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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Nordic Economies Economic News
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Norway: Krone sinks to fresh all-time low in March and outlook appears bleak
March 27, 2020
On 20 March, after Norges Bank cut rates by an unprecedented 75 basis points, the krone ended the day at 12.57 per EUR, marking a record low.
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Sweden: Economic sentiment slumps to near seven-year low in March
March 26, 2020
The economic tendency indicator fell to 92.4 in March from a revised 98.7 in February (previously reported: 99.1), representing a near seven-year low.
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Denmark: Consumer confidence falls to a 40-month low in March
March 23, 2020
The consumer confidence index released by Statistics Denmark fell to 0.4 in March from 3.3 in February.
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Denmark: Government approves massive spending package to support economy
March 20, 2020
In recent days, the government has approved fiscal stimulus measures worth approximately DKK 286.7 billion (USD 38.4 billion) to combat the effects of the coronavirus (Covid-19) pandemic and the containment measures imposed to slow its transmission.
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Norway: Norges Bank cuts rates to record low in March
March 20, 2020
The Executive Board of Norges Bank unanimously decided to slash the sight deposit rate to 0.25% from 1.00% at its unplanned monetary policy meeting on 19 March.
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