Nordic Economies Economic Outlook
Regional GDP growth will pick up slightly from 2023 this year thanks to improving activity in Finland, Norway and Sweden. Household spending will recover due to slowing inflation and expected interest rate cuts later in the year, coupled with continued wage growth. A key downside risk is a steeper-than-expected real estate market correction.
Nordic Economies Inflation
Regional inflation waned to 3.2% in February (January: 3.6%) as price pressures softened across the region—barring Finland, where inflation was stable. Over half of the countries in the region will see inflation remain above central banks’ targets this year, although it will average below 2023’s level across the board.
This chart displays Economic Growth (GDP, ann. var. %) for Nordic Economies from 2010 to 2023.
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| GDP per capita (USD) | 57,817 | 56,891 | 67,715 | 68,134 | 64,331 |
| Economic Growth (GDP, ann. var. %) | 1.5 | -2.3 | 5.1 | 2.7 | 0.5 |
| Private Consumption (ann. var. %) | 1.0 | -3.6 | 5.3 | 2.8 | -0.6 |
| Fixed Investment (ann. var. %) | 1.8 | 0.3 | 4.3 | 4.9 | -2.1 |
| Industrial Production (ann. var. %) | 0.6 | -2.0 | 5.9 | 3.8 | 1.9 |
| Unemployment (% of active population, aop) | 5.6 | 6.8 | 6.6 | 5.4 | 5.8 |
| Fiscal Balance (% of GDP) | 2.6 | -2.6 | 3.1 | 8.9 | - |
| Public Debt (% of GDP) | 41.7 | 48.3 | 44.3 | 40.2 | - |
| Inflation (CPI, ann. var. %, aop) | 1.6 | 0.7 | 2.5 | 7.2 | 5.9 |
| CBI Policy Rate (%, eop) | 0.14 | -0.14 | 0.00 | 2.42 | 4.13 |
| Exchange Rate (LBP per USD, eop) | 10.57 | 9.72 | 10.32 | 11.71 | 11.79 |
| Current Account Balance (% of GDP) | 4.5 | - | - | - | - |
| Merchandise Exports (USD bn) | 368 | 350 | 425 | 448 | 452 |
| Merchandise Imports (USD bn) | 235 | 218 | 271 | 300 | 279 |
| International Reserves (USD bn) | 11 | 13 | 17 | 16 | 17 |