Nordic Countries in May 2026: the most important developments in economy
The Nordic countries' economy in May 2026 was shaped by energy. On May 8 Sweden halted plans for a power cable to Denmark over a disagreement with the EU funding plan for the project. Norway's central bank raised interest rates on May 7, the first in Europe to do so since the outbreak of the Iran conflict, citing the conflict's impact on the economy. The EU warned of its worst energy crisis ever, and Norway announced up to 70 new oil and gas drilling permits and reopened old gas fields. Later in the month Norwegian producers raised their investment forecasts for 2026 and 2027, Equinor and Eneco signed a new long-term gas supply deal, and Norway lobbied the EU to drop its ban on Arctic drilling, citing energy security.
Companies made news on several fronts. Volvo Car avoided a US ban on connected vehicles tied to China, allowing it to keep selling cars with Chinese-made components in the American market; earlier its chief executive said he was not satisfied with results as US subsidies were pulled. A self-driving bus in Sweden crashed with a tram on its first day. Maersk reported lower profit but kept its 2026 forecast. A Danish pension fund blacklisted SpaceX, citing governance issues. The EU approved the merger of the dairy companies DMK and Arla, and reports said auto makers are turning to NATO military contracts.
Raw materials and transport also featured. The United States secured a rare earth deal with a Greenland deposit, and Greenland Mines bought a rare earth project from Neo Performance for 35 million dollars. Finland restricted pharmaceutical exports to Russia, and Norway joined the US-led Pax Silica supply chain initiative. On May 18 a tunnel linking Denmark to the continent opened for cars first, and trains were delayed. Sweden plans to cut monthly public transport tickets by 50 percent in all regions, and Yle reported that Finland's economy is picking up.
by WorldBrief & Maksim Micheliov | AI-generated summary
Click a day in the chart above for that day's brief.