US companies play a vital role in shaping Norway’s economic landscape, representing both globally recognized consumer brands and significant industrial investments. The United States stands as one of Norway’s closest and most valued allies, a partnership further reinforced by robust business ties and shared economic interests. This report, conducted by Menon Economics on behalf of AmCham Norway, underscores these strong economic connections by analyzing the impact of US companies on Norway’s economy.

US corporations have steadily increased their presence in Norway, with almost 400 active entities in 2022. These companies employ close to 42,000 individuals and as such represent 2.3% of all private employment in Norway. In addition, US companies contribute significantly to Norwegian economic activity, with combined revenues of almost NOK 330 billion in 2022, thereby making up about 3.2% of total nationwide production. Furthermore, these companies contributed with a gross value added of NOK 117 billion, accounting for 2.3% of the Norwegian GDP, illustrating the substantial economic footprint of US investments across various sectors.

In 2022, the stock of direct investments by US companies amounted to almost NOK 120 billion. Investments are concentrated in capital-intensive sectors like petroleum and manufacturing, which represents about 75% of investments in Norway from US companies. Over the last ten years, the stock of US direct investments has been relatively stable between NOK 110 billion and NOK 130 billion, but the share of US owned equity has fallen steadily since 2010.

US companies continue to be integral to Norway’s economic growth, fostering innovation, employment, and international collaboration. For a deeper dive into the findings, you can view the full report.