Bank of Finland Forecast : Finland’s economic boom over

The peak of the cycle in the Finnish economy is now over and economic growth is temporarily losing momentum. Although growth for the current year is still good, there are clear signs of a slowdown. Growth has already slowed in Finland’s important trading partners, and in the domestic economy both business and household confidence has been declining for some time. The continued sluggishness of global and euro area growth is reflected in Finland’s growth figures, which will dip below 1% annual growth in 2020. However, both the euro area and the global economy will gradually recover and exert a pull on the Finnish economy, too. GDP growth will pick up slightly in 2021–2022, to 1.1% and 1.3%, respectively.