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Finnish finance ministry expects GDP to contract 4.5% in 2020

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Finland’s gross domestic product will contract 4.5% this year, the country’s finance ministry estimated on Monday, adding that the Finnish economy would grow 2.6% in 2021 and 1.7% in 2022.

Finnish GDP decreased in the April to June period by 4.5% from the previous quarter and by 6.4% year-on-year, data from Statistics Finland in August showed.

“The coronavirus (COVID-19) pandemic nevertheless caused less damage to the Finnish economy in the first half of the year than it did to most other European economies,” the ministry said, adding that it contracted for three consecutive quarters.

Finland’s government deficit will grow this year to about 18 billion euros, or 7.7% of GDP, the ministry said.

“The economy is at a turning point, as the epidemic has reared its head again. The recovery threatens to be delayed if households and businesses take a gloomier view of the way head,” Mikko Spolander, Director General of the Economics Department at the Ministry of Finance, said. 

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