Copenhagen Helsinki Oslo Stockholm 2 September 2008 12 The economic slowdown has hit all the Nordic countries due to stronger inflation and higher interest rates The economy is not expected t ID: 96150
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Nordeas vision is to be the leading Nordic bank, acknowledged for its people, creating superior value for customers and sharehWe are making it possible for our customers to reach their goals by providing a wide range of products, services and solutions within banking, asset management and insurance. Nordea has around 10 million customers, approx. 1,300 branch offices and a leading netbanking position with 4.9 million e-custome Copenhagen, Helsinki, Oslo, Stockholm, 2 September 2008 1(2) The economic slowdown has hit all the Nordic countries due to stronger inflation and higher interest rates. The economy is not expected to pick up until 2010. There are also clear signs Copenhagen, Helsinki, Oslo, Stockholm, 2 September 2008 2(2) Swedish economy came to a halt in the first half of 2008 and next year will only show very slow place during 2010. Employment has risen sharply during the past few years, but layoffs have started to pick up and employment growth is now slowing. We expect employment to decrease somewhat over the next years, while unemployment is seen picking up. Inflation has been boosted by rising prices of energy and food, but with stabilising prices of oil and other commodities, inflation is expected to fall going forward. We expect inflation to reach the 2 per cent target by summer 2009. With falling inflation, slower growth and a less tight labour market we expect the repo rate to be lowered to 3.50 per cent. View interview with Helge Pedersen on Nordic economic trends at www.nordea.com/eo/uk - where the report can be downloaded. For further information: Helge J. Pedersen, Global Chief Economist, +45 33 33 31 26