Nordic Economies Economic Forecast

Economic Snapshot for the Nordic Economies

November 24, 2020

GDP forecast to expand in 2021

Regional GDP growth is set to expand at a relatively robust pace in 2022, albeit slowing from this year’s projected rate. Stronger household spending will offset lower fixed investment growth to keep domestic demand buoyant, while exports should grow at a solid pace. The risk of overheating housing markets and potential new Covid-19 variants cloud the outlook, however.

Inflation forecast to ease

Inflation rose to 3.1% in October from 2.9% in September, driven by higher price pressures in Denmark, Finland and Sweden. Average inflation for the region is set to ease in 2022 from this year’s estimated high level, as supply chain disruptions reduce and monetary policy is tightened in certain economies. Higher energy prices are a key risk to the outlook, however.


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