Finland Economic Outlook
May 31, 2022
After slowing in Q4, the economy lost further steam in Q1. Preliminary data shows that seasonally-adjusted growth in Q1 was milder compared to Q4 due to the Omicron variant and rising inflation hampering consumer spending and industrial output. Still, activity picked up in March amid looser pandemic restrictions and a healthy labor market. In Q2, the economy should be slowing further: Consumer confidence remained pessimistic amid the war in Ukraine and the highest inflation in more than 30 years. That said, the lowest unemployment since June 2019 in April is likely supporting spending. In politics, on 18 May Finland applied to join NATO. Within the same week, Russia halted gas deliveries to Finland. This has already prompted the latter to diversify its energy supply, with higher domestic electricity output, the adoption of alternative fuels and gas and oil imports from Norway and Estonia.Finland Economic Growth
Growth this year should halve from 2021’s level due to inflation eroding private spending and the war in Ukraine hindering trade. Lingering supply shocks and energy disruptions will further weigh on industrial activity. Still, a tight labor market and elevated household savings will buffer growth from some of the downside shocks. FocusEconomics panelists project GDP to grow 1.8% in 2022, which is down 0.2 percentage points from last month’s forecast, and 1.5% in 2023.Finland Economy Data
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Finland Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.03 | 3.70 % | Dec 30 |
| Exchange Rate | 8.78 | -0.38 % | Jan 01 |
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Finland Economic News
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Finland: Inflation comes in at highest level since February 1990 in May
June 14, 2022
Consumer prices increased 1.31% over the previous month in May, accelerating from the 0.32% rise logged in April.
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Finland: Economic activity records quickest growth since June 2021 in March
May 17, 2022
Economic activity rose 5.4% year-on-year in working-day adjusted terms in March, which was above February's 3.6% increase.
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Finland: Current account deficit deepens in March
May 13, 2022
The current account recorded a EUR 1.2 billion deficit in March, deteriorating from the EUR 0.3 billion deficit clocked in February- March 2021: EUR 0.7 billion deficitMeanwhile, in the 12 months leading up to March, the current account posted a EUR 0.7 billion surplus, compared to the EUR 1.2 billion surplus booked in February. The merchandise trade balance deteriorated from the previous month, recording a EUR 0.5 billion deficit in March (February 2022: EUR 0.3 billion deficit).
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Finland: Inflation drops in April but remains elevated
May 13, 2022
Consumer prices increased 0.32% in April over the previous month, moderating from March's 1.45% increase.
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Finland: Inflation comes in at highest level since August 1990 in March
April 14, 2022
Consumer prices increased 1.45% over the previous month in March, accelerating from February's 0.51% increase.
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