In Sweden, the week ahead is full of interesting new information and tension is likely to build during the week, culminating with Q1 15 GDP (Friday at 09:30 CEST), where we have pencilled in an outcome at 2.5 % y/y.
In Norway, there is still much uncertainty about the economy, although higher oil prices have greatly reduced the downside risk. The coming week will see a special focus on the two measures of unemployment, which have revealed a gradual deterioration in the labour market recently. In Norway the outlook for core inflation is therefore uncertain, but we are assuming that the annual rate will be unchanged at 2.3%.
Norges Bank is on Wednesday tapping NOK3bn in the May '15 NGB (NST 474). It is only the second tap in the bond this year after the Debt Office has primarily chosen to issue in the long end in the new 10 year.
In Denmark, attention will centre on the preliminary national accounts for Q1. We predict growth of 0.6% q/q, meaning the economy has expanded for seven successive quarters for the first time this millennium. If we are right, Q1 GDP will be 1.9% higher than in Q1 14, assuming no major revisions.
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