The Finance Ministry’s Mr. Spolander (above) has given his blessing for the Finnish economy with some positive news.
For this past year he confirms that the economy here has seen solid growth of 3.4%, and next year they estimate that a robust 3% will be seen – and that is taking into account the new Covid variant will inevitably take its toll!
Inflation will soon spike somewhat at 3.5% and then fall back to around 2% later in 2022, with energy costs (Energia) falling quickly. The other major factor being food prices (Elintarvikkeet) which will remain rather elevated, (…sorry about the Finnish lessons).
They do not expect to see any big wage increases which should improve Finland’s competitive position, but most importantly they expect the employment rate to increase to near to 75%, an excellent result, with unemployment falling to nearly 5% by 2023.
Public debt is expected to remain a touch below 70% of GDP and central government debt at around 52% of GDP.