Nordic & Swiss Economics Weekly Norway rips up the fiscal rule book Having endured a bruising few months, the risks to the Norwegian krone now appear to be on the upside, not least given that the government plans to spend a greater proportion of the pension fund this... 15th May 2020 · 4 mins read
Nordic & Swiss Chart Pack Denmark ahead on the long road back to normality The estimates of Q1 GDP that have been released so far have been subject to all manner of health warnings and are liable to be revised, potentially significantly, over the coming quarters. Nonetheless... 14th May 2020 · 5 mins read
Nordic & Swiss Data Response Sweden Consumer Prices (Apr.) While the Riksbank will look through the energy-driven plunge in headline inflation in April, the further fall in underlying price pressures will be harder to ignore. All told, while policymakers’... 13th May 2020 · 2 mins read
Nordic & Swiss Economics Weekly External demand to constrain Sweden’s recovery While there are welcome signs that Sweden has reaped some benefits from its light-touch lockdown, the economy will be constrained by the recovery in the rest of the continent given its dependence on... 7th May 2020 · 6 mins read
Nordic & Swiss Data Response Sweden GDP (Q1) & Switzerland CPI (Apr.) The comparatively small fall in Swedish GDP in Q1 appears to owe as much to a strong January and February as Sweden’s lighter-touch lockdown. Accordingly, today’s data underplay the scale of the... 5th May 2020 · 2 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Apr.) While Sweden’s less stringent lockdown has received a lot of attention, today’s data add to the evidence that economic activity there has not fared much better than elsewhere in Europe. 4th May 2020 · 2 mins read
Nordic & Swiss Economics Update Riksbank signals rate cut in the pipeline This morning’s decision by the Riksbank to leave its repo rate and crisis-related policy settings unchanged did not come as a big surprise. Nonetheless, it kept the door open for a rate cut, and we... 28th April 2020 · 3 mins read
Europe Economics Update Sweden’s light-touch lockdown far from pain-free Despite imposing less draconian measures than elsewhere, the economic impact of Sweden’s ‘lockdown’ is not far short of that in France, for example. Accordingly, Sweden’s experience pours cold water... 24th April 2020 · 2 mins read
Nordic & Swiss Central Bank Watch Negative rates to come back on agenda before long Having pulled out all the stops since its last scheduled policy meeting, in February, we suspect that the Riksbank will take stock next week. However, as the focus shifts away from monetary... 23rd April 2020 · 5 mins read
Nordic & Swiss Economic Outlook Comparatively well placed to weather the carnage Low levels of government debt mean that Switzerland and the Nordic economies are comparatively well placed to withstand the acute stresses being placed on the public finances – particularly compared... 21st April 2020 · 16 mins read
Nordic & Swiss Economics Weekly The gradual process of reopening begins While activity in the Swiss economy has fallen off a cliff, the stereotypical efficiency with which loans have been channelled to businesses means that the country is well placed to recover. Next week... 17th April 2020 · 4 mins read
Europe Commercial Property Update Looser measures won’t stop retail rent falls in Stockholm Although retailers in Sweden remain open, early indications suggest that the Stockholm retail sector will still be hit hard in Q2. In fact, we think that the virus outbreak will only accelerate falls... 16th April 2020 · 3 mins read
Nordic & Swiss Data Response Sweden Consumer Prices & Reg. Unemp. (Mar.) While the decline in headline inflation in Sweden in March owed much to lower energy prices, persistently below-target core price pressures and the virus-related economic slump opens the door to... 15th April 2020 · 2 mins read
Nordic & Swiss Economics Weekly The Ides of March do it again The ramp-up in containment measures in mid-March dealt a huge blow to the Norwegian economy. While restrictions will start to be lifted slowly later this month, we think that it is increasingly likely... 9th April 2020 · 5 mins read
Nordic & Swiss Chart Pack Scale of the economic carnage is becoming apparent The scale of the economic damage in Switzerland and the Nordics following the imposition of draconian virus-related containment measures is becoming all too apparent. Business surveys have plunged... 8th April 2020 · 5 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Mar.) The eye-watering declines in the manufacturing PMIs for March from Switzerland and the Nordics simply confirm that economic activity has dropped off a cliff following the introduction of containment... 1st April 2020 · 2 mins read
