Economic Snapshot for the Nordic Economies
September 29, 2020
GDP forecast to expand in 2021
The region is forecast to grow at the quickest pace in over a decade this year on a vaccine-driven bounce-back in demand. Momentum should continue into 2022, with domestic demand remaining buoyant and exports continuing to grow at a strong albeit slower pace. Continued uncertainty around the pandemic and potential new variants clouds the outlook, however.
Inflation forecast to increase
Inflation increased to 2.4% in August from 2.0% in July, driven by higher price pressures in all countries within the region. Average inflation for the region is projected to increase markedly this year from 2020’s subdued level, before easing in 2022 as supply chain disruptions reduce and monetary policy is tightened in certain economies.
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Nordic Economies Economic News
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Norway: Norges Bank delivers first rate hike in September meeting
September 23, 2021
At its monetary policy meeting on 22 September, the Executive Board of Norges Bank unanimously voted to raise the sight deposit rate to 0.25% from the record low of 0.00%—where it had been since May last year.
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Denmark: Consumer confidence hits over three-year high in September
September 22, 2021
Consumer confidence came in at 8.2 in September, up from August's 4.4 and marked the best reading since July 2018.
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Sweden: Riksbank leaves monetary policy unchanged at September meeting; upgrades growth outlook for 2021
September 21, 2021
At its meeting on 20 September, the Riksbank made no adjustments to its monetary policy, maintaining its key repo rate at 0.00% and leaving its asset purchasing program unchanged. The decision reflected moderate inflation expectations—inflation is projected to track close to the Bank’s 2.0% target rate in the long term—and a brightening economic outlook for the final stretch of 2021, giving the Bank space to maintain its accommodative stance and provide liquidity to bolster activity.
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Finland: Economic activity growth eases in July
September 15, 2021
Economic activity expanded 5.5% year-on-year in working-day adjusted terms in July (June: +9.1% yoy), marking a four-month low.
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Finland: Inflation increases to three-month high in August
September 14, 2021
Consumer prices rose 0.23% in August over the previous month, below July's 0.33% increase.
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