In 2023, the production in the Accommodation and Food Service Activities sector in Norway stood at 103.25 billion Norwegian Krones. The forecasted values indicate a steady increase over the next five years: 106.62 billion in 2024, 110.08 billion in 2025, 113.52 billion in 2026, 116.93 billion in 2027, and 120.32 billion in 2028. Analyzing the year-on-year variation in percentage:
- From 2023 to 2024, the sector is expected to increase by 3.27%.
- From 2024 to 2025, the increase is projected at 3.24%.
- From 2025 to 2026, the increase is estimated to be 3.12%.
- From 2026 to 2027, an increase of 3.01% is forecasted.
- From 2027 to 2028, a 2.90% increase is projected.
The Compound Annual Growth Rate (CAGR) over the five-year period from 2023 to 2028 is approximately 3.11%.
Future trends to watch for include technological advancements enhancing customer experience, increasing emphasis on sustainable practices, and potential impacts from economic fluctuations and changes in consumer travel behaviors due to global events. Monitoring these trends will be crucial for adapting strategies and sustaining growth in this sector.
