Nordic Economies Economic Forecast

Economic Snapshot for the Nordic Economies

September 29, 2020

GDP forecast to expand in 2021

The region is forecast to grow at the quickest pace in over a decade this year on a vaccine-driven bounce-back in demand. Momentum should continue into 2022, with domestic demand remaining buoyant and exports continuing to grow at a strong albeit slower pace. Continued uncertainty around the pandemic and potential new variants clouds the outlook, however.

Inflation forecast to increase

Inflation increased to 2.4% in August from 2.0% in July, driven by higher price pressures in all countries within the region. Average inflation for the region is projected to increase markedly this year from 2020’s subdued level, before easing in 2022 as supply chain disruptions reduce and monetary policy is tightened in certain economies.


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