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Key economic indicators of Scandinavia - Statistics & Facts

The Scandinavian economies of Denmark, Norway, and Sweden are among the world’s wealthiest. Scandinavians enjoy some of the highest standards of living in the world due to relatively small wage gaps, high employment, and high taxation combined with good quality education and social security. From a macroregional perspective, Scandinavia is a coherent region, performing well above EU and OECD averages. However, the countries vary on considerable parameters: Sweden has the largest economy, followed by Norway and Denmark. On the other hand, Norway has the largest GDP per capita, while only Denmark showed a positive GDP growth rate since the 2008 financial crisis.

Being relatively small economies in a global perspective, foreign trade is crucial to maintaining economic development and prosperity. Not surprisingly, the Scandinavian countries constitute important trading partners for one another. Norway exports most goods to Sweden, while Denmark imports the second most goods from Sweden. Germany, however, is arguably the top trading partner for all the Scandinavian economies, regarding both imports and exports. The backbone of Scandinavian exports is petroleum and petroleum products, while other strongholds include machinery and transport equipment.

Despite being among the world’s wealthiest countries, economic growth has been sluggish following the economic crisis in 2008. Like most other countries, the outbreak of the coronavirus (COVID-19) has set back the Scandinavian economies once again. The Scandinavian economies all faced recessions due to the pandemic but are forecast to increase again in the years to come. While imports and exports are expected to recover relatively fast, unemployment- and inflation rates also seem to resurface, albeit at a slower pace. Overall, economic activity in Scandinavia is expected to remain subdued during the lockdown winter months, but to recover as the weather improves and vaccines are distributed.

Key figures

The most important key figures provide you with a compact summary of the topic of "Key economic indicators of Scandinavia" and take you straight to the corresponding statistics.

Gross Domestic Product (GDP)

Inflation and prices

Employment

Imports

Exports

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Key economic indicators of Scandinavia

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Key economic indicators of Scandinavia - Statistics & Facts

The Scandinavian economies of Denmark, Norway, and Sweden are among the world’s wealthiest. Scandinavians enjoy some of the highest standards of living in the world due to relatively small wage gaps, high employment, and high taxation combined with good quality education and social security. From a macroregional perspective, Scandinavia is a coherent region, performing well above EU and OECD averages. However, the countries vary on considerable parameters: Sweden has the largest economy, followed by Norway and Denmark. On the other hand, Norway has the largest GDP per capita, while only Denmark showed a positive GDP growth rate since the 2008 financial crisis.

Being relatively small economies in a global perspective, foreign trade is crucial to maintaining economic development and prosperity. Not surprisingly, the Scandinavian countries constitute important trading partners for one another. Norway exports most goods to Sweden, while Denmark imports the second most goods from Sweden. Germany, however, is arguably the top trading partner for all the Scandinavian economies, regarding both imports and exports. The backbone of Scandinavian exports is petroleum and petroleum products, while other strongholds include machinery and transport equipment.

Despite being among the world’s wealthiest countries, economic growth has been sluggish following the economic crisis in 2008. Like most other countries, the outbreak of the coronavirus (COVID-19) has set back the Scandinavian economies once again. The Scandinavian economies all faced recessions due to the pandemic but are forecast to increase again in the years to come. While imports and exports are expected to recover relatively fast, unemployment- and inflation rates also seem to resurface, albeit at a slower pace. Overall, economic activity in Scandinavia is expected to remain subdued during the lockdown winter months, but to recover as the weather improves and vaccines are distributed.

Interesting statistics

In the following 6 chapters, you will quickly find the {amountStatistics} most important statistics relating to "Key economic indicators of Scandinavia".

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