despite the region’s significant population growth and a higher percentage of labour migration than the rest of the country, new growth is being hampered to some extent by a shortage of skilled labour. The average unemployment in the region is 2,7 percent.

SpareBank 1 Nord-Norge is a Norwegian savings bank. The bank has 75 branch offices in Nordland, Troms, Finnmark and Svalbard and a head office in Tromsø. The bank also holds 75 percent of the share capital in the Russian “North-West 1 Alliance Bank”, which has offices in St. Petersburg and Murmansk.