A varied, but strong economy

Christian Deknock, Unsplash
The Nordic countries are generally performing well above the EU average when it comes to economic development, despite the ongoing impact of the economic crisis. From a macro-regional perspective, the Nordics constitute a very coherent region. Nevertheless, large and economically significant variations remain at the regional level.

Below the national level, many of the sparsely populated or inland municipalities are falling further behind the main metropolitan areas. Despite this, the northern parts of Denmark, Finland and Sweden all rank very highly on the more broadly focused European Social Progress Index.

In terms of innovation, the Nordic countries also rank highly and the share of employment in knowledge-intensive sectors is well above the EU28 average. The Nordic countries have maintained a strong position in the field of green solutions, but many of their European competitors are now beginning to catch up.

The Nordics also remain an attractive destination for foreign investment, accounting for 7% of Europe’s total Foreign Direct Investment (FDI) in-flows, despite constituting only a small segment of the European population (less than 4%).

Overall, the Nordic economy is doing well and despite the various challenges linked to ongoing global market changes, the Nordic’s recovery rate after the economic crisis has been impressive.

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