Nordic Economies Economic Forecast

Economic Snapshot for the Nordic Economies

August 31, 2022

GDP growth to robust in 2022

While still strong, regional economic growth is set to nearly halve this year, following 2021’s rebound. The ongoing tightening of labor markets and continued wage growth should more than offset pressures from tighter financial conditions and sky-high inflation rates. The evolution of housing markets, household debt and geopolitical tensions are factors to watch.

Inflation forecast to increase

Regional inflation skyrocketed to 7.8% in June (May: 6.8%). The acceleration came amid inflation rates hitting multi-decades highs in all countries across the region. Inflation is expected to stabilize in the coming months , although it is set to average its highest level since records began in 1999 . Tighter financial conditions might not be able to offset higher energy prices.


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