Finland skyline

Finland GDP

Finland GDP

Economic Growth in Finland

The economy of Finland recorded an average growth rate of 1.0% in the decade to 2022, below the 1.4% average for the Euro Area. In 2022, real GDP growth was 1.6%. For more GDP information, visit our dedicated page.

Finland GDP Chart

Note: This chart displays Economic Growth (GDP, annual variation in %) for Finland from 2023 to 2018.
Source: Statistics Finland.

Finland GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 1.1 1.2 -2.4 2.8 1.3
GDP (EUR bn) 233 240 238 251 268
Economic Growth (Nominal GDP, ann. var. %) 3.2 2.7 -0.8 5.3 6.8

GDP drops at a milder pace in the fourth quarter

A second national accounts release showed GDP fell at a more moderate pace of 0.8% on a seasonally adjusted quarter-on-quarter basis in the fourth quarter, above the 1.1% contraction tallied in the third quarter. Despite the improvement, Q4’s result came in below the preliminary estimate of a milder 0.4% GDP decline, and meant the economy entered a technical recession. On an annual basis, GDP contracted 1.8% in Q4, mirroring the previous period's decline. Q4's reading was a deterioration from the preliminary estimate. As a consequence, the economy contracted 1.0% overall in 2023 (2022: +1.3%), the worst result since 2012, barring 2020’s pandemic-induced downturn.

The softer quarterly decline reflected household spending flatlining in seasonally adjusted quarter-on-quarter terms in the fourth quarter (Q3: -0.6% s.a. qoq), following two periods of contractions. Moreover, government consumption rebounded, growing 0.8% in Q4 (Q3: -2.9% s.a. qoq). Less positively, fixed investment fell at a steeper rate of 1.5% in Q4, from the 0.9% contraction recorded in the previous quarter. Moving to the external sector, exports of goods and services fell 1.0% on a seasonally adjusted quarterly basis in the fourth quarter, which was milder than the third quarter's 2.8% contraction. Meanwhile, imports of goods and services fell at a softer pace of 1.5% in Q4 (Q3: -3.6% s.a. qoq).

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Finnish GDP projections for the next ten years from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Finnish GDP.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Finnish GDP projections.

Want to get access to the full dataset of Finnish GDP forecasts? Send an email to

Latest Global GDP News

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest