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42 charts

Sharp fall in external demand will be key contributor to reduced output in Finland

Inflation will rise considerably in the period 2022–2023 and slow down in 2024

Cost-competitiveness is not projected to change substantially during the forecast period

Robust growth is projected in different wage indicators throughout the 2022–2024 forecast period

Supply bottlenecks and high raw material prices are pushing up inflation

Number of hours worked remains below pre-pandemic levels

Employment level remains good, although the war is weakening the labour market

General government debt-to-GDP ratio will decrease further this year

General government deficit will be greater than before the pandemic

Current account surplus disappears in the forecast period

Slower growth in Finland’s export markets and in Finnish exports

Households are making up for the loss of purchasing power by using their savings

Ukraine war will leave a lasting scar on Finland’s export demand

Alternative scenario's deepening crisis drives Finland into recession

Unit labor costs adjusted for the terms of trade are projected to settle near theis long-term average

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