Nordic Economies Economic Outlook
This year, aggregate GDP growth in the Nordics is seen close to 2025’s pace and just above the prior decade average of 1.7%. Both fixed investment and private spending growth are seen hitting multi-year highs, the former amid higher defense outlays, the latter thanks to relatively contained inflation. Weaker global trade is a downside risk.
Nordic Economies Inflation
In July, inflation fell in Denmark, Finland and Sweden, rose in Norway and held steady in Iceland. While panelists have hiked their 2026 forecasts since the start of the Iran war, inflation should still average at one of its lowest rates of the post-pandemic era this year and well below the world average. U.S.-Iran tensions and monetary policy decisions remain key to track.
This chart displays Economic Growth (Real GDP, ann. var. %) for Nordic Economies from 2010 to 2019.
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Merchandise Imports (USD bn) | 401 | 440 | 410 | 405 | 436 |
| Merchandise Exports (USD bn) | 442 | 468 | 474 | 483 | 528 |
| GDP per Capita (USD) | 68,073 | 68,424 | 64,792 | 66,660 | 71,963 |
| Industrial Production (ann. var. %) | 5.8 | 2.9 | 1.1 | 3.4 | 4.0 |
| Public Debt (% of GDP) | 44.6 | 40.7 | 43.1 | 46.4 | 47.0 |
| Fiscal Balance (% of GDP) | 3.0 | 8.9 | 4.4 | 3.1 | 2.4 |
| Economic Growth (Real GDP, ann. var. %) | 4.8 | 2.0 | 0.3 | 2.0 | 1.8 |
| Private Consumption (ann. var. %) | 5.4 | 3.0 | -1.3 | 1.1 | 1.8 |
| Fixed Investment (ann. var. %) | 5.8 | 1.3 | -2.0 | 0.9 | 0.3 |
| Policy Interest Rate (%, eop) | -0.04 | 2.40 | 4.14 | 3.32 | 2.44 |
| Inflation (CPI, ann. var. %, aop) | 2.5 | 7.2 | 5.9 | 2.3 | 1.8 |
| Unemployment (% of active population, aop) | 6.3 | 4.9 | 5.3 | 5.9 | 6.4 |
| International Reserves (USD bn) | 163 | 153 | 159 | 163 | 185 |