Nordic Economies Economic Forecast

Economic Snapshot for the Nordic Economies

March 4, 2019

Regional growth is expected to hold broadly steady this year, after slowing for a second consecutive year last year. Stronger growth in Norway—underpinned by the new Johan Sverdrup oil platform—and Finland should offset softer readings in Denmark, Iceland and Sweden.

Nordic Economies Financial & Monetary Sector News

Regional inflation was 1.3% in January, which was unchanged from December. This year, average inflation is expected to remain relatively stable compared to last year’s low reading, as economic growth is seen remaining modest and lower global oil and gas prices should keep energy inflation in check.

Sweden’s Central Bank left interest rates unchanged in February but called the spread of coronavirus a “source of economic uncertainty”. Iceland’s Central Bank cut its key interest rate in the same month on economic growth concerns. Overall, monetary policy among Nordic countries is expected to be largely stable this year compared to last year.

The currencies of Iceland and Norway struggled over the past month on concerns about the global economy amid the coronavirus outbreak, which has also weighed on the price of oil, a key export for Norway. Sweden’s currency was largely steady. Turning to the end of this year, regional currencies are expected to strengthen slightly against the dollar, partly due to contained inflation.

  

 

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