Covered Bond Framework Q1 2021
Nordic economies - strong rebound in sight
GDP development, %
Unemployment rate, %
135
Index 2007Q1=100
130
125
120
135
11
GDP, level
Index 2007Q1=100
%
130
10
9
125
8
120
7
Unemployment rate
Finland
11
%
10
9
7
115
115
Norway
Sweden
60
6
110-
Denmark O
110
Sweden
5
5
105
105
Denmark
4
4
Finland
100
100
95
95
3 2
3
2
Norway
90
90
1
1
07 08 09 10
11
12 13 14
15
16 17
18
19 20 21 22
Source: Macrobond and Nordeal
07 08 09 10 11
12 13 14 15 16 17
18 19 20 21 22
Source: Macrobond and Nordea
Comments
GDP forecasts from Economic Outlook January 2021, %
•
Country (%, y/y)
2020
2021E
2022E
After the dramatic setback in 2020 due to the coronavirus, there
appears to be light at the end of the tunnel for 2021
Vaccines are expected to bring long-awaited relief and the prospect of
a return to normal. Nordic households' relatively strong finances pave
the way for a broad recovery, as pent-up demand unwinds when
restrictions are lifted
Denmark
-2.7
2.5
3.5
Finland
-2.9
3.0
2.0
The labour market has shown resilience, largely due to government
subsidies such as short-term furloughs. The hard-hit services sector
will rebound swiftly, and GDP is expected to reach pre-crisis levels in
mid-to-late 2021
Norway
-2.5
2.7
4.3
Sweden
-2.8
4.0
3.0
17
Source: Nordea Markets and Macrobond
NordeaView entire presentation