Nordic Economies Economic Forecast

Economic Snapshot for the Nordic Economies

August 31, 2020

GDP forecast to expand in 2021

This year, the Nordic region is projected to grow at the fastest pace in over a decade. Domestic activity should drive the recovery as consumer and capital spending boost demand, while improving global trade levels will benefit the external sector. However, new variants of the Covid-19 virus and any reimposition of travelrelated restrictions remain risks to the outlook.

Inflation forecast to increase

Inflation fell to 1.9% in June from 2.1% in May, driven by milder price pressures in Finland and Sweden. This year, average inflation for the region is forecast to increase from 2020’s muted level due to higher household spending and continued loose monetary policy. The risk of slower-than-expected recoveries in labor markets across the region clouds the outlook.


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