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Macroeconomic outlook report: Nordics

First quarter of 2019

During 1Q19, Denmark and Sweden slowed their year-over-year growth with respect to the previous quarter. Norway and Finland increased their growth rate compared to the previous quarter, with Norway's acceleration being the most pronounced. In terms of inflation, Norway had the highest rate of the four countries for this quarter, while Denmark and Finland had the lowest rates. In the labor market, Norway had the lowest unemployment rate, while the highest corresponded to Finland.

Macroeconomic summary

  • Denmark: GDP decelerated by 1.71 p.p. to 1.93% in the first quarter of the year, caused by the slowdown in domestic demand. The inflation rate stood at 1.20%, the lowest of the period with Finland, after an increase of 0.40 p.p. over the previous quarter. The unemployment rate rose by 0.30 p.p. in this quarter to 5.27%.
  • Norway: experienced an increase in its GDP growth rate of 0.67 p.p. from the previous quarter, with a rate of 2.54%. This behavior was due to the acceleration in domestic demand. Inflation stood at 3%, the highest of the four countries, after a decline of 0.37 p.p. For its part, the unemployment rate rose by 0.40 p.p. in the first quarter of the year to 3.90%, remaining the lowest rate among the Nordic countries.
  • Sweden: reduced its GDP growth rate from the previous quarter by 2.60 p.p. to 2.02%, because of domestic demand behavior. Inflation also fell by 0.20 p.p. with respect to the previous quarter, reaching 1.90% in this quarter. The unemployment rate rose to 6.80%, 1.10 p.p. higher than in the previous quarter.
  • Finland: recorded an acceleration of 0.10 p.p. in the year-over-year GDP growth rate from the previous quarter to 0.90%. GDP performance was due to the boost of external demand. The inflation rate decreased by 0.13 p.p. from the previous quarter to 1.20%. The unemployment rate rose by 1.10 p.p. from the previous quarter, to 7.07%, the highest of the four economies.

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© GMS Management Solutions, S.L., 2019. All rights reserved. The information contained on this publication is of a general nature and does not constitute a professional opinion or an advisory service. The data used in this publication come from public sources. GMS Management Solutions, SL assumes no liability for the veracity or accuracy of such data.