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The impact of COVID-19
Despite being among the world’s wealthiest countries, economic growth has been sluggish following the economic crisis in 2008. Especially Iceland's economy was hit hard by this crisis. Furthermore, the outbreak of the coronavirus (COVID-19) had a significant negative impact on the Nordic economies. All five faced slowed economic growth due to the pandemic but have been recovering in the last two years. While imports and exports recovered relatively fast, unemployment rates only started to decrease again in 2022. Despite the impact of COVID-19, the unemployment rates remain low in the Nordic countries compared to the rest of the world. The employment to population ratio is high among both men and women, despite some variations between the countries. Iceland has the highest ratio, whereas Finland has the lowest.
Trade and account balance
Foreign trade plays an important part in the economy of the five Nordic countries. Unsurprisingly, they constitute important trading partners for one another. Meanwhile, Germany remains an important trading partner for all five countries. Denmark, Sweden, and Finland are all members of the EU, whereas Norway and Iceland only are members of the European Economic Area (EEA). Sweden and Denmark have the highest net trade. The former both has the highest values of imports and exports of goods, while for the latter, import and export of goods is most important for the country’s GDP. Furthermore, three out of five countries had a positive account balance in 2022. Only Iceland and Finland had a negative account balance with Finland slowly moving towards a neutral account balance during the past decade. Iceland´s economy seems to have been impacted quite heavily by the pandemic since they had not experienced negative trade since 2012. They also have the highest debt rate of the Nordic countries. Finally, inflation rates increased in all the Nordic countries in 2022, following global inflation trends.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Einar H. Dyvik Research expert covering Nordics and global data for society, economy, and politics Get in touch with us now
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GDP at current prices in the Nordic countries 2011-2027, by country
Detailed statistics
Net trade in goods and services in the Nordic countries 2010-2021, by country
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Inflation rate in the Nordic countries from 2010 to 2023
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Overview
- Premium Statistic GDP growth rate forecasts in the Nordics 2020-2025
GDP growth rate forecasts in the Nordics 2020-2025
Gross domestic product (GDP) growth rate forecasts in the Nordics from 2020 to 2025
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Year-on-year percentage change in the value of exports in the Nordics from 2020 to 2024
Gross Domestic Product (GDP)
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- Basic Statistic GDP at current prices in the Nordic countries 2011-2027, by country
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- Basic Statistic GDP growth rate in the Nordics 2010-2023, by country
- Basic Statistic Countries with the largest gross domestic product (GDP) per capita 2022
Gross Domestic Product (GDP)
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GDP at current prices in the Nordic countries 2011-2027, by country
Gross domestic product (GDP) at current prices in the Nordic countries from 2011 to 2027, by country (in billion U.S. dollars)
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GDP per capita at current prices in the Nordic countries 2010-2023, by country
Gross domestic product (GDP) per capita at current prices in the Nordic countries from 2010 to 2023, by country (in 1,000 U.S. dollars)
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Trade
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- Premium Statistic Net trade in goods and services in the Nordic countries 2010-2021, by country
- Premium Statistic Exports of goods and services in the Nordic countries 2010-2022, by country
- Premium Statistic Imports of goods and services in the Nordic countries 2010-2022, by country
- Premium Statistic Value of imports of goods and services in the Nordic countries 2010-2022, by country
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Trade
- Premium Statistic Net trade in goods and services in the Nordic countries 2010-2021, by country
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Exports of goods and services in the Nordic countries from 2010 to 2022, by country (percentage of GDP)
- Premium Statistic Imports of goods and services in the Nordic countries 2010-2022, by country
Imports of goods and services in the Nordic countries 2010-2022, by country
Imports of goods and services in the Nordic countries from 2010 to 2022, by country (percentage of GDP)
- Premium Statistic Value of imports of goods and services in the Nordic countries 2010-2022, by country
Value of imports of goods and services in the Nordic countries 2010-2022, by country
Value of imports of goods and services in the Nordic countries from 2010 to 2022, by country (in billion current U.S. dollars)
- Premium Statistic Value of exports of goods and services in the Nordic countries 2010-2022, by country
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Value of exports of goods and services in the Nordic countries from 2010 to 2022, by country (in billion current U.S. dollars)
Employment
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- Premium Statistic Unemployment rate in the Nordic countries 2011-2021, by country
- Basic Statistic Employment rate in the Nordic countries 2012-2022, by country
- Premium Statistic Employment-to-population ratio among men in the Nordic countries 2010-2021
- Premium Statistic Employment-to-population ratio among women in the Nordic countries 2012-2022
- Premium Statistic Unemployment rate among men in the Nordic countries 2010-2021, by country
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Employment
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Employment-to-population ratio among men in the Nordic countries from 2010 to 2021, by country
- Premium Statistic Employment-to-population ratio among women in the Nordic countries 2012-2022
Employment-to-population ratio among women in the Nordic countries 2012-2022
Employment-to-population ratio among women in the Nordic countries from 2012 to 2022, by country
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Unemployment rate among women in the Nordic countries 2013-2023, by country
Unemployment rate among women in the Nordic countries from 2013 to 2023, by country
Inflation and government finances
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- Premium Statistic Inflation rate in the Nordic countries from 2010 to 2023
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- Premium Statistic Debt rate in the Nordic countries 2010-2023, by country
Inflation and government finances
- Premium Statistic Inflation rate in the Nordic countries from 2010 to 2023
Inflation rate in the Nordic countries from 2010 to 2023
Inflation rate in the Nordic countries from 2010 to 2023 (compared to previous year)
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Current account balance in the Nordic countries from 2013 to 2023, by country (in percent of GDP)
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Gross debt rate in the Nordic countries from 2010 to 2023, by country (as percentage of GDP)
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