Finnish economy to remain in recession through 2023: ministry

0 Comment(s)Print E-mail Xinhua, October 9, 2023
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HELSINKI, Oct. 9 (Xinhua) -- The Finnish economy is set to remain in recession for the rest of the year, the Ministry of Finance predicted on Monday. However, the country will return to growth next year, the ministry said.

Although economic growth will remain at zero overall in 2023, private consumption, investments, and exports will start to grow next year, and the country's gross domestic product (GDP) will expand by 1.2 percent, it said, adding that the growth of consumption and investments will increase in 2025, and GDP will grow by 1.8 percent.

House construction was singled out by the ministry as the sector suffering the most from higher interest rates, and being hit particularly hard by the recession.

The ministry said demand is expected to pick up in Finland and in the euro area as a whole next year. Inflation will continue to slow, and wage increases will exceed the rise in prices. Interest rates are expected to start falling again next year.

However, the ministry said the state of general government finances is still weak. Enditem

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