The Importance of Domestic Demand in Growth Forecasts

Even if there is no recession at the euro area level, it's still the case that the underlying component parts of GDP are still very weak. Even if we avoid a recession, growth is certainly not going to be something to write home about in Scandinavia. We expect Sweden to have a relatively deep recession there, nor we perhaps may prove it to you more resilient. PMI data from both Norway and Sweden. These have been weak so far, pointing to the quite intense pressure consumers and businesses are under.