Geographic markets

	Sweden
GDP growth 2019 2020p (%,yoy)	1,5 % -2,8 % (Corona)
Inflation 2019p (%,yoy)	1,7 %
Population	10 million
Future prospects
Comments	The economy is driven by increasing employment, housing investment and consumption. The forestry industry invests. Strong growth relative to the rest of Europe with one of the lowest levels of public debt. Challenges with growing domestic imbalances and political gridlock.

	Finland
GDP growth 2019 2020p (%,yoy)	1,5 % -2,9 % (Corona)
Inflation 2019p (%,yoy)	1,3 %
Population	5,5 million
Future prospects
Comments	The forestry industry is investing at a fast pace in both biocombined / pulp mills and the sawmill industry. The level of felling can be significantly increased in the Finnish forests, which enables new investment in the forest industry.

	Estonia	Latvia	Lithuania
GDP growth 2019p (%,yoy)	3,0 %	2,4 %	3,6 %
Inflation 2019p (%,yoy)	2,3 %	2,8 %	2,4 %
Population	1,3 million	2,0 million	2,9 million
Future prospects
Comments	The Baltic States are small, open economies with a high dependency on the outside world. Of the three countries in the Baltic region, Estonia has the most well developed economy. All countries in the Baltic region are actively working to become an integrated part of Europe. Estonia switched to the euro in 2011, Latvia in 2013 and Lithuania in 2015. Being a part of the euro aims to promote investments in the Baltic region and increase integration with Europe. The Baltic States conducted an internal devaluation in connection with the financial crisis in 2009-2010 where wage levels were sharply adjusted downwards and unemployment rose. Since then, the economies have recovered and are today developing at a good pace. All three of the Baltic economies have significant exposure to Russia, which accounts for 11-20% of their total exports.