Finland Economic Outlook
December 23, 2021A second national accounts release confirmed that the economy lost steam in Q3. The slowdown came on the back of more moderate private consumption growth and fixed investment swinging back into contraction. In contrast, the external sector contributed to overall growth. The recovery will have likely lost further traction in the final months of the year: In October, economic activity and retail sales contracted from the prior month, while industrial output slowed further. More positively, the unemployment rate dropped to a 19-month low in October, although higher price pressures likely dragged on spending. Meanwhile, the government has recently tightened entry restrictions, despite hitting its intended 80% vaccination rate, in a bid to tame Omicron’s spread. Regardless, economic sentiment hit all-time highs both in October and November, boding well for activity.
Finland Economic GrowthThe economy is seen expanding at a softer pace in 2022, following this year’s projected return to growth. Stronger private and capital spending, as well as higher export growth, will sustain activity. That said, the gradually aging population could lead to increased fiscal pressures going forward, posing a downside risk to the outlook. FocusEconomics panelists project GDP to grow 2.8% in 2022, which is unchanged from last month’s forecast, and 1.6% in 2023.
Finland Economy Data
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Finland Economic News
December 15, 2021
Economic activity growth eased to a three-month low of 4.3% in year-on-year working-day adjusted terms in October, slowing from September’s 5.5% reading. October’s slowdown was broad-based, with the primary sector—which includes the agriculture, hunting, forestry and fishing subsectors—secondary production and the services sector all expanding at softer rates in November.
December 14, 2021
Consumer prices increased 0.45% in November over the previous month, which was below October's 0.75% increase.
December 13, 2021
The current account recorded a EUR 1.9 billion deficit in October, swinging from September’s EUR 1.1 billion surplus (October 2020: 0.8 billion surplus).
November 30, 2021
Economic growth lost steam in the third quarter, with GDP increasing 0.8% on a seasonally-adjusted quarter-on-quarter basis (Q2: +2.2% s.a.
November 16, 2021
Economic activity rose to a three-month high of 5.0% year-on-year in working-day adjusted terms in September, accelerating from August’s 4.3% increase.