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 2014 to 2023.
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 records sharpest contraction since 2020 in Q3

GDP declined 0.9% on a seasonally adjusted quarter-on-quarter basis in Q3, deteriorating notably from the 0.4% expansion logged in the second quarter. Q3's downturn marked the worst reading since Q2 2020 during the first wave of the pandemic.

The downturn was broad-based. On the domestic front, household spending contracted at a steeper pace of 0.6% in Q3 (Q2: -0.2% s.a. qoq), marking the strongest decline since Q4 2022. While average inflation in Q3 was below Q2’s average, price pressures remained elevated, which, coupled with high interest rates, continued to dampen purchasing power. To make matters worse, the unemployment rate rose to a two-year high of 7.4% in Q3, which also hurt household spending. Government spending dropped at the sharpest pace since Q1 2023, contracting 2.7% (Q2: +2.4% s.a. qoq). Meanwhile, fixed investment slid at a rate of 1.5% in Q3 from the flat reading posted in the prior quarter. On the external front, exports of goods and services contracted 1.8% in Q3 (Q2: -0.1% s.a. qoq), marking the worst result since Q4 2022. Imports of goods and services contracted at a sharper pace of 3.2% in Q3 (Q2: -1.2% s.a. qoq). On an annual basis, GDP declined 1.5% in Q3, following the previous quarter's 0.6% fall. Q3's downturn marked the sharpest contraction since Q3 2020.

The economy is set to avoid entering a technical recession; our panel expects it to flatline in sequential terms in Q4 2023. Consequently, our panelists still see GDP expanding marginally overall in 2023.

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

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