Nordic Economies Economic Forecast

Economic Snapshot for the Nordic Economies

June 1, 2022

GDP growth to robust in 2022

Regional growth is set to be the strongest in over a decade this year—barring 2021’s rebound. The removal of virtually all Covid-19 measures is expected to bolster activity. Tighter labor markets and strong wage growth should cushion the impacts of elevated price pressures and tighter monetary policy in the region. Heightened geopolitical tensions are a risk to the outlook.

Inflation forecast to increase

Regional inflation accelerated to 6.1% in April (March: 5.4%) as prices increased at a quicker pace in all countries, other than Finland, in the region This year, rising prices for food and energy will drive up price pressures and push regional average inflation above that of 2021. Once the effect of tighter monetary policy kicks in, it should temper inflation somewhat.


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