Nordic Economies Economic Forecast

Economic Snapshot for the Nordic Economies

September 28, 2022

Economic Growth

Economic growth in the region will moderate this year and soften further in 2023. The positive effect of tight labor markets and strong wage growth should ease pressure exerted by higher interest rates and elevated inflation, while fears of a global slowdown bode ill for the external sector. Falling house prices, household debt levels and geopolitical tensions are key risks.

Inflation Outlook

Regional inflation accelerated to 8.3% in August (July: 7.9%), amid intensifying price pressures in Denmark and Sweden, which more than offset moderating inflation in Finland, Iceland and Norway. Inflation in the region is set to gradually moderate during the remainder of the year and into 2023 due to tighter monetary policies.


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