Nordic Investment Bank 18-K/A Annual report (foreign governments) (amended)

Exhibit VIII

THE MEMBER COUNTRIES

The following information has been extracted from publicly available sources. While we believe that the information is reliable, we have not independently verified it. We undertake no obligation to update any of these figures or amend them if the public sources are subsequently revised.

As used herein, the terms “EUR” and “euro” refer to the currency introduced on January 1, 1999, and adopted by the economic and monetary union of the European Union (“EMU”) as the unit of account of the institutions of the European Communities as well as the currency of the nineteen participating member states of the EMU and the unit of account of the central banks of such member states. On December 31, 2014, the EUR/USD exchange rate as published by the European Central Bank was 1.2141 U.S. dollars per one euro. No representation is made that EUR amounts actually represented, or have been or could be converted into, U.S. dollars at such rate or at any other rates on such date.

Selected Demographic and Economic Data

The following table presents selected demographic and economic data for NIB’s member countries for the years indicated:

	Denmark		Estonia		Finland		Iceland		Latvia		Lithuania		Norway		Sweden
Population
2014		5,627,235		1,315,819		5,451,270		325,671		2,001,468		2,943,472		5,107,970		9,644,864
2013		5,602,628		1,320,174		5,426,674		321,857		2,023,825		2,971,905		5,051,275		9,555,893
2012		5,580,516		1,325,217		5,401,267		319,575		2,044,813		3,003,641		4,985,870		9,482,855
Nominal GDP (EUR millions)
2014		257,443.8		19,526.2		204,015.0		12,871.9		24,059.7		36,308.9		377,224.3		430,258.2
2013		252,938.9		18,738.8		201,995.0		11,583.3		23,265.0		34,955.6		393,098.4		436,342.4
2012		250,786.4		17,636.7		199,793.0		11,076.0		22,217.0		33,314.0		396,678.0		423,340.7
Nominal GDP (EUR per capita)
2014		45,600		14,800		37,400		39,500		12,100		12,400		73,400		44,400
2013		45,100		14,200		37,100		35,800		11,600		11,800		77,400		45,500
2012		44,900		13,300		36,900		34,500		10,900		11,200		79,000		44,500
Real GDP (1) (EUR per capita)
2014		43,300		13,100		34,100		33,700		10,600		11,200		67,300		40,400
2013		43,000		12,800		34,300		33,200		10,300		10,800		66,600		39,900
2012		43,400		12,600		34,900		32,400		9,800		10,300		66,900		39,700
Harmonized Consumer Price Index – Inflation Rate (2) (in %)
2014		0.3		0.5		1.2		1.0		0.7		0.2		1.9		0.2
2013		0.5		3.2		2.2		4.1		0.0		1.2		2.0		0.4
2012		2.4		4.2		3.2		6.0		2.3		3.2		0.4		0.9
Industrial Product Price Index (3) (in %)
2014		-1.0		-1.6		-0.9		n/a		0.4		-4.9		-1.4		1.4
2013		1.6		4.1		-0.5		n/a		1.8		-2.4		0.6		-2.8
2012		2.3		2.3		1.4		n/a		3.7		5.0		2.8		-0.9
Unemployment (in %)
2014		6.6		7.4		8.7		5.0		10.8		10.7		3.5		7.9
2013		7.0		8.6		8.2		5.4		11.9		11.8		3.5		8.0
2012		7.5		10.0		7.7		6.0		15		13.4		3.2		8.0
Balance of Payments (4) (EUR millions)
2014 (5)		4,812.4		127.9		390.1		n/a		-88.0		-36.8		7,682.4		6,773.4
2013 (5)		5,495.3		-10.0		-382.3		n/a		-54.0		403.4		11,224.8		7,096.0
2012 (5)		3,453.8		-123.5		-500.7		n/a		-66.0		250.8		13,439.0		6,936.6
Public Finance (6) (EUR millions)
2014		3,211.6		121.3		-6,435.0		n/a		-347.0		-242.0		34,167.4		-8,098.5
2013		-2,684.9		-40.0		-5,122.0		n/a		-172.4		-916.9		44,534.8		-5,989.8
2012		-9,194.6		-38.5		-4,240.0		n/a		-176.5		-1,049.0		54,922.5		-3,917.3
Public Debt (7) (in %)
2014		45.2		10.6		59.3		n/a		40.0		40.9		26.4		43.9
2013		45.0		10.1		55.8		n/a		38.2		38.8		29.3		38.7
2012		45.6		9.7		52.9		n/a		40.9		39.8		29.2		36.6

Source: Eurostat.

⁽¹⁾  Amounts shown are chain-linked through successive application of the GDP growth rates to the previous year’s prices, with the price figures of 2010 as the reference year.

⁽²⁾  Percentage change as compared to previous year.

⁽³⁾  Percentage change as compared to previous year. Excludes construction, sewerage, waste management and remediation activities.

⁽⁴⁾  Current account.

⁽⁵⁾  Amounts shown are for Q4.

⁽⁶⁾  Deficit or surplus.

⁽⁷⁾  Public debt as a percentage of GDP.