Finland Economic Outlook
October 27, 2020The economy is expected to have emerged from recession in Q3 after contracting in Q2 due to the fallout from the pandemic; however, data points to a fragile recovery. Economic activity swung to expansion in July–August from Q2’s overall contraction, although growth lost steam relative to its peak in June. Meanwhile, the unemployment rate rose to a near three-year high in September and consumer confidence decreased in the same month to its lowest value since May, likely capping private spending. On the external front, merchandise exports continued to fall in July–August, albeit at a softer pace compared to Q2. On the political front, on 15 October the government presented the 2021 draft budget, projecting public debt to rise but the fiscal deficit to narrow compared to 2020. The budget will focus on improving employment conditions, particularly for young people and over-55s, and environmental issues.
Finland Economic GrowthThe economy is set to grow strongly next year, recovering from this year’s Covid-19-induced GDP contraction. A recovery is expected on the back of the reopening of economies as international travel and foreign trade resume, buttressing both domestic and external demand. However, uncertainty lingers over further waves of the virus, clouding the outlook. FocusEconomics panelists project GDP to grow 3.1% in 2021, which is up 0.1 percentage points from last month’s projection, and 2.1% in 2022.
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|Bond Yield||0.03||3.70 %||Dec 30|
|Exchange Rate||8.78||-0.38 %||Jan 01|
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Finland Economic News
July 15, 2021
Economic activity expanded markedly in May, with growth clocking in at 9.0% in year-on-year working-day adjusted terms, accelerating from April’s 7.1% increase.
July 13, 2021
The current account recorded a EUR 0.3 billion surplus in May, swinging from the EUR 0.3 billion deficit logged in the same month last year and also contrasting the EUR 0.6 billion deficit posted in April.
June 15, 2021
Economic activity expanded notably in April, with growth clocking in at 6.4% year-on-year in working-day adjusted terms, accelerating from March’s 0.1% increase.
June 14, 2021
Consumer prices dropped 0.05% in June over the previous month, contrasting the 0.15% rise seen in May.
June 11, 2021
The current account recorded a EUR 0.6 billion deficit in April, below the EUR 0.4 billion deficit logged in the same month last year and slightly above the EUR 0.7 billion deficit posted in March.