From 2013 to 2019, the gross domestic product (GDP) of all five Nordic countries except Finland grew every year. Finland had a negative growth rate between 2012 and 2014. However, after the outbreak of COVID-19 in 2020, GDP growth rates in all five countries were negative. Relatively speaking, Iceland's economy was hit the hardest, whereas Norway's decrease was least dramatic. As of October 2023, the GDP of Sweden and Finland were forecast to decline, while it was forecast to increase in the other three countries. This must be seen in relation with the high inflation rates in 2022 and 2023.
Gross domestic product (GDP) growth rate in the Nordics from 2010 to 2023
Characteristic
Denmark
Finland
Iceland
Norway
Sweden
2023*
1.7%
-0.1%
3.3%
2.3%
-0.7%
2022
2.7%
1.6%
7.2%
3.3%
2.8%
2021
6.8%
3.2%
4.5%
3.9%
6.1%
2020
-2.4%
-2.4%
-7.2%
-1.3%
-2.2%
2019
1.5%
1.2%
1.9%
1.1%
2%
2018
2%
1.1%
4.9%
0.8%
2%
2017
2.8%
3.2%
4.2%
2.5%
2.6%
2016
3.2%
2.8%
6.3%
1.2%
2.1%
2015
2.3%
0.5%
4.4%
1.9%
4.5%
2014
1.6%
-0.4%
1.7%
2%
2.7%
2013
0.9%
-0.9%
4.6%
1%
1.2%
2012
0.2%
-1.4%
1.1%
2.7%
-0.6%
2011
1.3%
2.5%
1.8%
1.1%
3.2%
2010
1.9%
3.2%
-2.8%
0.8%
6%
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IMF. (October 10, 2023). Gross domestic product (GDP) growth rate in the Nordics from 2010 to 2023 [Graph]. In Statista. Retrieved December 23, 2024, from https://www.statista.com/statistics/1275207/gdp-growth-rate-nordics/
IMF. "Gross domestic product (GDP) growth rate in the Nordics from 2010 to 2023." Chart. October 10, 2023. Statista. Accessed December 23, 2024. https://www.statista.com/statistics/1275207/gdp-growth-rate-nordics/
IMF. (2023). Gross domestic product (GDP) growth rate in the Nordics from 2010 to 2023. Statista. Statista Inc.. Accessed: December 23, 2024. https://www.statista.com/statistics/1275207/gdp-growth-rate-nordics/
IMF. "Gross Domestic Product (Gdp) Growth Rate in The Nordics from 2010 to 2023." Statista, Statista Inc., 10 Oct 2023, https://www.statista.com/statistics/1275207/gdp-growth-rate-nordics/
IMF, Gross domestic product (GDP) growth rate in the Nordics from 2010 to 2023 Statista, https://www.statista.com/statistics/1275207/gdp-growth-rate-nordics/ (last visited December 23, 2024)
Gross domestic product (GDP) growth rate in the Nordics from 2010 to 2023 [Graph], IMF, October 10, 2023. [Online]. Available: https://www.statista.com/statistics/1275207/gdp-growth-rate-nordics/
