Finland Economic Outlook
September 28, 2021A second reading of national accounts data confirmed that GDP growth accelerated in Q2 and the economy thus returned to pre-pandemic levels. The improvement was largely due to a rebound in private spending and investment as domestic Covid-19 restrictions were eased, although the external sector dragged on overall growth. However, momentum has seemingly slowed in Q3: Although industrial output rebounded in monthly terms in July, economic activity grew at a slightly softer pace. Moreover, retail sales swung back to contraction in the same month. More positively, economic sentiment hit an over 14-year high in August, likely bolstered by the unemployment rate falling to a 16-month low in the same month. Meanwhile, on 9 September, authorities tabled the 2022 budget, which focuses on raising employment levels and reducing carbon emissions, and projects a smaller EUR 6.9 billion deficit.
Finland Economic GrowthThe economy is seen expanding at a healthy rate this year and next, supported by recovering private spending and improving investment dynamics. Moreover, healthier foreign demand will support exports as global restrictions are eased. However, lingering uncertainty over the evolution of the pandemic poses a risk to the outlook. FocusEconomics panelists project GDP to grow 2.9% in 2021 and 2.8% in 2022, which is unchanged from last month’s forecast.
Finland Economy Data
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Finland Economic News
October 15, 2021
Economic activity increased 4.6% year-on-year in working-day adjusted terms in August, which followed July's 5.3% increase.
October 14, 2021
Consumer prices rose 0.31% in September over the previous month, accelerating from the 0.23% increase recorded in August.
October 13, 2021
The current account recorded a EUR 0.4 billion surplus in August, down from EUR 0.6 billion in July but broadly unchanged from August 2020.
September 15, 2021
Economic activity expanded 5.5% year-on-year in working-day adjusted terms in July (June: +9.1% yoy), marking a four-month low.
September 14, 2021
Consumer prices rose 0.23% in August over the previous month, below July's 0.33% increase.