Europe: Copenhagen expected to lead the way in the Nordics

We are cautiously optimistic about the medium-term outlook for the Nordic cities, and we expect them to continue to outperform their European city peers, as they have typically done in the past. Overall, the capital cities will have the strongest growth prospects in their respective countries. This is largely due to their favourable industrial structures and high quality of life, which enable these cities to continue attracting new residents.

What you will learn:

• Copenhagen will lead the way for both GDP and employment growth over the medium term (2024-28), with the city’s sizeable trade, transport & storage sector being one of the key drivers. This is complemented by the booming Danish pharmaceutical sector, where Novo Nordisk (known for their diabetes medication Ozempic) has experienced rapid growth. With a dynamic economy and a well-educated workforce, Copenhagen has strong fundamentals that will allow the city to continue growing at a fast pace.
• Stockholm has dominant business services and ICT sectors, both of which will be driving the economy over the next five years. With strong fundamentals, Stockholm will be the third fastest-growing city in the Nordics, outperforming Swedish peers Gothenburg and Malmö. However, with a rising population and low supply of housing, prospective tenants will find it increasingly difficult to find affordable accommodation in the city.
• Oslo’s economy is expected to grow faster than the European city average over the medium term. In addition, it will be the second fastest-growing city in the Nordics, only outpaced by Copenhagen, partly because of the former’s larger but less dynamic public services sector. While Helsinki will be held back by its reliance on slow-paced sectors and continue to trail its Nordic peers as the weakest performing capital in the region.