Sweden GDP (Q2)

The sharp contraction in the Swedish economy in Q2 confirms that it has not been immune to Covid, despite the government’s well-documented light-touch lockdown. Nonetheless, the economic crunch over the first half of the year was in a different league entirely to the horror shows in southern Europe.
David Oxley Senior Europe Economist
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Nordic & Swiss Data Response

Switzerland CPI & Manufacturing PMIs (Jul.)

While inflation in Switzerland is likely to rise further in the coming months, the anticipated bout of re-opening inflation may have already passed, and the SNB will not be fazed.

2 August 2021

Nordic & Swiss Economics Update

Iceland’s shorter working week not a holy grail

The success of reduced working hour trials in Iceland was largely founded on adopting better working practices which, if embraced elsewhere, might offer no-cost ways of achieving better work-life balances. However, given that Iceland’s trials were centred on the public sector, and that Icelanders typically work longer hours than most in Europe, the broader lessons for other countries should not be overstated.

30 July 2021

Nordic & Swiss Economics Weekly

KOF coming back earth; Sweden powering ahead

The latest fall in the KOF Economic Barometer suggests that the tailwinds that have driven the rebound in the Swiss industrial sector are fading. But with the hospitality sector going from strength to strength, all signs point to Swiss GDP surpassing its pre-virus level in Q3 (if it didn’t quite manage it in Q2). Next week, we expect data released on Monday to show that the headline Swiss inflation rate rose to a 33-month high of 0.9% in July. Meanwhile, the set of manufacturing PMIs may provide further evidence that the rebounds in industrial activity have peaked.

30 July 2021

More from David Oxley

Nordic & Swiss Data Response

Norway GDP (May) & Sweden GDP Indicator (May)

The larger-than-expected rise in mainland Norwegian GDP in May indicates that the economy is back in business following the lifting of restrictions, and it is likely to have regained its pre-virus level in June.

7 July 2021

Global Economics Focus

The CBDCs are coming

We expect some major central banks to issue digital currencies later this decade, with those in countries where cash is rarest proceeding the fastest. The first generation of central bank digital currencies will be purposely designed not to shake up the status quo. But once established they would offer powerful new policy tools. It would be naïve to think that sooner or later central banks won’t consider using them.

6 July 2021

Nordic & Swiss Economics Weekly

Löfven exits the stage (not pursued by a bear)

The resignation of Prime Minister Stefan Löfven in Sweden has added to the period of political uncertainty in Sweden. That said, the other leading political actors would probably struggle to pass muster in the Riksdag and so there is a good chance that Mr Löfven will return in the same role before long. Next week, we expect monthly GDP data from Norway to show that mainland activity gathered pace in May, and that core inflation remained below the Norges Bank’s target in June.

2 July 2021
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