Economic Snapshot for the Nordic Economies
January 31, 2023
Economic Growth
Regional economic growth will be tepid this year; a shallow contraction in heavyweight Sweden and Denmark and Finland teetering on the edge of recession will overshadow healthy expansions in Iceland and Norway. Housing prices and household debt levels, as well as above-target inflation and higher borrowing costs, are factors to watch.
Inflation Outlook
Regional inflation ticked up to 9.1% in December (November: 9.0%). The acceleration of inflation in Iceland and, more notably, in Sweden more than offset easing price pressures in the rest of the region. This year, inflation is expected to moderate across the region, although it will remain above Central Bank targets region-wide. Currency fluctuations are a risk.
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Nordic Economies Economic News
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Denmark: Manufacturing activity posts quickest growth since October 2016 in December
February 8, 2023
Manufacturing output spiked 15.3% month on month in seasonally adjusted terms in December (November: +2.3% mom).
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Sweden: Industrial output rebounds in December
February 8, 2023
Industrial output increased 0.6% in month-on-month seasonally adjusted terms in December, which contrasted November's 2.8% decrease.
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Norway: Decline in industrial activity softens in December
February 7, 2023
Industrial output decreased 0.1% in month-on-month seasonally adjusted terms in December, which was a less pronounced drop than November's 0.5% decrease.
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Sweden: Economic sentiment deteriorates further in January
January 26, 2023
The economic tendency indicator (ETI) deteriorated for an eighth consecutive month in January, coming in at 82.3, down from December’s 85.0.
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Denmark: Business sentiment rises in January, but remains in negative territory
January 24, 2023
Business confidence rose to minus 16.0 in January from December's minus 17.0.
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