Finland’s economy is gradually moving out of recession
The Finnish economy is recovering from the recession. Inflation is low and an improvement in the purchasing power of households is supporting a recovery in private consumption.
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Finnish economy would recover more rapidly if exports and consumption pick up
At the turning points of business cycles, economic recovery has often turned out to be faster than forecast. Growth could pick up if consumers’ confidence in the economy and in their own finances were to strengthen more than expected and exports to grow more quickly than forecast.
Finland struggling to defend its market share in goods exports
Finland’s export growth has fallen behind the growth in world trade. The reasons for this include not only the unfavourable structure of Finnish exports, but also the insufficient ability of Finnish companies to export products that stand out from the competition.
The collapse of trade with Russia has had a limited effect on Finnish manufacturing
The discontinuation of trade with Russia has not had a major impact on Finland’s economy as a whole. The collapse of exports to Russia has not reduced overall exports in the case of many goods, because exports to other countries have increased.