Economic Snapshot for the Nordic Economies
December 22, 2020
The Nordic economy is set to recover in 2021 as improving consumer and capital spending, combined with continued fiscal stimulus, drive a rebound in domestic demand. While exports should benefit from a pickup in global trade levels, uncertainty regarding future demand for oil and the spate of reimposed lockdowns in Europe and the U.S. cloud the outlook markedly.
Nordic Economies Financial & Monetary Sector News
Inflation came in at 0.7% in October, unchanged from September’s reading. In 2021, regional inflation is forecast to pick up on higher consumer spending and improving labor markets, having fallen significantly this year. However, relatively low oil prices and uncertainty around the trajectory of the pandemic are likely to keep price pressures muted nonetheless.Central banks in the region maintained ultra-accommodative monetary policies over the past month, with Norges Bank holding rates at 0.00% at its 5 November meeting. Overall, regional monetary policy is projected to remain loose in 2021 as central banks seek to continue measures taken this year to bolster the economic recovery.
Central banks in the region maintained ultra-accommodative monetary policies over the past month, with Norges Bank holding rates at 0.00% at its 5 November meeting. Overall, regional monetary policy is projected to remain loose in 2021 as central banks seek to continue measures taken this year to bolster the economic recovery.
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Nordic Economies Economic News
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Norway: Norges Bank leaves rate unchanged in June; hints at September hike
June 16, 2021
At its monetary policy meeting on 16 June, the Executive Board of Norges Bank once again voted to keep the sight deposit rate at its record low of 0.00%.
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Finland: Economic activity growth accelerates in April
June 15, 2021
Economic activity expanded notably in April, with growth clocking in at 6.4% year-on-year in working-day adjusted terms, accelerating from March’s 0.1% increase.
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Finland: Inflation inches up to over eight-year high in May
June 14, 2021
Consumer prices increased 0.15% in May over the previous month, slowing from April’s 0.37% rise.
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Finland: Current account logs smaller deficit in April
June 11, 2021
The current account recorded a EUR 0.6 billion deficit in April, below the EUR 0.4 billion deficit logged in the same month last year and slightly above the EUR 0.7 billion deficit posted in March.
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Norway: Inflation softens in May
June 10, 2021
Consumer prices decreased a seasonally-adjusted 0.09% over the previous month in May, contrasting the 0.35% increase logged in April.
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