The Finnish economy will grow 2.9% in 2021 and 3.0% in 2022. Growth will be bolstered by private consumption and the recovering export markets. Long-term growth will, however, be weak. In 2023, GDP growth will slow to 1.3%.
The financial position of households and businesses has on average remained good through the crisis, with the exception of the service industries directly impacted by COVID-19. Support measures have weakened the public finances.
The vaccinations will ease the virus situation and at the same time stimulate economic growth. Households will be able to consume more freely once the pandemic eases. The economy is also growing elsewhere around the world and this will boost Finland’s exports.