This page has economic forecasts for Finland including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Finland economy.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.30 0.5 0.6 0.4 0.5 0.6 percent
Unemployment Rate 6.30 7.4 6.3 7.1 7.2 7.1 percent
Inflation Rate 1.30 1.6 1.6 1.2 1.2 2 percent
Interest Rate 0.00 0 0 0 0.25 0.75 percent
Balance of Trade -160.00 142 -200 -240 -215 325 EUR Million
Government Debt to GDP 61.40 59.5 57.6 57.6 57.6 54.2 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 1.12
 1.15 1.14 1.13 1.13 1.1
Stock Market 3976.81
points		 4269 4225 4181 4137 3968
Government Bond 10Y 0.66
percent		 0.7 0.74 0.79 0.84 1.06
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.30
percent		 0.5 0.6 0.4 0.5 0.6
GDP Annual Growth Rate 2.50
percent		 2.5 2.3 2.2 2.1 1.4
GDP 251.88
USD Billion		 241 262 262 262 270
GDP Constant Prices 50344.00
EUR Million		 50839 51328 51452 51401 52324
Gross National Product 51575.00
EUR Million		 52120 52605 52710 52658 53643
Gross Fixed Capital Formation 11392.00
EUR Million		 11495 12018 11643 11631 11831
GDP per capita 47057.62
USD		 49000 51200 51200 51200 52500
GDP per capita PPP 40585.72
USD		 40583 39630 39630 39630 41482
GDP From Agriculture 1367.00
EUR Million		 1299 1363 1397 1396 1337
GDP From Construction 2799.00
EUR Million		 2798 2908 2861 2858 2880
GDP From Manufacturing 7849.00
EUR Million		 7607 7958 8022 8014 7829
GDP From Public Administration 8133.00
EUR Million		 8292 8137 8312 8304 8534
GDP From Services 29552.00
EUR Million		 30466 30481 30202 30173 31356
GDP From Transport 2281.00
EUR Million		 2323 2348 2331 2329 2390
GDP From Utilities 1569.00
EUR Million		 1394 1484 1604 1602 1435
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 6.30
percent		 7.4 6.3 7.1 7.2 7.1
Employed Persons 2533.00
Thousand 		2502 2535 2535 2528 2530
Unemployed Persons 170.00
Thousand 		193 196 195 195 195
Labor Force Participation Rate 65.50
percent		 65.13 66.09 66.21 66.01 66.02
Long Term Unemployment Rate 1.60
percent		 1.54 1.54 1.35 1.35 1.12
Youth Unemployment Rate 17.50
percent		 17.26 17.09 16.97 16.85 16.28
Labour Costs 108.88
Index Points		 110 110 110 110 110
Job Vacancies 49275.00
 50792 50660 49877 50100 50159
Wages 3456.00
EUR/Month		 3420 3422 3515 3526 3460
Wages in Manufacturing 102.00
Index Points		 102 103 104 104 107
Population 5.51
Million		 5.51 5.54 5.54 5.54 5.56
Retirement Age Women 63.00
 63 63 63 63 63
Retirement Age Men 63.00
 63 63 63 63 63
Wages Low Skilled 1980.00
EUR/Month		 1827 1827 1818 1821 1868
Wages High Skilled 4250.00
EUR/Month		 4000 4000 3964 3963 4074
Productivity 102.80
Index Points		 108 102 103 108 107
Part Time Employment 367.30
Thousand		 376 381 368 346 373
Living Wage Family 1700.00
EUR/Month		 1740 1748 1714 1708 1711
Living Wage Individual 1160.00
EUR/Month		 1196 1163 1146 1130 1134
Employment Change 0.60
percent		 0.57 0.52 0.49 0.45 0.23
Employment Rate 71.40
percent		 70.43 71.49 71.49 71.25 71.32
Full Time Employment 2127.50
Thousand		 2079 2061 2159 2178 2109
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 1.30
percent		 1.6 1.6 1.2 1.2 2
Inflation Rate Mom 0.20
percent		 0.5 0.4 0.3 0.5 0.3
Harmonised Consumer Prices 102.80
Index Points		 103 104 104 104 107
Consumer Price Index CPI 102.60
Index Points		 103 103 104 104 107
Core Consumer Prices 2.10
Index Points		 102 102 102 2.11 103
Core Inflation Rate 0.30
percent		 0.31 0.32 0.32 0.32 0.32
GDP Deflator 115.17
Index Points		 116 116 116 116 118
Producer Prices 2058.00
Index Points		 2113 2056 2096 2107 2220
Producer Prices Change 5.90
percent		 7.4 2.8 2.5 2.4 2.4
Export Prices 108.00
Index Points		 108 108 108 108 108
Import Prices 111.30
Index Points		 112 112 112 112 112
CPI Housing Utilities 145.34
Index Points		 145 145 146 147 151
CPI Transportation 104.10
Index Points		 104 103 106 105 108
Food Inflation 2.80
percent		 1.6 1.5 1.8 2.1 1.5
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 0.00
percent		 0 0 0 0.25 0.75
Interbank Rate -0.32
percent		 -0.32 -0.32 -0.32 -0.07 0.43
Money Supply M0 20236.01
EUR Million		 20435 20619 20802 20981 22475
Money Supply M1 136696.00
EUR Million		 138555 140838 143169 145495 166038
Money Supply M2 153456.00
EUR Million		 153997 154990 156080 157183 166763
Money Supply M3 170645.00
EUR Million		 170482 170389 170377 170380 170389
Foreign Exchange Reserves 8748.00
EUR Million		 8740 8739 8739 8739 8739
Banks Balance Sheet 146340.00
EUR Million		 150367 152104 151644 152288 152165
Loans to Private Sector 84015.00
EUR Million		 84078 84130 84145 84150 84153
Private Debt to GDP 211.05
percent		 207 201 201 201 195
Central Bank Balance Sheet 645.77
EUR Million		 528 533 535 536 537
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade -160.00
EUR Million		 142 -200 -240 -215 325
Exports 5100.00
EUR Million		 4900 5820 5700 5180 5400
Imports 5300.00
EUR Million		 5150 6020 5940 5409 5780
Current Account -104.00
EUR Million		 -300 -420 -150 50 450
Current Account to GDP 0.70
percent		 0.5 0.6 0.6 0.6 0.7
External Debt 423985.00
EUR Million		 431316 431848 431183 430721 430320
Terms of Trade 97.00
Index Points		 96.86 96.87 96.87 96.88 96.88
Capital Flows -3458.00
EUR Million		 -649 -607 -590 -587 -587
Foreign Direct Investment 76591.00
EUR Million		 73215 74799 76384 77968 79450
Gold Reserves 49.10
Tonnes		 49.08 49.09 49.09 49.09 49.09
Terrorism Index 2.34
 2.34 2.34 2.34 2.34 2.34
Weapons Sales 58.00
USD Million		 82.21 76.11 70 63.9 56.93
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 61.40
percent		 59.5 57.6 57.6 57.6 54.2
Government Budget -0.60
percent of GDP		 0.2 0.6 0.6 0.6 1
Government Budget Value 10.20
EUR Million		 -190 -175 -199 -204 -206
Government Spending 11907.00
EUR Million		 12711 11666 12169 12157 13082
Government Spending to GDP 53.70
percent		 53.4 52.9 52.9 53.7 52.5
Government Revenues 3920.50
EUR Million		 4347 4329 4308 4300 4297
Government Debt 104282.00
EUR Million		 104560 104665 104628 104641 104638
Fiscal Expenditure 4254.23
EUR Million		 4522 4503 4507 4504 4502
Military Expenditure 3516.19
USD Million		 3558 3550 3542 3534 3504
Asylum Applications 235.00
persons		 645 656 660 661 661
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Business Confidence 8.30
Index Points		 14 16 15 14 11
Industrial Production 2.50
percent		 2.1 3.5 3.3 3.6 1.8
Industrial Production Mom 0.50
percent		 0.23 0.16 0.15 0.15 0.15
Manufacturing Production 6.60
percent		 4.86 4.56 4.57 4.58 4.58
Capacity Utilization 84.10
percent		 84.03 84.91 83.8 84.78 84.38
New Orders 107.20
Index Points		 108 109 109 110 110
Changes in Inventories -29.00
EUR Million		 260 625 64.68 398 262
Bankruptcies 591.00
Companies		 631 732 679 651 751
Car Registrations 7935.00
 8534 8634 8475 8467 8477
Leading Economic Index 2.34
percent		 2.15 2.1 2.08 2.1 2.1
Internet Speed 20451.91
KBps		 22336 22753 22413 22250 20318
IP Addresses 2332434.00
IP		 2323625 2331187 2327346 2331991 2331718
Steel Production 331.30
Thousand Tonnes		 339 339 338 338 338
Mining Production 3.90
percent		 -2.5 10.6 9.11 8.46 8.8
Competitiveness Index 80.26
Points		 80.76 80.76 80.76 80.76 83.26
Competitiveness Rank 11.00
 11 11 11 11 11
Ease of Doing Business 17.00
 15 16 17 18 17
Electricity Production 4934.00
Gigawatt-hour		 6775 6785 5415 5238 5921
Corruption Index 85.00
Points		 85 85 85 85 85
Corruption Rank 3.00
 3 3 3 3 3
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Confidence 16.80
Index Points		 21 18 17 16 11
Retail Sales Mom 0.80
percent		 0.6 0.21 0.21 0.21 1
Retail Sales Yoy 2.70
percent		 2.68 2.89 2.97 2.98 2.97
Consumer Spending 27549.00
EUR Million		 28084 28123 28155 28128 28904
Personal Savings -0.20
percent		 -0.43 -0.58 -0.47 -0.48 -0.48
Bank Lending Rate 0.25
percent		 0.25 0.25 0.25 0.5 1
Consumer Credit 15764.00
EUR Million		 15870 15936 15980 16008 16058
Gasoline Prices 1.78
USD/Liter		 1.65 1.56 1.48 1.37 1.16
Households Debt To GDP 66.70
percent of GDP		 66.43 66.19 66.13 65.98 65.39
Households Debt To Income 116.36
percent		 117 117 117 117 117
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Construction Output 0.90
percent		 2.08 2.08 2.08 2.08 2.08
Housing Index 103.42
Index points		 104 104 105 105 106
Building Permits 752.00
 3805 3628 3508 3575 3579
Housing Starts 2871.00
units		 3746 3625 3466 3554 3539
Home Ownership Rate 71.40
percent		 71.13 71.08 71.03 70.98 70.65
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 20.00
percent		 20 20 20 20 20
Personal Income Tax Rate 51.60
percent		 51.6 51.6 51.6 51.6 51.6
Sales Tax Rate 24.00
percent		 24 24 24 24 24
Social Security Rate 32.53
percent		 32.53 32.53 32.53 32.53 32.53
Social Security Rate For Companies 23.20
percent		 23.2 23.2 23.2 23.2 23.2
Social Security Rate For Employees 9.33
percent		 9.33 9.33 9.33 9.33 9.33
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Precipitation 53.81
mm		 43.47 27.96 46.52 46.52 44.46
Temperature -3.79
celsius		 -3.78 -9.56 5.9 3.62 1.29



Finland - Economic Forecasts - 2018-2020 Outlook