Finland Economic Forecast

Finland Economic Outlook

July 24, 2018

The economy seems to have shrugged off its weak start to the second quarter, as indicated by the latest economic data. Economic activity gained traction in May, boosted by accelerating growth in services activity. Moreover, the labor market improved as the unemployment rate ticked down in May to the lowest level in over six years. Rising wages, solid retail sales in May and elevated consumer confidence in June point to solid private consumption growth in Q2. Weakness lingered, however, in the external sector, which appears to be losing some of its impetus. The current account balance registered a third consecutive deficit in May. Moreover, export growth declined in May, albeit partly due to a base effect from strong shipments in May 2017.

Finland Economic Growth

Economic growth in 2018 and 2019 is seen being propelled by the domestic economy, driven by a healthy labor market and brisk fixed investment growth, as well as by accommodative monetary policy and strong business confidence. However, the government’s ongoing fiscal consolidation is expected to keep a lid on government consumption growth. Met the why particular panelists expect GDP growth of 2.7% in 2018, which is unchanged from last month’s forecast, and 2.2% in 2019.

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Finland Facts

Bond Yield0.523.70 %Aug 15
Exchange Rate8.45-0.38 %Aug 15
Stock Market4,1360.0 %Aug 15

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