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.
5 years of Nordic Economies economic forecasts for more than 30 economic indicators.
Nordic Economies Economic News
March 30, 2021
The economic tendency indicator came in at 105.3 in March, up from February’s 103.8 and marking the strongest sentiment since April 2019.
March 30, 2021
Business confidence among firms in the manufacturing sector increased in March, with sentiment clocking in at 1 from February’s minus 3.
March 24, 2021
Consumer confidence ticked up in March, coming in at minus 5.0 from February’s minus 5.2 reading.
March 18, 2021
At its monetary policy meeting on 17 March, the Executive Board of Norges Bank unanimously decided to keep the sight deposit rate at 0.00%, marking the seventh consecutive meeting of unchanged rates. The Bank’s wait-and-see approach came amid an uptick in inflation in recent months—consumer prices rose at the strongest pace in over two years in February—while the unemployment rate remains well above pre-pandemic levels.
March 15, 2021
The current account recorded a EUR 0.1 billion deficit in January, falling from the EUR 0.4 billion surplus recorded in January 2020 and the EUR 2.0 billion surplus logged in the previous month.
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