Norwegian Currency Reaches Historical Low
«Compared to 10 years ago, we can say that Norway is now at a 30 percent discount. Based on the exchange rate, it has become much cheaper to travel to Norway.», said Norwegian interest and currency strategist Nils Kristian Knudsen to TV2.no.
This shift makes Norway significantly more accessible for international visitors and businesses. The sharp decline in the value of the Norwegian krone (NOK) against major currencies such as the US dollar, Euro, and British Pound has opened up a range of opportunities in Norway.
For businesses, the weak krone presents an ideal opportunity to minimize costs while benefiting from Norway’s unique landscapes, advanced infrastructure, and world-class facilities. Whether hiring local crews or renting equipment, these reduced costs can lead to substantial budget savings.
Despite the currency’s weakening, Norway's strong and stable economy continues to offer reassurance to businesses. Norway remains a highly modern society, boasting a high standard of living, and consistently ranks among the world’s top countries for stability, transparency, and accessibility.
Exchange Rate — August
As of August 16th, 2024, relevant exchange rates include:
- 1 EUR: NOK 11.74
- 1 USD: NOK 10.66
- 1 GBP: NOK 13.72
Inflation in Norway has remained lower than in many other countries, and energy costs are comparatively inexpensive. Consumer prices are on par with other Western European destinations, positioning Norway as a cost-effective option, especially considering the current exchange rates.
VAT Refund
In Norway, VAT (known as MVA) is a tax applied to goods and services. Film Production Companies are not VAT exempt, however, goods and services provided to a non-Norwegian production can be invoiced without VAT. If a company has incurred VAT in Norway for a non-Norwegian production, and the company is not registered in the Norwegian VAT register, a refund claim can be filed. For more details on this process, visit the Norwegian Tax Authority website.