Economic Outlook
The cautious growth seen in the Finnish economy is at risk of hitting a tariff wall. Lower inflation and interest rates are boosting purchasing power, but increased uncertainty threatens to put private consumption and investment on hold for a little longer. Housing market activity has increased, but prices are not rising yet. The oversupply in the rental market is still discouraging new construction.
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Economic Outlook
Economic growth in Norway is picking up, driven by increased consumer spending and housing construction. The tariff war and the global situation will, on balance, have little impact on the Norwegian economy.
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Economic Outlook
Housing investment has declined sharply in recent years, which continued towards end-2024, according to Statistics Norway. However, other indicators suggest housing construction has picked up. We question whether the official figures accurately reflect recent developments. Going forward, we expect increased housing investment will help boost economic growth in Norway.
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Economic Outlook
The global economy faces significant uncertainty due to President Trump’s tariff war with the rest of the world. We do not expect a global recession in our baseline scenario, and we believe that Europe, particularly the Nordic region, is well-positioned to weather the storm, says Helge Pedersen, Nordea Group Chief Economist.
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Economic Outlook
Join us for the release of the Nordea Economic Outlook on 21 May. Register for the webinar with our chief economist for an inside look at Nordea’s latest forecasts.
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Economic Outlook
Even with only two rate cuts, we expect housing prices to grow by nearly 10% in 2025. After declining sharply for two years, housing construction may finally benefit from some tailwinds. Yet, a weak NOK and higher construction activity in Europe could soon pose new challenges for the construction sector. Who will build all the new homes?
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Economic Outlook
Economic growth in Norway picked up last year and is now back at normal levels. Unemployment has remained stable at a low level since last summer. Growth should increase further in the period ahead.
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Economic Outlook
The US has become the most important export market for Finland. This makes Finland quite sensitive to any trade barriers imposed by the US. In addition to direct tariffs, indirect effects such as counter-tariffs, foreign exchange rates and increased uncertainty will have an impact on Finland’s economy.
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Economic Outlook
The Finnish economy has seen cautious growth, but the economic cycle remains weak. Consumers are still cautious, even though purchasing power has started to improve and interest rates have fallen.
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Economic Outlook
The conditions are in place for a recovery in domestic demand – the main drivers are lower interest rates and stronger household purchasing power. Inflation remains low, and the Riksbank will likely cut its policy rate further.
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Economic Outlook
Despite the Danish economy's solid recovery, consumer confidence is at a low level, as households are increasingly worried about Denmark’s economic situation going forward. The question is whether this will put a spanner in the works for the expected consumption-driven recovery in 2025.
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Economic Outlook
The Danish economy is on a firm footing, and we expect it to continue to grow in 2025, supported by further central bank rate cuts and rising household purchasing power.
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