In Sweden , the week ahead is full of interesting new information and tension is likely to build during the week, culminating in Q1 15 GDP (Friday at 09:30 CEST), for which we pencil in an outcome of 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 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 assume that the annual rate will be unchanged at 2.3%.
On Wednesday, Norges Bank plans to tap NOK3bn in the May '15 NGB (NST 474). It is only the second tap in the bond this year, as the Debt Office has chosen primarily to issue in the long end in the new 10 year.
In Denmark , attention is likely to centre on the preliminary national accounts for Q1. We estimate 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 was 1.9% higher than in Q1 14, assuming no major revisions.
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