Economic Snapshot for the Nordic Economies
October 23, 2019
Economic growth among Nordic countries is seen holding steady next year
Low interest rates, more expansionary fiscal stances and tight labor markets should buttress Nordic growth against international trade tensions and protectionism which will limit global economic growth.
Nordic Economies Financial & Monetary Sector News
Regional inflation was unchanged in September at August’s 1.2%. Going forward, average inflation is expected to remain more or less unchanged next year from this year, with upward price pressure from wage gains counterbalanced by downward price pressure from subdued economic growth.
There was scant news on the monetary policy front over the past month, aside from the Central Bank of Iceland announcing another interest rate cut on the back of weak economic activity. Looking ahead, regional monetary policy is expected to tighten marginally next year, although it is set to remain accommodative to support modest economic growth.
The Icelandic, Norwegian and Swedish currencies depreciated against the euro over the past four weeks, as international trade tensions rose. Turning to the end of next year, the Icelandic, Swedish and Norwegian currencies are seen appreciating compared to the end of this year, in part on higher interest rates compared to the ECB and healthy current account surpluses.
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Nordic Economies Economic News
Sweden: CPI and CPIF inflation tick up in October
November 13, 2019
The consumer price index (CPI) was flat in October compared to the previous month, contrasting the 0.5% increase in September.
Sweden: Industrial production buckles in September
November 11, 2019
Total industrial production excluding energy decreased 1.0% in September in seasonally- and calendar-adjusted terms, down from the 0.3% decrease in August.
Sweden: Economic sentiment dragged lower in October
October 25, 2019
The economic tendency indicator fell to 93.6 points in October from a revised 94.4 points in September (previously reported: 94.6 points), marking the lowest reading since May 2013.
Sweden: Riksbank leaves the repo rate unchanged in October but points to a December hike
October 24, 2019
At its 24 October monetary policy meeting, the Riksbank left the repo rate unchanged at minus 0.25%, as had been widely expected.
Finland: Economic activity growth holds up in August
October 15, 2019
Economic activity grew a working-day adjusted 2.5% in August compared to the same month a year earlier, matching July’s revised reading (previously reported: +1.7% year-on-year).
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