Oslo Outlook #6 June 2023: A short update on business, employment and city attractiveness

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Published by Oslo Business Region, 01 June 2023

The labor market and business landscape in the first quarter of 2023 presented a mixed bag of outcomes.

The Oslo Outlook report, offering fresh facts and numbers on the socio-economic state of Oslo, has been released. This quarterly publication serves as a valuable resource for those seeking insights into the city's progress in terms of employment, business trends, and overall attractiveness. Whether you're a business professional, an investor, or simply curious about the current state of affairs in Oslo, this report provides a concise and informative overview.

A selection of key insight

  • New establishments rise, yet below pre-pandemic levels: Q1 2023 witnessed a 2% increase in new company establishments, but figures remained below those of 2020 and 2021.
  • Oslo's thriving investment landscape: Q1 2023 showcased Oslo's promising investment landscape. Oslo ranked second in total investment sums in the Nordics, just behind Stockholm. Oslo continues to maintain a high pace of investment with a significant number of investment rounds. Notably, the energy, robotics, and travel tech/tourism sectors attracted substantial capital, showcasing the city's potential for growth and innovation.
  • Employment: a slight dip after strong growth in 2022: After experiencing steady growth throughout 2022, employment took a hit in Q1 2023, declining by 1%. The most affected sectors were catering and construction, which saw a decrease in job opportunities.
  • Job vacancies halved due to decreased demand: The high demand observed in 2022 led to a record number of job vacancies, reaching 12,000 in Q1. However, in Q1 2023, these vacancies were reduced by half, totaling only 6,000. This number is expected but worrying, mirroring the unstable market.
  • Bankruptcies Surge, reflecting pre-pandemic levels: Bankruptcies increased by 42% compared to Q1 2022, reaching levels similar to the pre-pandemic period.

Oslo Outlook: A Quarterly Update

The Oslo Outlook report is published four times a year, providing regular updates on the development of Oslo. By capturing the latest data and trends, the report aims to shed light on the city's dynamic economic landscape and serve as a valuable resource for decision-makers and stakeholders. Oslo Outlook is made by Menon Economics on behalf of Oslo Business Region. The short format is chosen, and the idea is that you can read the report in a shorter time than it takes to drink a cup of coffee.