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Change in new registered cars 2019-2020

The map shows the change in new registered passenger cars from 2019 to 2020. In most countries, the number of car registrations fell in 2020 compared to 2019. On a global scale, it is estimated that sales of motor vehicles fell by 14%. In the EU, passenger car registrations during the first three quarters of 2020 dropped by 28.8%. The recovery of consumption during Q4 2020 brought the total contraction for the year down to 23.7%, or 3 million fewer cars sold than in 2019. In the Nordic countries, consumer behaviour was consistent overall with the EU and the rest of the world. However, Iceland, Sweden, Finland, Åland, and Denmark recorded falls of 22%–11% – a far more severe decline than Norway, where the market only fell by 2.0%. The Faroe Islands was the only Nordic country to record more car registrations, up 15.8% in 2020 compared to 2019.  In Finland, Iceland, Norway, and Sweden, there were differences in car registrations in different parts of the country. In Sweden and Finland, the position was more or less the same in the whole of the country, with only a few municipalities sticking out. In Finland and Sweden, net increases in car registrations were concentrated in rural areas, while in major urban areas, such as Uusimaa-Nyland in Finland and Västra Götaland and Stockholm in Sweden, car sales fell between 10%–22%. Net increases in Norway were recorded in many municipalities throughout the whole country in 2020 compared to 2019.

Bankruptcies in 2020 by industry and region

The map shows the most affected industry by relative increase in concluded business bankruptcies 2020 compared to 2015–2019 average. Regional patterns in business failures are linked to factors ranging from the effectiveness of the measures adopted by the various governments to the exposure of regional economies to vulnerable sectors. Regions with higher numbers of bankruptcies tend to reflect the concentration of economic activity in sectors particularly affected by the pandemic. It comes as little surprise that Accommodation and food service activities were the industries with the largest increase in business bankruptcies in 2020 compared to the 2015–2019 baseline. In the Nordic Region as a whole, the number rose by 28.6%. This pattern is also discernible at the regional level. Hotels and restaurants were the activities with the biggest increase in the number of bankruptcies in a significant number of Swedish, Norwegian and Finnish regions.  Other sectors suffering higher-than-average numbers of business bankruptcies are service industries, particularly those requiring closer social interaction, like Education (16.5% increase), Other service activities (12.0% increase) and Administrative and support service activities (7.9% increase). The logistics sector was also greatly affected, with major impact localised around logistics centres and transport nodes in the different countries. In the capital regions of Oslo, Stockholm and Helsinki, Transportation and storage was the sector with the largest increase in bankruptcies. Wholesale and retail trade; repair of motor vehicles and motorcycles was the industry to suffer the most in Denmark and several Finnish and Swedish regions. 

Relative change in the number of business bankruptcies

The map shows the relative change in the number of concluded business bankruptcies by region, 2015–2019 average compared to 2020. At sub-national levels, the distribution of business bankruptcies does not show a clear territorial pattern. In Iceland and Denmark, businesses in the most urbanised areas, including the capital regions, seem to have been those that benefited most from the economic mitigation measures (-23.9% in Höfuðborgarsvæðið and -24.4% in Region Hovedstaden). By contrast, Oslo is the only Norwegian region where there were more business bankruptcies in 2020 compared to the 2015–2019 baseline (1.9% increase). Most Norwegian regions did, in fact, have fewer bankruptcies in 2020, particularly in the western regions. One plausible explanation for this could be that the number of business failures during the baseline period was especially high in western Norway due to the fall in oil prices in 2014–2015. In Sweden the situation is even more mixed. Here, businesses in urban areas seem to have been more exposed to the distress caused by the Covid-19 pandemic. The most urbanised regions in the Stockholm-Gothenburg-Malmö corridor registered a greater increase in liquidations (Jönköping, Kronoberg and Södermanland regions saw surges of around 20%). However, predominantly rural regions in Sweden, such as Västerbotten and Jämtland, also recorded higher numbers of bankruptcies than average (9.8% and 8.8% increase, respectively). In Finland, the impact was greater in Lapland (26.9%) and around Helsinki (Uusimaa, 25.9%) than in the central parts of the country. Åland also experienced a moderate rise in business bankruptcies in 2020 (4.0%), mostly related to the tourism sector.

Gross Value Added (GVA) change 2019-2020

The map shows the change in regional Gross Value Added (GVA) from 2019 to 2020 (in fixed prices). As shown in the map, aggregated production levels, in terms of Gross Value Added (GVA), contracted in nearly all of the Nordic regions between 2019 and 2020. In general, the variability was comparatively smaller within each country than it was between countries, even when comparing regions with similar economic profiles from different countries. On average, the impact was greater on regions in Sweden and Finland than those in Denmark. Still, some relevant territorial patterns emerge from the changes to regional GVA shown in the map.   The contraction was larger in regions with higher dependence on tourism services and hospitality (Åland and some municipalities in South Karelia, Finland, and Bornholm, Denmark), as well as on mass-market retail and logistics, particularly in the areas surrounding the capital regions (Södermanland and Västmanland in Sweden and Greater Copenhagen in Denmark). In Sweden and Finland, a remarkable regional divide can also be traced between territories specialised in transformation sectors with limited vulnerability to the impact of Covid-19, including forestry and specific types of processing (e.g. pulp, cement), like Nord Ostrobothnia, Kainuu and Pirkanmaa in Finland, and Gotland, Västerbotten and Örebro in Sweden. Aggregated output in these regions fell less than in regions with greater exposure to industrial manufacturing, like Kymenlaakso in Finland and Kronobergs in Sweden.    Similarly, the impact on the financial centres in Denmark (Greater Copenhagen) and Sweden (Stockholm) was less than regions with mid-sized cities and diversified urban economies, like Vestjylland (Århus) in Denmark and Upsala in Sweden. Interestingly, the shock to the Finnish economy was greater in the Helsinki metropolitan area (-3.6% Uusimaa) than it was for the Tampere region (-0.5% in Pirkanmaa). This may be due to the relatively higher concentration…