Most prominent Nordic industries
The Nordic countries consist of Norway, Denmark, Sweden, Finland and Iceland and they are known for topping metrics of quality of life, education, economic performance, etc. Basically, these areas are very well developed in many aspects. One driving factor is the advancement of Nordic industries, which ensure sufficient government revenues. At the top of the Nordic industries list are:
Among the largest industries among the Nordic countries is the oil and gas sector, mainly from Norway. There have been discoveries of large reserves of natural gas and crude oil in the North Sea, which Norway exports to Iceland and other Nordic-EU nations. Although the country is not part of the EU, the European Free Trade Association ensures efficient exportation to EU member nations.
Although recently oil has not been a great performer, Norway and other Nordic economies have made due by diversifying their economies and reducing their reliance on the energy sector. Despite the recent drop in oil prices, demand is still there and the supply too, so this may only be a temporary setback.
What makes the whole Nordic market special is the weather. The climate is quite cold, and this contributed a lot to the popularity of various betting and gambling activities. NorskeCasinoer.co estimates that an average Norwegian, Danish or Swedish persons spends a total of 250 EUR monthly on gambling. Having said this, most of the casinos in the Nordic region are owned by the state, hence the funds are not living the region.
The service sector in Nordic countries has also been very successful with several major banks and insurance companies being based there. Strict financial regulation has improved the trust people have for Nordic service industries, and there has been a lot of foreign investment poured into the region. This is why you should consider their currencies in your Forex strategy.
Manufacturing and construction
There are a number of manufacturing industries in the Nordic region, specializing in products from the smallest in size to the biggest. At some point, Nokia in Norway had become the largest producer of mobile phones, but the region also produces marine and aviation equipment.
With a strong mining sector in iron, steel, and aluminium, the region is able to export both the materials and the finished products. Other exports include seafood, which are exported mainly to the EU nations.
Strategic location along the Black Sea has enabled the Nordic countries to be very well positioned as a transport hub. In fact, the largest shipping company in the world, Maersk, is based in Denmark, and it has been able to take advantage of its geographic positioning to gain an edge.
A lot of people are interested in visiting the Nordic countries because of the beautiful landscapes and scenery. The weather also promotes certain activities and sports like skiing, which have made the Nordic countries stand out among other locations. Most people go there to see the northern lights, a phenomenon which causes bright lights in the sky. The famous ice hotel, which is built entirely of ice, also attracts many visitors.
There have been an increasing number of tourists to the Nordic countries especially because of the devalued currencies. To promote economic growth, the central banks of Nordic countries lowered interest rates and devalued their currency. It has thus attracted many visitors from neighbouring European nations, making tourism a major industry in the Nordic region.