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Macroeconomic outlook report: Nordics

Fourth quarter of 2019

During 4Q19, Denmark, Sweden and Finland slowed their year-over-year growth rates with respect to the previous quarter. On the other hand, Norway increased its growth rate compared to the previous quarter. In terms of inflation, Sweden registered the highest rate of the four countries for this quarter, while Denmark recorded the lowest rate. In the labor market, Norway showed the lowest unemployment rate, while the highest corresponded to Sweden.

Macroeconomic summary

  • Denmark: GDP growth rate decelerated by 0.37 p.p. down to 2.24% in the fourth quarter of the year, this was due to the performance of the external demand. The inflation rate stood at 0.70%, the lowest of the period, despite registering an increase of 0.27 p.p. over the previous quarter. The unemployment rate increased by 0.14 p.p. in this quarter to 5.07%.
  • Norway: experienced an increase in its GDP growth rate of 1.33 p.p. when compared to the previous quarter, up to a rate of 1.83%. This behavior was due to the acceleration of external demand. Inflation stood at 1.60%, the second highest out of the four countries, despite registering a decrease of 0.07 p.p when compared to the previous quarter. Furthermore, the unemployment rate remained constant in the fourth quarter of the year standing at 3.80%, remaining the lowest rate among the Nordic countries.
  • Sweden: decreased its GDP growth rate when compared to the previous quarter by 1.10 p.p. down to 0.80%, because of the decelerations of both internal and external demand. Inflation increased by 0.20 p.p. with respect to the previous quarter, reaching 1.73% in this quarter. The unemployment rate decreased 0.20 p.p. down to 6.30%, making it the highest out of the four economies.
  • Finland: recorded a deceleration of 1.30 p.p. in the year-over-year GDP growth rate from the previous quarter to 0.50%. The performance of the Finnish GDP was due to the deceleration of internal demand. The inflation rate decreased by 0.16 p.p. with respect to the previous quarter down to 0.77%. The unemployment rate increased by 0.03 p.p. from the previous quarter, up to 6.03%.

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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.