Economic Snapshot for the Nordic Economies
December 23, 2019
Economic growth among Nordic countries expected to stabilize next year
An economic recovery in Iceland and stronger growth in Norway, especially as the state-owned Johan Sverdrup oilfield ramps up production, will offset moderating economic growth in Denmark and Finland. Growth in Sweden is expected to be stable.
Nordic Economies Financial & Monetary Sector News
Regional inflation was unchanged in November at October’s 1.3%. Next year, inflation is expected to average more or less unchanged from this year, with prices pressures remaining weak due to modest economic growth and low oil prices.
Sweden’s Riksbank raised its repo rate to 0.00% from minus 0.25% in December, taking advantage of on-target inflation. The central banks of Iceland and Norway, meanwhile, left rates unchanged in December. In 2020, with inflation largely contained, monetary policy among Nordic countries is expected to be almost unchanged.
The currencies of Norway and Sweden appreciated against the euro over the past month, partly on slightly more hawkish monetary policy than in the Euro area and robust growth. The Icelandic currency, however, depreciated. Turning to 2020-end, the Norwegian and Swedish currencies are expected to strengthen year-on-year, whereas the Icelandic krona is seen steady.
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Nordic Economies Economic News
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Sweden: CPI and CPIF inflation hold steady in December
January 15, 2020
Consumer prices increased 0.4% in December from the previous month, up from the 0.1% increase in November and partly due to more expensive transport prices.
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Finland: Economic activity growth accelerates in November
January 15, 2020
Economic activity grew a working-day adjusted 2.3% in November from the same month a year earlier, up from October’s revised 1.9% reading (previously reported: +1.5% year-on-year), according to Statistics Finland’s latest monthly Trend Indicator of Output release. The uptick in November came on the back of a rebound in the primary sector—encapsulating agriculture, forestry and fishing sub-sectors—which had slumped in the previous month.
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Finland: Inflation ticks up in December
January 14, 2020
Consumer prices rebounded 0.1% in December compared with the previous month, reversing November’s 0.1% downtick.
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Finland: Current account surplus tightens in November
January 13, 2020
The current account surplus tightened to EUR 0.2 billion in November from a revised EUR 1.0 billion in October (previously reported: EUR 0.5 billion).
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Sweden: Industrial production rebounds in November
January 10, 2020
Total industrial production excluding energy increased 2.1% in November in seasonally- and calendar-adjusted terms, contrasting the revised 1.7% decrease in October (previously reported: -1.8% month-on-month).
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