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 2013 to 2022.
Source: Statistics Finland.
Finland GDP Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | 1.1 | 1.2 | -2.4 | 3.2 | 1.6 |
| GDP (EUR bn) | 233 | 240 | 238 | 251 | 269 |
| Economic Growth (Nominal GDP, ann. var. %) | 3.2 | 2.7 | -0.8 | 5.4 | 7.1 |
GDP growth records fastest expansion in a year in Q2
GDP growth doubled to 0.6% on a seasonally adjusted quarter-on-quarter basis in the second quarter, from 0.3% in the first quarter. Q2's reading marked the best result since Q2 2022. On the domestic front, fixed investment returned to growth and expanded 0.7% in Q2, improving from the 2.7% contraction in the previous quarter. Less positively, household spending increased 0.1% in the second quarter, which was below the first quarter's 0.2% expansion. In addition, public spending growth also moderated to 2.4% in Q2 (Q1: +5.5% s.a. qoq). On the external front, exports of goods and services flatlined in seasonally adjusted quarter-on-quarter terms in Q2. Meanwhile, imports of goods and services dropped at a softer pace of 0.9% in Q2 (Q1: -3.1% s.a. qoq), marking the best reading in a year. On an annual basis, economic activity contracted 0.6% in Q2, contrasting the previous quarter's 0.5% growth.
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.
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