Nordea Kredit Performance Update
Nordic economic development
Hot economies are facing a "cold" winter
GDP development
135
135
10+
Index 2007Q1=100
GDP, level
Index 2007Q1=100
%
130
130
9
Finland
125
125
8
Unemployment rate
10
Unemployment
%
9
8
Denmark
120
Norway
120
7
- Sweden
115
115
10
6
6
9 1
110
110
5
5
105
105
4
4
100
100
3
95
95
2
2
- Sweden
Norway -Denmark - Finland
90
90
1
07 08 09 10
11
12 13 14 15 16
17
18
19 20 21 22
Source: Macrobond and Nordea
07
08
09
10
11
12
13
14
15
16
17
18
19
20
1
21 22
Source: Macrobond and Nordea
•
The Nordic economies recovered quickly from the
pandemic and even showed signs of overheating
•
With surging inflation and energy prices, the economic
development in the Nordic countries will most likely
slow down in the following quarters
Unemployment rate in the Nordic countries have
continuously declined since the pandemic
37
Source: Nordea Markets and Macrobond
GDP, % y/y (Economic Outlook September 2022)
Country
2021
2022E
2023E
2024E
Denmark
4.9
2.5
0.5
1.8
Finland
3.0
2.5
0.0
1.5
Norway
4.1
3.2
1.0
1.3
Sweden
4.9
3.0
-0.5
1.0
NordeaView entire presentation