Oslo Outlook #3 2025: A city at a crossroads: tourists arrive, talent leaves
Oslo is attracting more visitors but losing the talent, entrepreneurs, and growth companies it needs for the future. New figures from our quarterly Oslo Outlook show a dramatic drop in net immigration: 91 percent lower than a year ago, and the lowest level since 2014. This is not just statistics – it is a warning.
Fewer startups weaken the foundation
New business registrations in Oslo are at their lowest since 2018, with a 16.8 percent drop from the previous quarter. Startup activity is an early signal for future growth and value creation. Fewer startups today mean fewer scaleups and jobs tomorrow.
Big leaps for a few, but less capital overall
In the second quarter, Oslo saw just 17 investment rounds, well below the historical average of 28.
The good news? A few strong players continue to raise big sums. Saga Robotics, 1X, and Two all attracted international investors like Sequoia and LocalGlobe, alongside Norwegian players such as Nysnø, Alliance Ventures, and Investinor. That is a positive sign we want to strengthen.
From 2020 to 2023, Oslo matched Stockholm in investment activity. Several startups have since grown into major growth companies with hundreds of employees. But there are too few of them. Without a new wave of entrepreneurs, Oslo risks falling behind.
Attractiveness under pressure
The biggest concern is immigration. Net immigration to the Oslo region fell 91 percent in Q2. That is the lowest level since 2014, outside the pandemic. International talent has been essential in building strong startups and growth companies. If this trend continues, Oslo could lose critical innovation power, value creation and global competitiveness.
A city people visit AND stay in
It is positive that more tourists are choosing Oslo. But tourism alone doesn’t build a resilient economy. Oslo must be a city that people not only visit, but also stay in. A place to work, invest and build companies. Insights from Oslo Outlook are essential to spot challenges early and act before negative trends take hold.
Facts: Oslo Outlook
Tracking developments since 2018, it provides businesses, policymakers, and the public with a reliable overview of the trends shaping Oslo’s future.