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HELSINKI: The Finnish economy will grow by 1.1% this year and the growth rate will remain unchanged in the following years, according to the Finance Ministry’s economic survey conducted in Autumn this year.
Although the price competitiveness of production will improve and unemployment will gradually fall, GDP growth will be very slow and general government finances will remain significantly in deficit, said a press release of the Ministry of Finance quoting the survey.
In 2018, GDP will still be nearly 3% below and industrial production just over 5% below their levels in 2008. Although prospects for the global economy and trade have deteriorated in recent times, in many countries important for Finnish exports the outlook is quite favourable.
Finnish exports will grow more slowly than global trade and export markets, and Finland will continue to lose its share of international trade.
Slowly improving employment, a strengthening of belief in the future, low inflation and tax reductions linked to the Competitiveness Pact will support consumption. In 2018 the unemployment rate is projected to be 8.5%. Investment growth will be broad-based. Particularly in construction, growth will be buoyant.
