Norway’s Lead Among Nordic Economies Narrowing, Survey Shows

Norway’s lead over its Nordic peers in terms of economic growth is narrowing as Sweden is set to catch up next year, according to Bloomberg surveys of economists.

Norway’s gross domestic product, excluding income from oil and shipping, will expand 1.9 percent this year and 2.4 percent in 2014, according to the median estimate of 17 economists surveyed by Bloomberg News. Sweden’s growth will accelerate from this year’s 1 percent to 2.4 percent next year, the median estimate of 24 economists showed.

Scandinavia’s richest economy struggles to wean itself off an oil and gas industry that has driven up production costs and fueled the risk of overheating. That development has weighed on exports and contributed to slowing economic growth. Norway’s mainland economy expanded 3.4 percent in 2012. The Swedish labor market has withstood slow economic growth and consumer confidence rose more than estimated this month, the Swedish National Institute of Economic Research said today.

Denmark’s output will expand 0.3 percent this year, while Finland’s production will shrink 0.5 percent before growth accelerates to 1.5 percent in both countries next year, according to a survey of 13 economists. Iceland’s economy will grow 1.8 percent in 2013 and 3 percent in 2014.

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