CONTENTS Contents Editorial: European crisis .5 Themes . 23 Europe The EU’s choice: reform or decline . 24 Nordics in brief .7 Sweden Growth all around.8 Denmark Consumers drive growth . 10 Norway Still an oil story . 12 Finland Living off debt . 14 Global overview Slower for longer . 32 Oil Crude at USD 50 a barrel by end 2016 . 35 Baltics and Russia in brief . 17 Estonia Soft growth, lower debt . 18 Key figures . 36 Latvia Labour market is overheating . 19 Lithuania Looking for a growth engine . 20 Russia Green shoots (in autumn) . 21 Contributors . 40 China Fight against capital flight. 26 Exports to Russia It’s all about oil . 28 Swedish property The boom is over . 30 ”Much suggests that the long-lasting Swedish housing market boom is over and that prices will move sideways from here” Andreas Wallström Nordea chief analyst 2 / 2016 / Nordea Economic Outlook / 03
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