The Nordic countries are fundamentally ocean-based nations. On average, their combined ocean areas are twice the size of their land areas, with countries like Norway and Iceland pushing this ratio even further—six or seven times larger. The Ocean has not only shaped the region’s geography—but it has been instrumental in the formation, development, and growth of Nordic societies in the first place. It made life and civilization possible in these northern lands.
Today, the region’s success spans a wide range of industries—from gaming, fintech, and car manufacturing to energy production and healthcare—showcasing a highly diversified and competitive economy. Yet, while the Ocean and the Ocean Economy may no longer dominate the economic narrative as they once did, their significance has not disappeared.
In fact, the Ocean Economy still plays a crucial role in the Nordic region. It represents 15% of the region’s annual GDP and remains the largest sector in Norway, both in terms of GDP contribution and export value. It is also a cornerstone of the economies of Iceland, the Faroe Islands, and Greenland, and has a smaller yet relevant contribution to the economies of Sweden, Denmark, and Finland. Beyond its direct economic contribution, the Ocean is a major energy source, not only for the Nordic countries themselves but also for neighboring nations and global markets. The region is a key player in offshore energy production, including oil, gas, and an increasing share of offshore wind energy.
The Ocean Economy remains a key driver of economic activity, job creation, and social wealth. And looking ahead, the Ocean Economy has the potential to be one of the most transformative forces in shaping Nordic economic growth and progress in the years to come.
This report aims to highlight the global opportunities emerging from the Ocean Economy today and illustrate how the Nordics are uniquely positioned to lead and 5capture them. Those who choose to take part in this new Nordic expedition stand to bene it from one of the most promising frontiers of economic growth and innovation. This is what we refer to as the Nordic Ocean Opportunity.
