Nordic Economies Economic Forecast

Economic Snapshot for the Nordic Economies

January 31, 2023

Economic Growth

Regional economic growth will be tepid this year; a shallow contraction in heavyweight Sweden and Denmark and Finland teetering on the edge of recession will overshadow healthy expansions in Iceland and Norway. Housing prices and household debt levels, as well as above-target inflation and higher borrowing costs, are factors to watch.

Inflation Outlook

Regional inflation ticked up to 9.1% in December (November: 9.0%). The acceleration of inflation in Iceland and, more notably, in Sweden more than offset easing price pressures in the rest of the region. This year, inflation is expected to moderate across the region, although it will remain above Central Bank targets region-wide. Currency fluctuations are a risk.


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