Nordic Economies Economic Outlook
Despite an export slowdown, the region is seen growing at a faster pace this year than last; a sound rebound in private consumption amid recovering purchasing power will drive the upturn. That said, looser labor markets could cap the overall improvement. Monetary policy, investor sentiment, housing prices and currency exchange rates are factors to watch.
Nordic Economies Inflation
Regional inflation waned in June from May as price pressures eased in all countries in the region bar Finland, where they were stable. Inflation will average below 2023 in all countries across the region this year thanks to the delayed impact of past rate hikes and a high base of comparison. It is set to only average above target in Iceland and Norway.
This chart displays Economic Growth (Real GDP, ann. var. %) for Nordic Economies from 2010 to 2023.
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Fiscal Balance (% of GDP) | 2.6 | -2.6 | 3.1 | 9.0 | 4.5 |
| GDP per Capita (USD) | 57,714 | 56,853 | 67,720 | 67,820 | 64,539 |
| Economic Growth (Real GDP, ann. var. %) | 1.8 | -2.1 | 5.2 | 2.1 | 0.7 |
| 1.1 | -3.5 | 5.4 | 2.8 | -0.6 | |
| 1.9 | 0.3 | 5.1 | 3.0 | -3.3 | |
| Industrial Production (ann. var. %) | 0.6 | -2.0 | 5.9 | 3.8 | 1.8 |
| Unemployment (% of active population, aop) | 5.6 | 6.8 | 6.6 | 5.3 | 5.8 |
| Public Debt (% of GDP) | 42.8 | 49.3 | 45.0 | 41.0 | - |
| Inflation (CPI, ann. var. %, aop) | 1.6 | 0.7 | 2.5 | 7.2 | 5.9 |
| Policy Interest Rate (%, eop) | 0.14 | -0.14 | 0.00 | 2.42 | 4.13 |
| Current Account Balance (% of GDP) | 4.5 | - | - | - | - |
| Merchandise Exports (USD bn) | 360 | 344 | 421 | 445 | 445 |
| Merchandise Imports (USD bn) | 233 | 216 | 271 | 300 | 279 |
| International Reserves (USD bn) | 67 | 72 | 79 | 81 | 79 |