So far, the Nordic economies have been remarkably resilient, with continued decent GDP growth and quite strong export performances. The reasons are many: pharma and windmills in Denmark, exports of services in Sweden, demand from global oil investments in Norway and a major ship delivery from Finland, among others. However, this illustrates that the Nordic countries have entered the current period of slower global growth from a starting point of strong competitiveness.
Nevertheless, the Nordic countries are small open economies and very dependent on global developments. We expect lower global growth to become visible in Nordic data as well, but of course mitigated or aggravated by domestic developments.Las Olsen
Chief Economist, Danske Bank