Nordic Economies Economic Outlook
GDP growth is seen hitting a four-year high this year, bolstered by stronger domestic demand amid easing inflation and past interest rate cuts. That said, export growth will decelerate as a result of U.S. tariffs. Escalating tensions with the U.S. and associated tariff hikes remain key to track.
Nordic Economies Inflation
In January, regional inflation fell to a nine-month low. Price pressures decreased in Denmark, Finland and Sweden, and rose only in Iceland. This year, regional inflation is seen averaging at a six-year low, before stabilizing near 2.0% through 2030. Still, inflation in Iceland and Norway will likely average above central bank targets again this year.
This chart displays Economic Growth (Real GDP, ann. var. %) for Nordic Economies from 2010 to 2019.
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Merchandise Exports (USD bn) | 191 | 229 | 248 | 256 | 262 |
| Investment (annual variation in %) | 0.4 | 5.8 | 1.3 | -2.3 | -0.4 |
| Merchandise Imports (USD bn) | 317 | 401 | 440 | 410 | 405 |
| Economic Growth (Real GDP, ann. var. %) | -2.1 | 4.7 | 2.0 | 0.2 | 1.5 |
| Industrial Production (ann. var. %) | -1.9 | 5.7 | 3.8 | 1.7 | 2.8 |
| GDP per Capita (USD) | 57,321 | 68,061 | 68,414 | 64,825 | 66,191 |
| Private Consumption (annual variation in %) | -3.0 | 5.4 | 3.0 | -1.4 | 0.8 |
| Unemployment (% of active population, aop) | 6.5 | 6.3 | 4.9 | 5.3 | 5.9 |
| Inflation (CPI, ann. var. %, aop) | 0.7 | 2.5 | 7.2 | 5.9 | 2.4 |
| Policy Interest Rate (%, eop) | -0.22 | -0.07 | 2.35 | 4.05 | 3.24 |
| Public Debt (% of GDP) | 48.7 | 44.6 | 40.6 | 43.1 | 46.6 |
| Fiscal Balance (% of GDP) | -2.7 | 3.0 | 8.9 | 4.4 | 3.2 |
| International Reserves (USD bn) | 147 | 163 | 153 | 159 | 163 |