Regional comparison · Sweden · Norway · Denmark · Finland · Iceland
Nordic Economies Compared 2026
How Sweden, Norway, Denmark, Finland and Iceland compare on GDP per capita, growth, inflation, unemployment, population and trade — 2026 World Bank data, charts and a downloadable scoreboard. Free to cite.
Executive summary
This report compares the five Nordic economies — Sweden, Norway, Denmark, Finland and Iceland — across the core macroeconomic indicators, using World Bank Open Data so the numbers are directly comparable across countries. On GDP per capita, Iceland leads at $98,323 and Sweden ranks 4th at $63,133 (2025) — all well above the world average of $14,406. Inflation has cooled across the region; Swedish consumer prices rose 0.7% (2025). Sweden is the largest Nordic economy by population (10,596,620) and, like its neighbours, is heavily trade-dependent, with exports worth 53.2% of GDP. Every figure carries its World Bank series and year; the full comparison is downloadable as CSV and JSON under a CC BY 4.0 licence.
Key findings
Iceland has the Nordics' highest GDP per capita
Among the five Nordic economies, Iceland leads on GDP per capita at $98,323 (2025). Sweden is 4th at $63,133, ahead of the OECD average of $51,734.
Source: World Bank Open Data · 2025 · confidence: High
Sweden has among the lowest inflation in the Nordics
Consumer-price inflation in Sweden was 0.7% (2025), among the lowest in the Nordic region and below the OECD (2.8%) and EU (2.5%) averages.
Source: World Bank Open Data · 2025 · confidence: High
The Nordics are among the world's richest economies
Every Nordic country except one exceeds the OECD-average GDP per capita. The region's wealth rests on high productivity, strong institutions and (for Norway and Iceland) resource and energy endowments.
Source: World Bank Open Data · 2025 · confidence: High
Sweden is the most populous Nordic country
Sweden's population of 10,596,620 (2025) is the largest in the Nordics, ahead of Denmark, Finland, Norway and Iceland — making it the region's biggest single market.
Source: World Bank Open Data · 2025 · confidence: High
Nordic economies are highly open to trade
Exports of goods and services equal 53.2% of Sweden's GDP (2025). Small domestic markets make all Nordic economies deeply trade-dependent, with Ireland-like openness across the region.
Source: World Bank Open Data · 2025 · confidence: High
GDP growth across the Nordics is modest
Real GDP growth was 1.5% in Sweden (2025). Post-2022 high rates weighed on the interest-sensitive Nordic economies; recoveries are expected to be domestic-demand led as policy eases.
Source: World Bank Open Data · 2025 · confidence: High
Unemployment varies widely across the region
On the internationally comparable ILO measure, Swedish unemployment was 8.7% (2025), higher than Norway (4.6%) — partly reflecting Sweden's high labour-force participation and student job-seekers.
Source: World Bank Open Data · 2025 · confidence: High
Data vintage — July 2026
Figures reflect the most recent year available in the World Bank Open Data API for each indicator and country; where a country's latest year differs, the year is shown next to the value. The report regenerates automatically as the World Bank publishes new data.
GDP per capita (current US$)
GDP per capita is the broadest single gauge of average prosperity. The Nordic countries cluster near the top of global rankings, though oil-rich Norway and Iceland lead. Latest World Bank data; Sweden: $63,133 (2025).
| Country / region | GDP per capita (current US$) | Year |
|---|---|---|
| Sweden | $63,133 | 2025 |
| Norway | $94,594 | 2025 |
| Denmark | $76,970 | 2025 |
| Finland | $56,149 | 2025 |
| Iceland | $98,323 | 2025 |
| European Union | $47,089 | 2025 |
| OECD | $51,734 | 2025 |
| United States | $90,027 | 2025 |
GDP growth (annual %)
Real GDP growth (annual %) shows the pace of expansion. Nordic growth has been subdued since 2022 as high interest rates weighed on demand. Latest World Bank data; Sweden: 1.5% (2025).
| Country / region | GDP growth (annual %) | Year |
|---|---|---|
| Sweden | 1.5% | 2025 |
| Norway | 1.1% | 2025 |
| Denmark | 2.9% | 2025 |
| Finland | 0.2% | 2025 |
| Iceland | 1.3% | 2025 |
| European Union | 1.5% | 2025 |
| OECD | 1.8% | 2025 |
| United States | 2.2% | 2025 |
Inflation, consumer prices (annual %)
Consumer-price inflation (annual %). Sweden and its neighbours have largely brought inflation back down from the 2022–2023 shock. Latest World Bank data; Sweden: 0.7% (2025).
| Country / region | Inflation, consumer prices (annual %) | Year |
|---|---|---|
| Sweden | 0.7% | 2025 |
| Norway | 3.1% | 2025 |
| Denmark | 1.9% | 2025 |
| Finland | 0.3% | 2025 |
| Iceland | 4.1% | 2025 |
| European Union | 2.5% | 2025 |
| OECD | 2.8% | 2025 |
| United States | 2.9% | 2024 |
Unemployment (% of labour force, ILO)
Unemployment on the ILO-harmonised measure, which allows fair cross-country comparison. Headline levels partly reflect participation and student job-seeking. Latest World Bank data; Sweden: 8.7% (2025).
| Country / region | Unemployment (% of labour force, ILO) | Year |
|---|---|---|
| Sweden | 8.7% | 2025 |
| Norway | 4.6% | 2025 |
| Denmark | 5.5% | 2025 |
| Finland | 9.5% | 2025 |
| Iceland | 3.6% | 2025 |
| European Union | 5.9% | 2025 |
| OECD | 4.9% | 2025 |
| United States | 4.2% | 2025 |
Population
Population sizes the domestic market. Sweden is the largest Nordic economy by people, Iceland the smallest. Latest World Bank data; Sweden: 10,596,620 (2025).
| Country / region | Population | Year |
|---|---|---|
| Sweden | 10,596,620 | 2025 |
| Norway | 5,610,870 | 2025 |
| Denmark | 6,009,169 | 2025 |
| Finland | 5,646,436 | 2025 |
| Iceland | 392,404 | 2025 |
| European Union | 451,127,411 | 2025 |
| OECD | 1,402,243,571 | 2025 |
| United States | 341,784,857 | 2025 |
Exports of goods & services (% of GDP)
Exports as a share of GDP. Small home markets make every Nordic economy highly trade-dependent. Latest World Bank data; Sweden: 53.2% (2025).
| Country / region | Exports of goods & services (% of GDP) | Year |
|---|---|---|
| Sweden | 53.2% | 2025 |
| Norway | 45.4% | 2025 |
| Denmark | 70.1% | 2025 |
| Finland | 42.3% | 2025 |
| Iceland | 40.1% | 2025 |
| European Union | 49.6% | 2025 |
| OECD | 28.3% | 2025 |
| United States | 11.0% | 2024 |
Scoreboard (machine-readable data)
Every headline indicator with its value, period, source and confidence. Free to reuse under CC BY 4.0.
| Indicator | Value | Period | Source | Conf. |
|---|---|---|---|---|
| GDP per capita (current US$) — Sweden | 63133.21 US$ | 2025 | World Bank Open Data | High |
| GDP per capita (current US$) — Norway | 94594.19 US$ | 2025 | World Bank Open Data | High |
| GDP per capita (current US$) — Denmark | 76970.15 US$ | 2025 | World Bank Open Data | High |
| GDP per capita (current US$) — Finland | 56148.58 US$ | 2025 | World Bank Open Data | High |
| GDP per capita (current US$) — Iceland | 98323.48 US$ | 2025 | World Bank Open Data | High |
| GDP per capita (current US$) — European Union | 47089.16 US$ | 2025 | World Bank Open Data | High |
| GDP per capita (current US$) — OECD | 51733.71 US$ | 2025 | World Bank Open Data | High |
| GDP per capita (current US$) — United States | 90026.52 US$ | 2025 | World Bank Open Data | High |
| GDP growth (annual %) — Sweden | 1.54 % | 2025 | World Bank Open Data | High |
| GDP growth (annual %) — Norway | 1.09 % | 2025 | World Bank Open Data | High |
| GDP growth (annual %) — Denmark | 2.93 % | 2025 | World Bank Open Data | High |
| GDP growth (annual %) — Finland | 0.17 % | 2025 | World Bank Open Data | High |
| GDP growth (annual %) — Iceland | 1.28 % | 2025 | World Bank Open Data | High |
| GDP growth (annual %) — European Union | 1.54 % | 2025 | World Bank Open Data | High |
| GDP growth (annual %) — OECD | 1.77 % | 2025 | World Bank Open Data | High |
| GDP growth (annual %) — United States | 2.16 % | 2025 | World Bank Open Data | High |
| Inflation, consumer prices (annual %) — Sweden | 0.68 % | 2025 | World Bank Open Data | High |
| Inflation, consumer prices (annual %) — Norway | 3.06 % | 2025 | World Bank Open Data | High |
| Inflation, consumer prices (annual %) — Denmark | 1.89 % | 2025 | World Bank Open Data | High |
| Inflation, consumer prices (annual %) — Finland | 0.34 % | 2025 | World Bank Open Data | High |
| Inflation, consumer prices (annual %) — Iceland | 4.09 % | 2025 | World Bank Open Data | High |
| Inflation, consumer prices (annual %) — European Union | 2.47 % | 2025 | World Bank Open Data | High |
| Inflation, consumer prices (annual %) — OECD | 2.84 % | 2025 | World Bank Open Data | High |
| Inflation, consumer prices (annual %) — United States | 2.95 % | 2024 | World Bank Open Data | High |
| Unemployment (% of labour force, ILO) — Sweden | 8.69 % | 2025 | World Bank Open Data | High |
| Unemployment (% of labour force, ILO) — Norway | 4.64 % | 2025 | World Bank Open Data | High |
| Unemployment (% of labour force, ILO) — Denmark | 5.53 % | 2025 | World Bank Open Data | High |
| Unemployment (% of labour force, ILO) — Finland | 9.46 % | 2025 | World Bank Open Data | High |
| Unemployment (% of labour force, ILO) — Iceland | 3.62 % | 2025 | World Bank Open Data | High |
| Unemployment (% of labour force, ILO) — European Union | 5.93 % | 2025 | World Bank Open Data | High |
| Unemployment (% of labour force, ILO) — OECD | 4.93 % | 2025 | World Bank Open Data | High |
| Unemployment (% of labour force, ILO) — United States | 4.2 % | 2025 | World Bank Open Data | High |
| Population — Sweden | 10596620 people | 2025 | World Bank Open Data | High |
| Population — Norway | 5610870 people | 2025 | World Bank Open Data | High |
| Population — Denmark | 6009169 people | 2025 | World Bank Open Data | High |
| Population — Finland | 5646436 people | 2025 | World Bank Open Data | High |
| Population — Iceland | 392404 people | 2025 | World Bank Open Data | High |
| Population — European Union | 451127411 people | 2025 | World Bank Open Data | High |
| Population — OECD | 1402243571 people | 2025 | World Bank Open Data | High |
| Population — United States | 341784857 people | 2025 | World Bank Open Data | High |
| Exports of goods & services (% of GDP) — Sweden | 53.23 % | 2025 | World Bank Open Data | High |
| Exports of goods & services (% of GDP) — Norway | 45.37 % | 2025 | World Bank Open Data | High |
| Exports of goods & services (% of GDP) — Denmark | 70.12 % | 2025 | World Bank Open Data | High |
| Exports of goods & services (% of GDP) — Finland | 42.33 % | 2025 | World Bank Open Data | High |
| Exports of goods & services (% of GDP) — Iceland | 40.11 % | 2025 | World Bank Open Data | High |
| Exports of goods & services (% of GDP) — European Union | 49.61 % | 2025 | World Bank Open Data | High |
| Exports of goods & services (% of GDP) — OECD | 28.25 % | 2025 | World Bank Open Data | High |
| Exports of goods & services (% of GDP) — United States | 10.97 % | 2024 | World Bank Open Data | High |
Methodology & verification
All indicators are drawn from the World Bank Open Data API, which harmonises national statistics for cross-country comparison. GDP per capita and GDP are in current US dollars; growth and inflation are annual percentages; unemployment uses the ILO-modelled estimate; exports are a share of GDP. Each value is the most recent available year for that country and indicator, shown alongside the figure. Missing values (World Bank data gaps) are marked n/a and never estimated. The report regenerates automatically as new data is published. Confidence is High (official multilateral source).
Data dictionary
| Field | Type | Description |
|---|---|---|
| metric | string | World Bank indicator code : country ISO3 |
| label | string | Indicator name and country |
| value | number | The measured value |
| unit | string | US$, %, or people |
| period | string | Reference year |
| geography | string | Country or region |
| source_url | string | World Bank indicator page |
Frequently asked questions
Which Nordic country is richest?
By GDP per capita, Iceland leads the Nordics at $98,323 (2025); Sweden ranks 4th at $63,133. Source: World Bank.
What is Sweden's GDP per capita?
Sweden's GDP per capita was $63,133 in 2025 (World Bank, current US$).
Which Nordic country has the lowest inflation?
Sweden is among the lowest at 0.7% (2025). Compare Norway 3.1%, Denmark 1.9%, Finland 0.3%. Source: World Bank.
How big are the Nordic populations?
Sweden 10,596,620, Denmark 6,009,169, Finland 5,646,436, Norway 5,610,870, Iceland 392,404 (2025, World Bank).
Are the Nordic countries in the EU?
Sweden, Denmark and Finland are EU members; Norway and Iceland are not (they are in the EEA). Only Finland uses the euro; Sweden, Denmark, Norway and Iceland keep their own currencies.
How trade-dependent are the Nordics?
Very. Exports equal 53.2% of Sweden's GDP (2025); all Nordic economies have small home markets and high export shares. Source: World Bank.
Where does this data come from?
The World Bank Open Data API, which harmonises national statistics for cross-country comparison. Every figure links to its World Bank indicator page and shows its reference year.
Can I download the comparison?
Yes — the full scoreboard is available as CSV and JSON under a CC BY 4.0 licence, free to reuse with attribution to Affärslivet.
Glossary
- GDP per capita
- Gross domestic product divided by population, in current US dollars — a broad gauge of average income. ↗
- GDP growth
- The annual percentage change in real (inflation-adjusted) gross domestic product. ↗
- Inflation (CPI)
- The annual percentage change in consumer prices. ↗
- Unemployment (ILO)
- Share of the labour force without work but available for and seeking employment, on the International Labour Organization definition used for cross-country comparison. ↗
- Exports (% of GDP)
- The value of exported goods and services as a share of GDP — a measure of trade openness. ↗
- Nordic countries
- Sweden, Norway, Denmark, Finland and Iceland (with associated territories) — a region of small, open, high-income economies. ↗
- World Bank Open Data
- A free, authoritative database of harmonised development and economic indicators for every country. ↗
How to cite this report
APA
Affärslivet Research. (2026). Nordic Economies Compared 2026. Affärslivet. Version 1.0. https://xn--affrslivet-s5a.com/en/reports/nordic-economies-compared
MLA
Affärslivet Research. "Nordic Economies Compared 2026." Affärslivet, 2026-07-01, https://xn--affrslivet-s5a.com/en/reports/nordic-economies-compared.
BibTeX
@techreport{affarslivet_nordic_economies_compared,
title = {Nordic Economies Compared 2026},
author = {{Affärslivet Research}},
year = {2026},
note = {Version 1.0},
url = {https://xn--affrslivet-s5a.com/en/reports/nordic-economies-compared}
}