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A construction site in Jätkäsaari, Helsinki, on 13 November, 2017. Construction activity, especially in population centres, will remain one of the main drivers of economic growth in Finland, according to Aktia.
A construction site in Jätkäsaari, Helsinki, on 13 November, 2017. Construction activity, especially in population centres, will remain one of the main drivers of economic growth in Finland, according to Aktia.

 

The Finnish economy is poised to continue growing at a brisk rate for at least the next two years, according to Aktia.

The Finnish financial services provider published its upgraded its growth forecast for the country on Monday, predicting that the national economy will expand by 3.1 per cent in 2017, 2.6 per cent in 2018 and 2.2 per cent in 2019.

The growth rate for this year is well above the projected eurozone average of 2.3 per cent, Heidi Schauman, the chief economist of the financial services provider, highlighted in an interview with Kauppalehti on Monday.

“Finland has become a driver of growth for the eurozone. Our economic growth is currently very strong in comparison to other [eurozone countries], and we are outpacing Germany,” she stated.

Aktia reveals that it expects investments and household consumption to continue to support high domestic demand. Construction activity, on the other hand, is expected to slow down moderately but remain high in growth centres, while the outlook for foreign trade is associated with uncertainties arising from the moderate slowdown in goods exports witnessed in the second half of this year.

The overall outlook for export-oriented industries is nevertheless positive, although the availability of labour and restrictions linked to technical capacity cast shadows over the long-term outlook for exports.

“All signs point to the year 2017 being a historically good year economically,” concludes Aktia.

The financial services provider also reminds that the improved economic situation provides an excellent opportunity to implement broader structural reforms.

Aleksi Teivainen – HT
Photo: Heikki Saukkomaa – Lehtikuva
Source: Uusi Suomi

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