Economic Snapshot for the Nordic Economies
March 29, 2017
Denmark: The economy is expected to accelerate moderately this year, mainly thanks to an improved performance in the external sector, along with increasing global trade. However, potential protectionist policies from several of Denmark’s trade partners form a downside risk. Panelists expect GDP to expand 1.5% in 2017, which is unchanged from last month’s estimate. In 2018, FocusEconomics panelists see growth at 1.7%.
Finland: The country’s economic recovery risks being ephemeral, as GDP growth is expected to slow this year. The agreed wage freeze, set to take effect this year, is expected to squeeze private consumption, while continued austerity will keep a lid on government consumption growth. FocusEconomics panelists expect GDP to grow 1.2% in 2017, which is unchanged from last month’s estimate. In 2018, analysts expect GDP to expand 1.3%.
Norway: Despite fiscal stimulus weakening slightly, the economy is expected to moderately gain traction thanks to growing global trade and an improved outlook for the oil sector. Total GDP is expected to expand 1.4% in 2017, which is up 0.1 percentage points from last month’s forecast. For 2018, our panel sees the total economy growing 1.7%. Mainland GDP, which excludes oil drilling activities, is expected to expand 1.6% in 2017, which is unchanged from last month’s estimate. The panel expects Mainland GDP to increase 2.0% in 2018.
Sweden: A dynamic external sector, growing residential construction and healthy government consumption should keep the Swedish economy on a steady growth path this year. However, rising protectionism and disruptions to trade flows could hurt the country’s outlook. FocusEconomics panelists see GDP rising 2.4% in 2017, which is up 0.1 percentage points from last month’s forecast. For 2018, they see growth decelerating to 2.2%.
Iceland: Economic growth should remain robust this year, though if overheating risks materialize they could quickly derail the country’s stellar economic performance. Our panelists expect GDP to expand 4.4% in 2017, which is unchanged from last month’s projection, and 2.7% in 2018.
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Nordic Economies Economic News
May 19, 2017
The consumer confidence index came in at 5.8 points in May (April: 7.4 points) after four months of increasing optimism among Danish consumers. Consumers’ view of the performance of the economy over the last 12 months and the outlook of the economy over the next 12 months was less optimistic.
May 16, 2017
Finland´s economic activity expanded a working-day adjusted 1.3% over the same month of the previous year, according to the Monthly Trend Indicator of Output.
May 16, 2017
In Q1 2017, Norway’s total economy expanded 0.2% in seasonally adjusted terms from Q4, decelerating from the 1.1% expansion recorded in the previous quarter.
May 15, 2017
Finland´s current account recorded a slight deficit in March, worsening from previous month´s result.
May 10, 2017
Consumer prices rose 0.2% in April compared to the prior month, up from March’s 0.1% increase.