Economic Snapshot for the Nordic Economies
November 24, 2020
GDP forecast to expand in 2021
Regional GDP growth is set to expand at a relatively robust pace in 2022, albeit slowing from this year’s projected rate. Stronger household spending will offset lower fixed investment growth to keep domestic demand buoyant, while exports should grow at a solid pace. The risk of overheating housing markets and potential new Covid-19 variants cloud the outlook, however.
Inflation forecast to ease
Inflation rose to 3.1% in October from 2.9% in September, driven by higher price pressures in Denmark, Finland and Sweden. Average inflation for the region is set to ease in 2022 from this year’s estimated high level, as supply chain disruptions reduce and monetary policy is tightened in certain economies. Higher energy prices are a key risk to the outlook, however.
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Nordic Economies Economic News
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Denmark: Consumer confidence rises but remains pessimistic in January
January 21, 2022
Consumer confidence rose to minus 1.5 in January from December's minus 2.1.
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Norway: Norges Bank holds fire in first meeting of the year
January 19, 2022
At its 19 January monetary policy meeting, the Executive Board of Norges Bank unanimously voted to maintain the sight deposit rate at 0.50%, after raising it to that level from 0.25% in December.
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Finland: Inflation slides in December
January 14, 2022
Consumer prices fell 0.07% from the previous month in December, swinging from the 0.45% rise logged in November.
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Finland: Economic activity growth slows to four-month low in November
January 14, 2022
Economic activity expanded 4.2% year-on-year in working-day adjusted terms in November, which was a deterioration from October's 4.7% increase. November’s moderation was due to activity in the primary sector—which includes the agriculture, hunting, forestry and fishing subsectors—and in secondary production expanding at softer paces.
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Sweden: Inflation comes in at highest level in 23 years in December
January 14, 2022
Consumer prices with a fixed interest rate (CPIF) rose 1.29% over the previous month in December, accelerating from November's 0.48% rise.
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