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Macroeconomic outlook report: Nordics

Third quarter of 2019

During 3Q19, Denmark and Norway slowed its year-over-year growth with respect to the previous quarter. Sweden and Finland increased their growth rate compared to the previous quarter, with Finland´s acceleration being the most pronounced. In terms of inflation, Norway had the highest rate of the four countries for this quarter, while Denmark had the lowest rate. In the labor market, Norway had the lowest unemployment rate, while the highest corresponded to Sweden.

Macroeconomic summary

  • Denmark: GDP decelerated by 0.27 p.p. to 2.30% in the third quarter of the year, caused by the performance of the external demand. The inflation rate stood at 0.48%, the lowest of the period, after a decrease of 0.29 p.p. over the previous quarter. The unemployment rate increased by 0.03 p.p. in this quarter to 4.97 %.
  • Norway: experienced a decrease in its GDP growth rate of 0.64 p.p. from the previous quarter, with a rate of 0.50%. This behavior was due to the deceleration of external demand. Inflation stood at 1.67%, the highest of the four countries, after a decline of 0.77 p.p. For its part, the unemployment rate increased by 0.40 p.p. in the third quarter of the year to 3.80%, remaining the lowest rate among the Nordic countries.
  • Sweden: increased its GDP growth rate from the previous quarter by 0.76 p.p. to 1.72 %, as a result of private consumption behavior. Inflation also fell by 0.50 p.p. with respect to the previous quarter, reaching 1.53 % in this quarter. The unemployment rate decreased to 6.50%, 0.50 p.p. lower than in the previous quarter, being the highest of the four economies.
  • Finland: recorded an acceleration of 0.80 p.p. in the year-over-year GDP growth rate from the previous quarter to 2.20%. GDP performance was due to the boost of private consumption. The inflation rate decreased by 0.30 p.p. from the previous quarter to 0.93%. The unemployment rate reduced by 1.67 p.p. from the previous quarter, to 6.00%.

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© GMS Management Solutions, S.L., 2020. 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.