Finland’s GDP Contracts by 0.7 Percent at Year End

Finland’s GDP Contracts by 0.7 Percent at Year End

The gross domestic product of last year experienced a decrease of 1.0 percent compared to the year before.

Statistics Finland reports that the gross domestic product, after adjustments for working days, was 1.8 percent less than what it was a year ago.

The gross domestic product for the entire year of 2023 experienced a contraction of 1.0 percent from 2022.

Jukka Appelqvist, the Chief Economist of the Central Chamber of Commerce, communicated through a messaging service that the recent numbers are weaker than what was anticipated.

“By the end of the year, the GDP recorded lower than the highest point measured in 2019, before the commencement of the pandemic. It has been over four years without any growth,” wrote Appelqvist.

Appelqvist suggests that, considering the recent data, the Ministry of Finance’s forecast that the gross domestic product of Finland would experience a growth of 0.7 percent this year seems doubtful.