Iceland’s Economic Outlook Best in Nordic Region

News

Iceland’s Economic Outlook Best in Nordic Region

The economic growth in Iceland this year will be considerably higher than in the other Nordic countries, according to a new report on the economic outlook in Sweden and the world, written on behalf of the Swedish parliament.

icelandickrona_ipa

Copyright: Icelandic Photo Agency.

It is assumed that Iceland will enjoy economic growth of more than 2 percent in 2013, whereas it is expected to be 1.4 percent in Sweden and 1.7 percent in Norway, Denmark and Finland on average. The oil industry is excluded in the evaluation of Norway.

The report estimates that economic growth will only be 0.8 percent in Germany and the U.K. this year, visir.is reports.

In other news, international ratings agency Fitch has increased Iceland’s credit rating for long-term commitments in foreign currency from BBB- to BBB and confirmed BBB+ for long-term commitments in domestic currency.

This is the second time Fitch Ratings raises the credit rating for Iceland since the banking collapse in 2008, Fréttablaðið reports.

Fitch also confirmed the credit rating F3 for short-term commitments in foreign currency and raised the country ceiling for Iceland from BBB- to BBB. Outlook is stable for long-term commitments, the agency concluded.

ESA