During the second quarter of 2021, Denmark, Norway, Sweden and Finland recorded strong growth rates, with a significant year-on-year change in GDP compared to the previous quarter. As far as inflation is concerned, Norway recorded the highest rate despite decreasing it with respect to the previous quarter, while inflation increased in the other analysed countries. Regarding the labour market, Norway, Sweden and Finland registered higher levels of unemployment than in the previous quarter, unlike Denmark.


Macroeconomic outlook report: Nordics 2Q21

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Macroeconomic summary

  • Denmark: In the second quarter, the Danish economy continued its recovery, with a 9.88 p.p. increase in their GDP relative to the previous quarter. Thus, the y/y variation of its GDP registered this time a positive rate, standing at 9.79%. Regarding the inflation rate, it increased to 1.63% after a rise of 0.90 p.p. with respect to the first quarter. In turn, the unemployment rate decreased by 0.87 p.p., down to a 5.03% rate.
  • Norway: Norway experienced an acceleration in its economy of 5.91 p.p. relative to the first quarter, registering a year over year GDP variation rate of 5.71%, the lowest rate of the four countries analysed. In turn, it recorded an inflation rate of 2.87% after a decrease of 0.10 p.p., which placed Norway once again as the Nordic country with the highest inflation rate, despite being the only one to lower inflation. Regarding the unemployment rate, it increased by 0.10 p.p., up to 5.10%, the second lowest rate among the four countries.
  • Sweden: In the second quarter of 2021, the Swedish economy recorded an increase in its GDP growth rate of 9.75 p.p. compared to the previous quarter, registering a positive growth of 9.51%. The unemployment rate increased by 0.20 p.p. from the previous quarter to 9.90%, the highest unemployment rate among the four countries. In turn, inflation experienced a 0.20 p.p. increase, reaching a 1.77% rate.
  • Finland: As far as its y/y GDP variation rate is concerned, Finland accelerated its raising growth by 9.00 p.p., standing at a 7.80% rate, the second lowest y/y variation rate of the Nordic countries. In turn, inflation doubled relative to the previous quarter, up to a 2.08% rate. Regarding the unemployment rate, it increased 0.73 p.p., registering a rate of 9.17%.

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