Nordic Economies Economic Forecast

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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