Follow the economy across the Nordic countries and economic changes worldwide.
Economy
As part of its mid-term budget proposal for 2025, the Finnish government has decided on reductions of EUR 2 billion in earned income and corporate tax. About half of the tax cuts will be covered by increases in other taxes and spending cuts. Nordea Chief Analyst Juho Kostiainen takes a look at the reforms and the expected economic impact.
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Economy
China started the year 2025 with robust GDP growth. Nordea Chief Economist Tuuli Koivu also observed slightly better sentiment during her trip to the country in March. However, the intensified trade war between the US and China is going to hurt the growth and CNY outlook in the coming months.
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Insights
The trade war has been a rollercoaster for the markets – here’s a day-by-day account of the ride so far.
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Economy
During market turbulence, US government bonds tend to be a “safe haven.” But the past week showed something completely different. On 9 April, when Trump’s new tariffs were to take effect, investors sold off US government bonds. Nordea Senior Strategist Sara Midtgaard takes a closer look.
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Insights
Trump’s newest round of tariffs hit financial markets and added to downside risks to the economy. Plenty of uncertainties remain, and the USD sentiment has taken a beating. The ECB will likely cut again, while the Fed may find the outlook trickier, writes Nordea Chief Analyst Jan von Gerich.
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Markets and investment
There has been much focus on whether Trump could force the US trading partners into a so-called “Mar-a-Lago Accord” to weaken the dollar. Chief Strategist Lars Mouland reflects on what such a deal could entail.
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Economy
The international political landscape has changed dramatically. This increases the need for Europe to turbocharge plans to secure its strategic autonomy – and this starts now with the build-up of EU's defence capabilities.
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Economy
Trumponomics will probably not lead to much lower growth in Norway’s economy or more rate cuts from Norges Bank. To the contrary, we’ve strengthened our view that the number of rate cuts will be few.
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Economy
Small open economies are vulnerable to disruptions in global trade. However, the impact of Trump’s potential tariffs on the Nordic and Euro-area economies depends very much on the confidence effect, according to our economists in a new analysis.
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Corporate insights
It has been 100 days since Donald Trump de facto assumed office as President of the US. It is fair to say that he has been transforming the US fundamentally ever since through executive orders and has challenged the rules-based international cooperation.
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Economy
Denmark is navigating current global uncertainty from a position of economic strength, according to experts at Nordea’s recent Danish Economic and Government Debt Symposium. Can consumer confidence and household spending catch up with the country’s economic resilience?
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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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