The Norwegian currency Norwegian Krone is at an historical low point, and you can buy 11.40 NOK for €1 EUR or 10.31 NOK for $1 USD. This low value makes Norway the cheapest it has ever been for international tourism, and people from Europe, the US and even Asia seem to be taking advantage of the cheap booking already!
The currency value at such low is a huge difference to back in years like 2014 where you only got 5.8 NOK for $1 USD. This means that you get almost double the amount of goods for the same amount of USD compared to 10 years ago!
The tourism industry in Norway is expecting a big increase in tourism this summer season as a direct effect of the low value of the Norwegian krone, and many hotels and tour operators are already seeing this increase reflected in bookings all over the country.
As of right now, pretty much all major currencies like Euro, USD and British pounds are very strong against the Norwegian krone, making Norway a cheaper country to visit compared to just a few years ago. The only big exception is the Japanese yen, which is currently facing similar problems as the Norwegian krone (so go visit Japan if you can’t come to Norway!).
Is now the perfect time to visit Norway?
Norway is a typical destination where people plan for a long time before visiting, and the weak Krone has given many people the opportunity to actually make their dream of visiting Norway a reality.
It is unknown of the Norwegian krone will remain weak over the whole summer season, and several economical analytics are actually arguing that it will rise against the major currencies in the coming month.
If this is the case, then it might be a good idea to book and pay for accommodations and other costs that can be paid up front as early as possible, giving you the biggest value for your buck.
That said, the Norwegian krone is under no circumstance expected to have a huge surge in value, so even with a rise in value, it will still be significantly cheaper than usual.
More Norwegians will stay in Norway in the summer holiday
Norwegians tend to love going to southern Europe in the summer vacation, and this is historically the best season for tour operators who sell international vacations.
But the weak Krone is wrecking havoc on Norwegians who want to escape Norway for the summer, since the historically weak krone makes it very expensive to travel to and stay in other countries.
This has lead to an increase in hotel bookings and other bookings by Norwegians who are looking to spend their time traveling internally in Norway.
As with previous years, Norwegians so far seem to be attracted towards the natural attractions such as the famous hikes (like Trolltunga, Pulpit Rock, Besseggen etc.) and other natural attractions, so you are more likely to meet actual Norwegian tourists if you’re coming to these places this summer.
Why the Norwegian krone is weak
There is no easy answer as to why the Norwegian krone is weak, and economists are debating a lot over the actual reason. However, many of them agree that the following things are likely part of the reason why the Norwegian krone is valued so low:
- A high inflation in the US and Europe is making Norway a less attracting place to invest money in.
- There is a high level of economical doubt in the global markets, which traditionally makes bigger economies a safer investment.
- The oil price is falling, which has a historical correlation with the price of the Norwegian krone.
That said, there are likely many more reasons that also play a part in it, and there is no easy answer that fully explains the current turmoil of the Norwegian krone.
How much does a visit to Norway even cost?
Norway has long been known as being an expensive country to visit, so let’s take a closer look at how much you should be expecting to pay for a visit here.
The average sum spend on a complete visit to Norway is at 1,680 NOK ($163 USD) per person per day. This means that a family of four should expect to pay around 47,040 NOK ($4,500 USD) for a full week here. The sum includes all costs (food, accommodation and entertainment), but not the actual flight itself.
While $4,500 for a week in Norway is a lot of money, the same number would be closer to $8,000 if you had decided to visit Norway in 2014 instead of 2023!
The number is based on the actual average sum spent, and it’s definitely a lot of options for those looking to visit Norway on a budget.
If you want a deep dive into the numbers, check out the article about tourism statistics for Norway. We go into a lot of details about how much money tourist spend on different things over there.
Nicklas is the owner and editor of The Norway Guide, and is responsible for most of the content on the website.
He lives in Skien, Norway with his wife and two children. Nicklas is specialized in Norwegian ecology (including Norway’s geology, wildlife and flora) from his degree in Ecology And Nature Management at University of South-Eastern Norway, but has a particular interest in tourism and content creation.
His biggest hobbies are fishkeeping, going on hikes with his dog, and rooting for the local football team.