Finland Economic Forecast

Finland Economic Outlook

December 20, 2019

Economic growth slowed marginally in the third quarter, according to revised GDP data. The slight slowdown came in part from a decrease in government spending, while the external sector continued to drag on the economy, albeit to a lesser extent than in the second quarter. More positively, both private consumption and fixed investment picked up in Q3. Turning to the fourth quarter, available data indicates a further slowing of momentum as economic activity declined month-on-month in October. Moreover, growth in real wages slowed in the same month, which may drag on private consumption. In other news, Sanna Marin, the former transport minister, became Finland’s new prime minister on 10 December, following Antti Rinne’s resignation. Marin will head a coalition of five left-leaning parties and no significant change in economic policy direction is foreseen.

Finland Economic Growth

The economy is expected to decelerate slightly in 2020 as soft global trade and weak Eurozone growth will likely weigh on the external sector. More positively, increased fiscal stimulus and robust household spending should temper the overall slowdown. FocusEconomics panelists expect GDP growth of 1.1% in 2020, which is unchanged from last month’s forecast, and 1.2% in 2021.

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Finland Facts

ValueChangeDate
Bond Yield0.033.70 %Dec 30
Exchange Rate8.78-0.38 %Jan 01

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Finland Economic News

  • Finland: Economic activity growth accelerates in November

    January 15, 2020

    Economic activity grew a working-day adjusted 2.3% in November from the same month a year earlier, up from October’s revised 1.9% reading (previously reported: +1.5% year-on-year), according to Statistics Finland’s latest monthly Trend Indicator of Output release. The uptick in November came on the back of a rebound in the primary sector—encapsulating agriculture, forestry and fishing sub-sectors—which had slumped in the previous month.

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  • Finland: Inflation ticks up in December

    January 14, 2020

    Consumer prices rebounded 0.1% in December compared with the previous month, reversing November’s 0.1% downtick.

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  • Finland: Current account surplus tightens in November

    January 13, 2020

    The current account surplus tightened to EUR 0.2 billion in November from a revised EUR 1.0 billion in October (previously reported: EUR 0.5 billion).

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  • Finland: Economic activity growth moderates in October

    December 13, 2019

    Economic activity grew a working-day adjusted 1.5% in October from the same month a year earlier, down from September’s revised 2.1% reading (previously reported: +0.8% year-on-year), according to Statistics Finland’s latest monthly Trend Indicator of Output release. The moderation in October came on the back of decreased activity in the primary sector—encapsulating agriculture, forestry and fishing sub-sectors—which slumped this month and thus weighed on the overall reading.

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  • Finland: Current account surplus widens in October

    December 13, 2019

    The current account surplus widened to EUR 0.5 billion in October from a revised EUR 0.3 billion in September (previously reported: EUR 0.5 billion).

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