Helsinki residents dining out at the 'megaterassi' on Senate Square (Image: Lehtikuva)

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ECONOMIC DATA PROVIDED BY STATISTICS FINLAND AND EUROSTAT has shown that the Finnish economy has fared better than that of virtually any other EU country following the coronavirus-induced recession that began in the spring of 2020.

According to a report by Eurostat, the main statistics body of the European Union, Finland's GDP shrank by 3.2% in the second quarter of 2020, by far the smallest decrease of all countries surveyed. The average GDP decline in the Euro area over the spring was 12.1%, with major economies such as Germany, France, Spain, and Belgium losing shrinking by 10-20% in the second quarter. 

Additional research has shown that Finland recorded among the lowest increases in unemployment since the outset of the coronavirus crash. As of July 2020, seasonally adjusted unemployment in Finland stands at around 7.3%, an increase of about 0.5% since the same time last year. Neighbouring Sweden, meanwhile, saw unemployment rise from 6.8% to 9.3%, an increase of 2.5%. 

However, while Finland has fared better than other EU economies, there are few signs of a strong recovery on the horizon. According to Statistics Finland, there are almost one-third fewer job vacancies in Finland now than there was in the summer of 2019. 

 

Adam Oliver Smith - HT

Image Credit: Lehtikuva