During the second quarter of 2022, Norway and Sweden accelerated their pace of growth, while Denmark and Finland slowed down. In terms of inflation, Sweden recorded the highest inflation rate, although below the OECD average. Regarding the labour market, Denmark and Finland reported lower levels of unemployment than in the previous quarter, while Sweden increased its rate, with Norway remaining at the same rate as in the previous quarter.

Macroeconomic outlook report: Nordics 2Q22

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Macroeconomic summary

  • Denmark: In the second quarter, the Danish economy showed slower growth, after decelerating its GDP by 2.86 p.p. compared to the previous quarter, registering a positive year-on-year change in GDP of 3.80%. The inflation rate stood at 7.43%, 2.60 p.p. higher than in the previous quarter. The unemployment rate decreased by 0.20 p.p. to 4.20%.
  • Norway: Norway experienced a slight recovery in its economy of 0.16 p.p. compared to the first quarter of 2022, with its GDP at a year-on-year rate of change of 3.89%. On the other hand, it recorded an inflation rate of 5.80%, after experiencing a significant increase of 2.00 p.p.. The unemployment rate remained unchanged at 3.30%, once again the lowest of the four countries analysed.
  • Sweden: In the second quarter of 2022, the Swedish economy recorded an acceleration in its GDP growth rate of 0.14 p.p. compared to the previous quarter, registering a rate of 4.14%, the highest growth rate of the four countries. The unemployment rate increased by 0.40 p.p. from the previous quarter to 8.50%, the highest of the four countries. Inflation rose by 2.80 p.p. to 7.47%.
  • Finland: In terms of year-on-year GDP growth, Finland's GDP growth slowed down by 0.60 p.p. to 3.20%. The inflation rate continued to rise to 6.83%. On the labour market, the unemployment rate decreased by 0.20 p.p. to 6.47%.

For more information, access the Macroeconomic Outlook Report of Nordics 2Q22.