Consumption in Finland
Finland - Consumption
GDP growth records best reading in a year in the second quarter
GDP growth improved to 1.0% on a seasonally-adjusted quarter-on-quarter basis in the second quarter, doubling 0.5% in the first quarter. Q2's reading marked the best result since Q2 2021.
Household spending growth came in at 2.3% in seasonally adjusted quarter-on-quarter terms in Q2 from Q1’s flat reading. Public spending edged up to a 1.5% increase in Q2 (Q1: +1.3% s.a. qoq). This more than offset a decline in fixed investment, which contracted 1.8% in Q2, contrasting the 2.5% expansion recorded in the previous quarter.
On the external front, exports of goods and services rebounded, growing 1.1% in Q2 (Q1: -10.0% s.a. qoq). In addition, imports of goods and services also bounced back, rising 3.3% in Q2 (Q1: -0.7% s.a. qoq).
On an annual basis, economic growth slowed to 3.3% in Q2, from the previous period's 4.2% increase.
On the outlook for the Finnish economy ahead, analysts at the EIU commented:
“We forecast that real GDP growth will slow to 1.8% in 2022 before slowing further to 0.6% in 2023. The post-pandemic recovery will be broad based. Construction investment and consumer spending will remain the drivers of growth in 2022. The risk of a decline in asset prices for the forecast period is modest but not insignificant. Russia's invasion of Ukraine has amplified macroeconomic risks for Finland in 2022, given that Russia is an important trading partner for Finland.”
FocusEconomics panelists project GDP to grow 1.8% in 2022, which is up 0.1 percentage points from last month’s forecast, and 0.8% in 2023.
Finland - Consumption Data
|Consumption (annual variation in %)||1.6||2.4||1.0||1.8||1.0|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||0.03||3.70 %||Dec 30|
|Exchange Rate||8.78||-0.38 %||Jan 01|
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November 15, 2022
Economic activity increased 0.6% month-on-month in seasonally adjusted terms in September (August: +0.4% mom).
November 14, 2022
Harmonized inflation was stable at September's 8.4% in October.
November 11, 2022
The current account posted a EUR 0.4 billion surplus in September, rebounding from the EUR 0.5 billion deficit posted in August (September 2021: EUR 1.0 billion surplus).
October 14, 2022
Harmonized inflation rose to 8.4% in September, following August’s 7.9%.
October 12, 2022
The current account posted a EUR 0.2 billion deficit in August, improving from the EUR 0.3 billion deficit clocked in July (August 2021: EUR 0.4 billion surplus).