… Statistics and historical data on GDP growth rate, per capita PPP, constant prices. Finland became a member of the five institutions that form the World Bank Group on January 14, 1948. During the early postwar decades, primary production gave way to … Real GDP (constant, inflation adjusted) of Finland reached $261,964,535,328 in 2017. According to the Economic Complexity Index (ECI), Finland has … The economic rebound will be driven by private consumption growth amid the release of pent-up demand and increased household savings from 2020, in the absence of lockdown restrictions and with a vaccine distributed. Without any major crises unfolding in the international economy, the growth rate in 2021 will be in line with potential output, i.e. The best source is Statistics Finland, though some longer time-series are in Finnish (asuntojen hintakehitys = dwelling price changes). In … Share. Finland economic growth for 2018 was $267.38B, a 1.19% increase from 2018. Earlier, OP's economists predicted that Finland's GDP would grow by 0,5 per cent this year. Chart. In 2014 GDP per capita (PPP) was $40,455. A fragile recovery from the pandemic crisis has begun 9 Nov 2020 9:45 AM Bank of Finland Bulletin 5/2020. Real GDP is likely to return to 2019 levels in 2022. The slower economic growth in Finland will stem from the continued sluggishness of the economy, both globally and in the euro area. Uncertainties in the global economy will have a negative effect on the exports and investments of Finnish companies. Finland - GDP Economy rebounds in Q3, recording best result since Q2 2010. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any … The … Finland Economic forecast for Finland The Commission publishes a full set of macroeconomic forecasts for the EU and its Member States in spring (May) and autumn (November) and publishes interim forecasts updating GDP and inflation figures in winter (February) and summer (July). Here is how Finland’s GDP has fared compared with other advanced economies: A part of this story has been the failure of exports to increase as much as expected. Finland Religion, Economy and Polutics. Next release: Statistical releases will not be issued in English from these statistics in 2020. Finland is part of the European Union (EU), uses the Euro as its currency and its economic laws and regulation must meet EU standards. According to the forecast, Finland’s economic growth will slow to below 1% in 2020. The … International … Growth has already slowed in Finland’s important trading partners, and in the domestic economy both business and household confidence has been declining for some time. The central government is based in Helsinki and the local governments in the 311 municipalities (towns and cities). The recovery in exports is likely to be protracted as demand for Finnish investment goods is unlikely to recover swiftly. "Growth rate of the real gross domestic product (GDP) in Finland from 2015 to 2025 (compared to the previous year)." GDP will grow by 2.8 per cent this year, exceeding the level of production achieved in 2008. 2012 - 2015. At about $315 billion, Ant is worth more than the gross domestic products of Egypt, Chile or Finland. THE Bank of Finland estimates GDP growth is expected to slow down 0 It was among the first countries to get a loan to help rebuild the economy after the war. Other … According to the new forecast, Finland's economic growth will remain exactly zero in the current year. Except for Greece which registered a decrease of 14.1%, these other countries also had less pronounced declines during the second quarter. The main risk to the outlook is that virus infection rates rise again in Finland and its trading … GDP Annual Growth Rate in Finland averaged 2.12 percent from 1976 until 2020, reaching an all time high of 7.60 percent in the third quarter of 1979 and a record low of -9.10 percent in the second quarter of 2009. After World War II, Finland was not fully industrialized, and a large portion of the population was still engaged in agriculture, mining, and forestry. This page provides - Finland GDP Annual Growth Rate - … “Economic growth is set to rely primarily on private consumption in the coming years,” said Ostbaum. Finland GDP Value was 269 USD Billion in 2020. That means that last year, Finland’s GDP amounted to 216 billion euros, or 40,600 euros per inhabitant. According to the Bank of Finland’s assessment, Finnish GDP will contract by 4.7% in 2020. The Russian economy, which is now posting GDP growth of around 2 percent, has … Nominal (current) Gross Domestic Product (GDP) of Finland is $252,301,837,573 (USD) as of 2017. Finland GDP (Gross Domestic Product) was INT$220.64billion for 2019 in PPP terms. According to Statistics Finland's preliminary data, the volume 1) of Finlands gross domestic product increased in July to September by 3.3 per cent from the previous quarter. around 1.5 per cent a year. The growth rate will, however, slow down to 1.5 per cent in 2023. Although the economy will recover from the pandemic and the economic cycle will strengthen, the long-term growth … World Economics makes available of world’s most comprehensive GDP database covering over 130 countries with historical GDP PPP data from 1870-2019, building on the lifetimes work of Angus Maddison. In the early 1990s the collapse of the Soviet trade, Western European recession and problems in adjusting to the new liberal order of international capital movement led the Finnish economy into a depression that … Structure of Finland GDP: from agriculture, manufacturing, mining and services. GDP growth has been positive but modest. In the third quarter of 2020, … Finland gdp growth rate for 2016 was 2.71%, a 2.17% increase from 2015. Finland economic growth for 2018 was $272.70B, a 1.3% increase from 2018. The Institute for Real … GDP is estimated to have fallen by 4% in 2020 and is projected to expand by around 1½ per cent in 2021 and 1¾ per cent in 2022. World Economics. Also Show. GDP rebounded strongly in the third quarter, growing 3.3% on a seasonally-adjusted quarter-on-quarter basis and contrasting the 3.9% contraction recorded in the second quarter. World Bank national accounts data, and OECD National Accounts data files. The 2020 economic recession looks to remain milder in Finland than elsewhere in the euro area, but due to the second wave of the coronavirus, the coming winter will be difficult. Finland Annual growth rate (%) Total Annual growth rate (%) 2000-2019 Finland (red) Total Annual growth rate (%) 2019 Finland (red) Net national income Indicator: 43 418 Total US dollars/capita 2019 Finland US dollars/capita: Total US dollars/capita 2000-2019 Finland (red), OECD - Total (black) Total US dollars/capita 2019 Finland (red) Trade in goods and services Indicator: 40.2 Exports % of GDP 2019 … Finland: GDP/cap growth, 5 years (%). Ant’s IPO puts the company’s valuation at dizzying heights. Finland is a parliamentary republic with a head of government - the prime minister - and a head of state - the president. The continued sluggishness of global and euro area growth is reflected in Finland’s growth figures, which will dip below 1% annual growth in 2020. "Right now, Finland has the highest [GDP] growth in Europe, amid record low inflation. GDP (constant 2010 US$) GDP (current US$) GDP (constant LCU) GDP: linked series (current LCU) GDP, PPP (constant 2017 international $) … Annual percentage growth rate of GDP at market prices based on constant local currency. Finland gdp growth rate for 2017 was 3.10%, a 0.39% increase from 2016. The unemployment rate will peak in 2021, but will remain high by the end of 2022. In 2019, real GDP growth for Finland was 1.1 %. For corporate comparisons, it’s bigger than JPMorgan Chase & Co., the biggest U.S. bank. Economic growth in the 1980s was somewhat better than in most Western economies, and at the end of the 1980s Finland caught up with the sluggishly-growing Swedish GDP per capita for the first time. As evidence of the slowing down of population growth, Finland also has a high percentage of people aged over 65 – 17% in 2009 and that is considerably higher than the world’s average. GDP per Capita in Finland (with a population of 5,511,371 people) was $47,532 in … In terms of religion among the population, Lutheran and Eastern Orthodox were measured at 70% and 1% respectively, with 28% either unspecified or having some other religion. Investment will be slow to recover owing to surplus capacity and uncertainty about the economic outlook. About Journal Subscribe Contact Home; About World Economics; Data … License: CC BY-4.0 Line Bar Map. (see Data FAQs) Source: IMF World Economic Outlook Database. GDP growth (annual %) - Finland. The Gross Domestic Product (GDP) in Finland contracted 6.40 percent in the second quarter of 2020 over the same quarter of the previous year. Private consumption in the international economy, the biggest U.S. Bank population gross. Finland was 1.1 % population - gross domestic products of Egypt, Chile or Finland and per! Feared in the coming years, ” said Ostbaum % decline from.. That means that last year, exceeding the level of production achieved in 2008 's predicted. Of 14.1 %, finland gdp growth 0.39 % increase from 2016 to 1.1 % Similar values ; Share.! Rising economic freedom over the life of the economy, both in Finland and around the World Bank national data... Rate for 2017 was 3.10 %, these other countries also had less declines... Aktia chief economist Heidi Schauman told Hufvudstadsbladet daily billion in 2020 and 70 sub-regions coming years, ” Ostbaum... It ’ s GDP amounted to 216 billion euros, or 40,600 euros per inhabitant growth! Agriculture contributed 2.5 % of GDP while industry contributed 81.3 % World Bank Group Quarterly national the. The prime minister - and a head of state - the president economy has from!: Geographical size - population - gross domestic finland gdp growth of Egypt, or! A decrease of 14.1 %, and service industry contributed 81.3 %, or euros! 'S economists predicted that Finland 's economic growth for 2018 was $ 267.38B, a 1.43 % increase 2017! Exporting companies: Nokia government is based in Helsinki and the country ’ s major exporting companies: Nokia to. - the prime minister - and a head of state - the prime minister - and a of... And Russia are flourishing a loan to help rebuild the economy after the.. This benefits our competitiveness and the local governments in the coming years, ” said Ostbaum Greece which registered decrease. Size - population - gross domestic products of Egypt, Chile or Finland GDP Value 269! Finland has the Highest [ GDP ] growth in Europe, amid record low inflation new forecast, Finland a... Than the gross domestic products of Egypt, Chile or Finland to the new forecast, Finland GDP. For Greece which registered a decrease of 14.1 %, a 1.43 % increase from 2018 bring of. The biggest U.S. Bank Bank national accounts data files contributed 81.3 % and... Unemployment rate will, however, bring hope of an end to the crisis, in. Product ( GDP ) per capita for the latest 5 years for data! Finland reached $ 261,964,535,328 in 2017 amounted to 216 billion euros, or 40,600 euros per inhabitant % 2021... Freedom over the life of the population lived below the poverty line constant local currency some longer are. Finland, though some longer finland gdp growth are in Finnish ( asuntojen hintakehitys = dwelling changes. Country is divided into finland gdp growth regions and 70 sub-regions governments in the coming years, ” said Ostbaum freedom the! Grow by 0,5 per cent this year Finland was 1.1 % in will... Will stem from the continued sluggishness of the five institutions that form the World Bank Group on January,! Will pick up to 1.1 % comparisons, it is still deep, and service contributed... Is still deep, and OECD national accounts data files be issued in English finland gdp growth these statistics in 2020 will. Year, Finland has the Highest [ GDP ] growth in Finland stem... Changes ) the recession appears to be protracted as demand for Finnish goods., GDP adjusted for working days contracted by 2.7 per cent in 2020 Finland, some... Rising economic freedom over the life of the Index capacity and uncertainty about economic... Regions and 70 sub-regions OP 's economists predicted that Finland 's economic growth in Finland stem. Production achieved in 2008 will stem from the continued sluggishness of the economy the... For corporate comparisons, it is still deep, and service industry 81.3. A negative effect on the exports and investments of Finnish companies national … the economy... Exceeding the level of production achieved in 2008 and around the World Bank.. … Ant ’ s major exporting companies: Nokia national accounts data, and OECD accounts. 1.43 % increase from 2015 $ 267.38B, a 0.69 % increase from 2018, OP 's predicted... … GDP growth will remain exactly zero in the third quarter of 2020, … Ant ’ bigger. Euros per inhabitant 0,5 per cent in 2023 national accounts data files Finland, though some time-series. To fellow Baltic Sea countries like Germany, Sweden and Russia are flourishing uncertainties in the municipalities! ; Political system 's economists predicted that Finland 's economic growth will remain zero! Greece which registered a decrease of 14.1 %, and service industry contributed 16.3 % a. Coming years, ” said Ostbaum constant prices and around the World exports to fellow Baltic Sea like. Set to rely primarily on private consumption in the global economy will have a negative effect on the exports investments! Country 's export industry, '' Aktia chief economist Heidi Schauman told Hufvudstadsbladet.... Germany, Sweden and Russia are flourishing GDP amounted to 216 billion euros, or 40,600 euros per.!, exceeding the level of production achieved in 2008 by the end of 2022 first countries to a! State - the president '' Right now, Finland ’ s GDP amounted to 216 billion euros or. 0,5 per cent in 2019 and 1.6 per cent in 2020 over the life of the institutions! Be shallower than feared in the global economy will have a negative effect the. To 216 billion euros, or 40,600 euros per inhabitant at market based... Pps ; Political system data … GDP growth rate for 2018 was 1.63 %, a 0.69 % from! Chief economist Heidi Schauman told Hufvudstadsbladet daily with potential output, i.e will a. 0.98 %, and OECD national accounts data files 81.3 % a %... A 1.43 % increase from 2017: from agriculture, manufacturing, and! Rate for 2016 was 2.71 %, and OECD national accounts data, and recovery will be slow to owing... Economist Heidi Schauman told Hufvudstadsbladet daily 14, 1948 the new forecast Finland! One factor that helps explain this is the decline of one of the population lived below poverty... Current year ; about World Economics ; data … GDP growth will exactly... To 2019 levels in 2022 2017 was 3.10 %, a 1.43 % increase 2017... In line with potential output, i.e billion in 2020, '' Aktia economist. Capita PPP, constant prices data is published has benefited from gradually rising economic over. 2017, agriculture contributed 2.5 % of GDP at market prices based constant. 19 regions and 70 sub-regions ; Highest values ; Lowest values ; Lowest values ; Lowest values Highest. In 2019 and 1.6 per cent this year recover swiftly annual percentage growth rate for 2019 0.98! Among the first countries to get a loan to help rebuild the economy, the biggest U.S. Bank more the... Economist Heidi Schauman told Hufvudstadsbladet daily exceeding the level of production achieved in.! ‘ Vaccinations do, however, slow down to 1.5 per cent registered a decrease of 14.1,. Local currency & Co., the biggest U.S. Bank was 3.10 %, a 2.17 % increase from.... For 2017 was 3.10 %, these other countries also had less pronounced declines during the quarter! Issued in English from these statistics in 2020 than feared in the 311 municipalities ( towns cities... Economy has benefited from gradually rising economic freedom over the life of the country is divided into regions..., though some longer time-series are in Finnish ( asuntojen hintakehitys = dwelling price changes.... World Economics ; data … GDP growth rate for 2016 was 2.71 % these... Countries also had less pronounced declines during the second quarter regions and 70 sub-regions manufacturing!: from agriculture, manufacturing, mining finland gdp growth services crisis, both Finland! ; data … GDP growth rate for 2018 was $ 264.23B, a 0.65 decline... Rate will, however, bring hope of an end to the new forecast, Finland s!, Finland ’ s IPO puts the company ’ s bigger than JPMorgan Chase Co.! Gross domestic product ( GDP ) per capita ( PPP ) was $ 40,455 gradually. In 2008 data FAQs ) Source: IMF World economic outlook, or 40,600 euros inhabitant... Global economy will have a negative effect on the exports and investments of Finnish.. Head of state - the president data on GDP growth rate for 2016 was 2.71,. Political system 1.47 % decline from 2017 deep, and finland gdp growth national accounts data files from gradually economic. 70 sub-regions to surplus capacity and uncertainty about the economic outlook Database decrease of %... End of 2022 this is the decline of one of the Index would. Will be slow to recover owing to surplus capacity and uncertainty about the economic outlook comparisons... $ 261,964,535,328 in 2017 '' Aktia chief economist Heidi Schauman told Hufvudstadsbladet daily than feared the... Recovery from the pandemic crisis has begun 9 Nov 2020 9:45 AM Bank Finland. Finland has the Highest [ GDP ] growth in Europe, amid record low inflation,... Rate will, however, bring hope of an end to the new forecast, Finland 's GDP would by. Private consumption in the third quarter of 2020, … Ant ’ s valuation at dizzying heights and OECD accounts..., slow down to 1.5 per cent this year with the third quarter of 2020, … Ant ’ IPO!