Topic: Key economic indicators of the Nordic countries (2024)

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The impact of COVID-19 Trade and account balance Key insights Editor’s Picks Current statistics on this topic Current statistics on this topic Related topics Recommended Recommended statistics Overview Overview Gross Domestic Product (GDP) Gross Domestic Product (GDP) Trade Trade Employment Employment Inflation and government finances Inflation and government finances Further reportsGet the best reports to understand your industry Get the best reports to understand your industry Contact FAQs
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    The Nordic economies of Denmark, Finland, Iceland, Norway, and Sweden are among the world’s wealthiest. Their inhabitants enjoy some of the highest standards of living in the world due to relatively small wage gaps, high employment, and high taxation combined with accessible education and social security. From a macroregional perspective, the Nordic countries form a coherent region, performing well above EU and OECD averages. However, the are some internal differences: While Sweden has the highest gross domestic product (GDP) overall, Norway has the highest GDP per capita. All five Nordic countries are among the 20 countries in the world with the highest GDP per capita, showing just how economically successful the region is.

    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.

    Topic: Key economic indicators of the Nordic countries (2)

    Einar H. Dyvik

    Research expert covering Nordics and global data for society, economy, and politics

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    Published by Einar H. Dyvik, Mar 1, 2024

    Key insights

    Country with the highest GDP Sweden

    Topic: Key economic indicators of the Nordic countries (3)

    Detailed statistics

    GDP at current prices in the Nordic countries 2011-2027, by country

    Denmark's net trade amount 26.14 billion U.S. dollars

    Topic: Key economic indicators of the Nordic countries (4)

    Detailed statistics

    Net trade in goods and services in the Nordic countries 2010-2021, by country

    Inflation rate in Iceland 8.6%

    Topic: Key economic indicators of the Nordic countries (5)

    Detailed statistics

    Inflation rate in the Nordic countries from 2010 to 2023

    Get more insights

    Editor’s Picks Current statistics on this topic

    Current statistics on this topic

    EconomyCountries with the largest gross domestic product (GDP) per capita 2022
    Key Economic IndicatorsUnemployment rate in the Nordic countries 2011-2021, by country
    Key Economic IndicatorsGDP growth rate in the Nordics 2010-2023, by country

    Related topics

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    • Key economic indicators of Finland
    • Economy of Europe
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    • Employment in Sweden
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    Recommended statistics

    Overview

    5
    • Premium Statistic GDP growth rate forecasts in the Nordics 2020-2025
    • Premium Statistic Inflation rate forecasts in the Nordics 2020-2025
    • Premium Statistic Unemployment rate forecasts in the Nordics 2020-2025
    • Premium Statistic Import growth rate forecasts in the Nordics 2020-2024
    • Premium Statistic Export growth rate forecasts in the Nordics 2020-2024

    Overview

    • Premium Statistic GDP growth rate forecasts in the Nordics 2020-2025

      Topic: Key economic indicators of the Nordic countries (9)

      GDP growth rate forecasts in the Nordics 2020-2025

      Gross domestic product (GDP) growth rate forecasts in the Nordics from 2020 to 2025

    • Premium Statistic Inflation rate forecasts in the Nordics 2020-2025

      Topic: Key economic indicators of the Nordic countries (10)

      Inflation rate forecasts in the Nordics 2020-2025

      Inflation rate forecasts in the Nordics from 2020 to 2025

    • Premium Statistic Unemployment rate forecasts in the Nordics 2020-2025

      Topic: Key economic indicators of the Nordic countries (11)

      Unemployment rate forecasts in the Nordics 2020-2025

      Unemployment rate forecasts in the Nordics from 2020 to 2025

    • Premium Statistic Import growth rate forecasts in the Nordics 2020-2024

      Topic: Key economic indicators of the Nordic countries (12)

      Import growth rate forecasts in the Nordics 2020-2024

      Year-on-year percentage change in the value of imports in the Nordics from 2020 to 2024

    • Premium Statistic Export growth rate forecasts in the Nordics 2020-2024

      Topic: Key economic indicators of the Nordic countries (13)

      Export growth rate forecasts in the Nordics 2020-2024

      Year-on-year percentage change in the value of exports in the Nordics from 2020 to 2024

    Gross Domestic Product (GDP)

    4
    • Basic Statistic GDP at current prices in the Nordic countries 2011-2027, by country
    • Premium Statistic GDP per capita at current prices in the Nordic countries 2010-2023, by country
    • 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)

    • Basic Statistic GDP at current prices in the Nordic countries 2011-2027, by country

      Topic: Key economic indicators of the Nordic countries (14)

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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)

    • Premium Statistic GDP per capita at current prices in the Nordic countries 2010-2023, by country

      Topic: Key economic indicators of the Nordic countries (15)

      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)

    • Basic Statistic GDP growth rate in the Nordics 2010-2023, by country

      Topic: Key economic indicators of the Nordic countries (16)

      GDP growth rate in the Nordics 2010-2023, by country

      Gross domestic product (GDP) growth rate in the Nordics from 2010 to 2023

    • Basic Statistic Countries with the largest gross domestic product (GDP) per capita 2022

      Topic: Key economic indicators of the Nordic countries (17)

      Countries with the largest gross domestic product (GDP) per capita 2022

      The 20 countries with the largest gross domestic product (GDP) per capita in 2022 (in U.S. dollars)

    Trade

    5
    • 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
    • Premium Statistic Value of exports of goods and services in the Nordic countries 2010-2022, by country

    Trade

    • Premium Statistic Net trade in goods and services in the Nordic countries 2010-2021, by country

      Topic: Key economic indicators of the Nordic countries (18)

      Net trade in goods and services in the Nordic countries 2010-2021, by country

      Net trade in goods and services in the Nordic countries from 2010 to 2021, by country (in billion U.S. dollars)

    • Premium Statistic Exports of goods and services in the Nordic countries 2010-2022, by country

      Topic: Key economic indicators of the Nordic countries (19)

      Exports of goods and services in the Nordic countries 2010-2022, by country

      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

      Topic: Key economic indicators of the Nordic countries (20)

      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

      Topic: Key economic indicators of the Nordic countries (21)

      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

      Topic: Key economic indicators of the Nordic countries (22)

      Value of exports of goods and services in the Nordic countries 2010-2022, by country

      Value of exports of goods and services in the Nordic countries from 2010 to 2022, by country (in billion current U.S. dollars)

    Employment

    6
    • 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
    • Premium Statistic Unemployment rate among women in the Nordic countries 2013-2023, by country

    Employment

    • Premium Statistic Unemployment rate in the Nordic countries 2011-2021, by country

      Topic: Key economic indicators of the Nordic countries (23)

      Unemployment rate in the Nordic countries 2011-2021, by country

      Unemployment rate in the Nordic countries from 2011 to 2021, by country

    • Basic Statistic Employment rate in the Nordic countries 2012-2022, by country

      Topic: Key economic indicators of the Nordic countries (24)

      Employment rate in the Nordic countries 2012-2022, by country

      Employment rate in the Nordic countries from 2012 to 2022, by country (compared to EU average)

    • Premium Statistic Employment-to-population ratio among men in the Nordic countries 2010-2021

      Topic: Key economic indicators of the Nordic countries (25)

      Employment-to-population ratio among men in the Nordic countries 2010-2021

      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

      Topic: Key economic indicators of the Nordic countries (26)

      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

    • Premium Statistic Unemployment rate among men in the Nordic countries 2010-2021, by country

      Topic: Key economic indicators of the Nordic countries (27)

      Unemployment rate among men in the Nordic countries 2010-2021, by country

      Unemployment rate among men in the Nordic countries from 2010 to 2021, by country

    • Premium Statistic Unemployment rate among women in the Nordic countries 2013-2023, by country

      Topic: Key economic indicators of the Nordic countries (28)

      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

    4
    • Premium Statistic Inflation rate in the Nordic countries from 2010 to 2023
    • Premium Statistic Inflation rate forecasts in the Nordics 2020-2025
    • Premium Statistic Current account balance in the Nordic countries 2013-2023, by country
    • 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

      Topic: Key economic indicators of the Nordic countries (29)

      Inflation rate in the Nordic countries from 2010 to 2023

      Inflation rate in the Nordic countries from 2010 to 2023 (compared to previous year)

    • Premium Statistic Inflation rate forecasts in the Nordics 2020-2025

      Topic: Key economic indicators of the Nordic countries (30)

      Inflation rate forecasts in the Nordics 2020-2025

      Inflation rate forecasts in the Nordics from 2020 to 2025

    • Premium Statistic Current account balance in the Nordic countries 2013-2023, by country

      Topic: Key economic indicators of the Nordic countries (31)

      Current account balance in the Nordic countries 2013-2023, by country

      Current account balance in the Nordic countries from 2013 to 2023, by country (in percent of GDP)

    • Premium Statistic Debt rate in the Nordic countries 2010-2023, by country

      Topic: Key economic indicators of the Nordic countries (32)

      Debt rate in the Nordic countries 2010-2023, by country

      Gross debt rate in the Nordic countries from 2010 to 2023, by country (as percentage of GDP)

    Further reportsGet the best reports to understand your industry

    Get the best reports to understand your industry

    Economy of the Benelux
    Coronavirus: economic impact in the Nordic countries
    Key economic indicators of Finland
    Employment in Denmark
    Employment in Norway
    Key economic indicators of Sweden

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    Topic: Key economic indicators of the Nordic countries (2024)

    FAQs

    What is the economic system in the Nordic countries? ›

    These nations are known for high living standards and low-income disparity. The Nordic model merges free-market capitalism with a generous welfare system. Some view the Nordic model as an attractive alternative to the winner-take-all brand of capitalism that has resulted in significant inequality.

    Read On ›
    What are the economic characteristics of the Nordic model and why it has been considered successful? ›

    The Nordic model is a mixed-market economic system that combines elements of both capitalism and socialism. The model provides social benefits such as free education and health care, as well as a comprehensive safety net for all citizens.

    Discover More Details ›
    What is the economy of the Nordic countries ranked? ›

    The Nordics, with a total population of 27 million people and GDP of 1366 billion, not only rank on the happiest countries listing. Their economies are steady and growing. It is the 12th largest economy in the world. Want to know more?

    Continue Reading ›
    What are the key economic indicators? ›

    Economic indicators include measures of macroeconomic performance (gross domestic product [GDP], consumption, investment, and international trade) and stability (central government budgets, prices, the money supply, and the balance of payments).

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    What economic model do Nordic countries use? ›

    The Nordic model combines elements of capitalism and socialism. Important features of the Nordic model include the public provision of social services, investment in services associated with human capital, and a strong social safety net. Society-wide risk sharing is a cardinal component of the Nordic model.

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    Are Nordic countries capitalist or socialist? ›

    The Nordic model is underpinned by a mixed-market capitalist economic system that features high degrees of private ownership, with the exception of Norway which includes a large number of state-owned enterprises and state ownership in publicly listed firms.

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    What are the biggest problems in the Nordic countries? ›

    The digital revolution, globalisation and the ageing population pose significant challenges for the labour market in the Region and for the Nordic welfare model. Some of the countries have higher unemployment among young people and among the semi-skilled and unskilled.

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    What is the circular economy in the Nordic countries? ›

    Today, 6% of the Nordic region's economy is circular—meaning that ~6% of resources used for production come from recovered materials. By comparison, the EU average is at ~12% circularity, with an ambition to double the rate by 2030.

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    What is the poorest Nordic country? ›

    Of the Nordic countries, Sweden has had the highest at-risk-of-poverty rate from 2011 to 2020. In 2020, 16 percent of Sweden's population lived at risk of poverty. Since 2015, Norway, Denmark, and Finland all have similar at-risk-of-poverty rates, around 12 percent in 2020.

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    Why are Scandinavian economies so successful? ›

    The Nordic countries have some clear strengths. They have been successful in combining a dynamic market economy with an extensive welfare state. The welfare state has often strengthened the economic development, by providing a highly educated workforce and promoting a high labor participation rate.

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    What are the top 3 Nordic countries? ›

    Along with Sweden and Norway, Denmark is one of the 3 Scandinavian countries. Don't miss Copenhagen, the capital and largest city in Denmark.

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    Which is the purpose of economic indicators? ›

    Economic indicators are sources of valuable data that help analysts to understand the economy. These measures provide macroeconomic information that captures the overall status of the economy. Analysts and policymakers use economic indicators to assess investment opportunities, interpret trends and predict the future.

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    What are the leading economic indicators? ›

    Leading indicators. Leading indicators are indicators that usually, but not always, change before the economy as a whole changes. They are therefore useful as short-term predictors of the economy. Leading indicators include the index of consumer expectations, building permits, and credit conditions.

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    What type of economic system is Norway? ›

    Norway has a mixed economic system with a combination of free-market activity and government intervention. Norway is a member of the European Free Trade Association (EFTA).

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    What economic system did the Vikings use? ›

    The Viking Age saw the development of a bullion economy. In this economic framework, traders and merchants exchanged goods for bullion (precious metals, primarily gold and silver). Trade was usually accomplished by barter.

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    What type of economic system is used in Sweden? ›

    Sweden has a mixed economic system in which there are a variety of private freedoms combined with centralized economic planning and government regulation.

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