Q4 2023 Financial Update

60 Macro environment Our home markets: Nordics GDP development Indexed Q4 2019 = 100 110 100 90 Norway Finland Denmark GDP growth (%) 2022 2023 2024 2025 Norway 3.0 0.5 2.1 1.6 Finland 1.6 -0.5 -0.2 2.0 Denmark 2.8 1.0 1.5 3.0 Q4-2019 Q3-2020 Q2-2021 Q1-2022 Q4-2022 Q3-2023 Inflation Annual growth rate 12% 8% 4% Norway Finland Denmark Unemployment Share of total labor force -Norway -Finland Denmark 10% 8% 6% 4% 0% 2019 2020 2021 2022 2% -4% 2019 2020 2021 2022 Source: OECD database, SEB Nordic Outlook January 2024. SEB

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