As elsewhere in mainland Europe, activity in Switzerland and the Nordic economies rebounded in Q2 as services sectors re-opened and the strength of global trade has buoyed exports. Our GDP forecasts for 2021 are generally above the consensus and output will get back to pre-virus levels in all cases by the end of the summer. The spread of the Delta variant is a risk but with vaccination programmes powering ahead we do not expect it to prevent output from rising closer to pre-pandemic trends in H2, particularly in Denmark.
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