Forecast tables for 2020-2023 (December 2020) COVID-19 will gradually be left behind in the course of 2021 due to the vaccines, and private consumption will generate growth of 2.2% in the Finnish economy. This will strengthen to 2.5% in 2022. Share Email Twitter Facebook Linkedin Google+
Accessible summary: Finland’s economy will gradually recover from the sudden shutdown The corona crisis will have a deep impact on the Finnish economy. Exports are importnt to Finland, and the contraction in exports will damage the economy. With households also consuming less, businesses, and therefore employment, will suffer. Share Email Twitter Facebook Linkedin Google+
Scenarios of the Finnish economy for the years ahead The coronavirus pandemic will drive the Finnish economy into recession this year. Share Email Twitter Facebook Linkedin Google+
Slowing growth in the shadow of global uncertainties 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. Share Email Twitter Facebook Linkedin Google+
Economic growth has passed its cyclical peak Finnish growth will continue, but at a slower pace than in recent years. There is no returning to the growth rate that preceded the financial crisis. Share Email Twitter Facebook Linkedin Google+
Forecast: Finland's economy booming Global demand, improved competitiveness and favourable financing conditions will support growth. GDP growth forecasts for 2018–2020 stand at 2,9%, 2,2%, and 1,7%. Inflation will remain close to 1% over the years 2018–2019 before gathering pace and reaching 1.5% in 2020. Share Email Twitter Facebook Linkedin Google+
International operating environment The global economy is still growing strongly, but there are already certain signs that the growth rate is levelling off. The deceleration in euro area growth has long been expected in the forecasts. Share Email Twitter Facebook Linkedin Google+
Forecast: Upswing more broadly based – Improved changes for balanced growth in Finland 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. Share Email Twitter Facebook Linkedin Google+