Finland’s economic boom is over and growth will slow temporarily, in step with global developments. The foundations for continued growth are, however, still in place. Monetary policy continues to be accommodative, and households’ purchasing power is growing.

Finland’s economic growth will be slower during the next three years. Growth has also slowed in the euro area and elsewhere around the world. However, there are still possibilities for growth in the Finnish economy.

The Bank of Finland forecasts that Finland’s GDP will grow 3.1% in 2017, 2.5% in 2018 and 1.5% per annum in 2019–2020. Growth will be broadly based and amplified by exports. A more positive current account will lay a foundation for sustainable growth.

Economic decisions increasingly require the support of real-time information. Help can be derived from short-term forecasting models (nowcasting), which are suitable for processing continuously updated data and using it to form an overall picture of the current state of the economy.