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Economic Impact of COVID-19 on Nordic Countries Share, Size and Forecast 2019-2025

Nordic economy involves European countries, including Norway, Denmark, Sweden, Finland, and Iceland. These countries have been gaining significant attention from other nations, owing to the well-established healthcare infrastructure, a significant rise in the tourism sector, and positive dynamics in the oil and gas industry. As per the World Bank, the GDP of Norway was $434.2 billion in 2018, increased from $398.4 billion in 2017. Nordics are among the major exporters of oil and gas across the globe. For instance, as per the US Energy Information Administration (EIA), in 2017, Norway was the third-largest exporter of natural gas across the globe, after Russia and Qatar.

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In 2017, the natural gas and petroleum sector held over 40% of Norway’s export revenues and over 15% of the country’s GDP. In 2017, Norway exported nearly 1.37 million barrels per day of crude oil. 95% of country’s crude oil was exported to European countries, including UK (42%), Netherlands (17%), Germany (10%), Sweden (6%), Denmark (5%), France (4%), Ireland (3%), and other European countries (8%). However, the global oil economy is facing a major challenge of production cut due to the COVID-19 outbreak, which in turn, has hindered the operations of Norway oil producers.  Equinor ASA plans to cut exploration drilling, investments, and operating costs with nearly $3 billion to support withstand the coronavirus epidemics and low oil prices.

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The company has reduced offshore workers to limit the spread of coronavirus during offshore operations. Apart from these, several economic measures have been taken by the Norwegian government declared that an offshore worker had contracted with coronavirus. The government across the countries are also supporting the plan to reduce offshore workers, which in turn, will negatively affect the oil production capacity. Due to coronavirus epidemics, the Norwegian government has made changes in their budget of 2020. As per the European Federation of Public Service Unions (EPSU), the oil-adjusted budget balance in the country is weakened by over $10 billion amid COVID-19. This resulting reduction in the budget may reduce the oil production output in the country and thereby will likely affect Norway’s economic growth.

Some crucial companies whose business getting influenced by coronavirus epidemics include Arla Foods AB, Equinor ASA, Getinge AB, Hennes & Mauritz AB, H. Lundbeck A/S, and Recipharm AB. Hennes & Mauritz AB, the Swedish fashion retailer declared temporarily shutdown of its stores in UK.  The company has closed all physical outlets in its three major markets, including Germany, UK, and the US due to the coronavirus pandemic. Additionally, S-Group, a major Finnish retailer declared the closure of all 82 restaurants in the Helsinki region, Finland amid COVID-19 effect. This aims to support the Finland government initiative to maintain social distancing to fight against the virus.

In 2017, the company had a nearly 46.0% share in the Finnish retail market. Therefore, the closure of its operations will likely to temporarily affect the retail sector of the country. In the healthcare sector, to meet the global demand Getinge AB, a medical technology company in Sweden declared to temporarily increase its ventilators production by 60% in 2020 than 2019 at its production facility in Solna, Sweden. In 2019, the company developed over 10,000 ventilators. The rise in production capacity is expected to encourage Getinge’s result.

Verticals Affected Most

  • Automobile
  • Energy
  • Oil and Gas
  • Healthcare
  • Aviation
  • Others (Retail and Food and Beverage)

Country Analysis

  • Denmark
  • Norway
  • Sweden
  • Finland
  • Others (Iceland) 

Company Profiles

  • AB Volvo
  • Arla Foods amba
  • Equinor ASA
  • Finnair Plc
  • Getinge AB
  • H. Lundbeck A/S
  • Hennes & Mauritz AB
  • Norwegian Air Shuttle ASA
  • Recipharm AB
  • S Group
  • Vestas Wind Systems A/S

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