Economic Snapshot for the Nordic Economies
July 3, 2020
The Nordic economy is projected to contract this year for the first time since the Global Financial Crisis due to the coronavirus pandemic, with oil-producing Norway set to also be affected by depressed energy prices. Nevertheless, healthy fiscal and monetary stimulus across the region should soften the downturn.
Nordic Economies Financial & Monetary Sector News
Consumer prices increased 0.3% in May compared to the same month last year, after remaining broadly unchanged in April. May’s reading was due to a gradual recovery in demand and oil prices. This year, inflation will likely average much lower than last year due to the economic slump.
Regional central banks have maintained ultra-loose monetary policies over the past month, and sustained measures to ensure ample liquidity in domestic financial markets. Overall, regional monetary policy is projected to loosen this year compared to last as central banks look to support economic activity.
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Nordic Economies Economic News
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Norway: Industrial output in June drops at sharpest rate since January
August 7, 2020
Industrial output fell 2.2% month-on-month in seasonally-adjusted terms in June, which was a larger contraction than May's 0.9% decrease.
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Sweden: Industrial output grows in June at quickest pace since January 2012
August 5, 2020
Industrial output expanded 8.8% month-on-month in seasonally-adjusted terms in June, which followed May's 0.9% increase.
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Sweden: Preliminary data shows economy slumped at record pace in Q2
August 5, 2020
The economy contracted 8.6% in the second quarter of 2020 from the previous quarter in seasonally-adjusted terms, contrasting the 0.1% increase in the first quarter but broadly in line with market analyst expectations, according to preliminary figures from Statistics Sweden. In calendar-adjusted annual terms, the economy shrank 8.2% in Q2 2020, contrasting the 0.4% expansion in Q1 2020.
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Sweden: Economic sentiment remains downbeat, despite further improvement in July
July 29, 2020
The economic tendency indicator climbed to 83.4 in July from June’s 75.3.
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Denmark: Consumer confidence improves in July but remains pessimistic
July 23, 2020
Consumer confidence came in at minus 2.9 in July, up from June's minus 3.1.
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