Under pressure from weaker euro-zone growth

The higher prevalence of renewables in the energy mixes than in most of Europe means the squeeze on incomes from higher gas prices will be less acute in Switzerland and the Nordics, and Norway even stands to benefit from elevated commodity prices. But as highly open economies, Switzerland and Sweden are exposed to weak growth in key trading partners in the eurozone, and we have lowered our already below-consensus 2022 GDP forecasts for both countries. Drop-In (Thurs., 14:00 BST): Nordic & Swiss – Shortly after the Riksbank meeting, economists from our Europe and Markets services will be online to discuss the monetary policy outlook for the region’s economies and currencies as the ECB turns hawkish. Register now.