• Finland: post-coronavirus GDP forecast 2019-2025

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According to a forecast, Finland's GDP fell by 2.8 percent in 2020 following the economic crisis caused by the coronavirus (COVID-19) pandemic. The GDP of 2021 is estimated at 248 billion euros, while the GDP in 2020 was 237 billion euros. A new COVID-19 wave during the spring 2021 slowed down the economic growth, but after the economic recovery, the GDP growth is projected to be at 2.6 percent in 2021. The Finnish economy is expected to return normal in 2022.

Forecast for gross domestic product (GDP) in Finland from 2019 to 2025 (in billion euros)

Characteristic	GDP in billion euros
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Source

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Sources

Release date

May 2021

More information

Region

Finland

Survey time period

Spring 2021

Supplementary notes

The source adds the following information: "The forecast is based on the assumption that the COVID-19 incidence will fall to a low level by summer 2021 as a result of restrictions, vaccinations and seasonal variation of the disease. Restrictions can be relaxed and lifted when the disease is no longer spreading under control."

"The medium-term economic outlook can be estimated on the basis of the potential output, which is considered to define the growth prerequisites for the economy. In its assessments of potential output, the Ministry of Finance uses the production function method jointly developed by the European Commission and EU Member States, in which potential output growth is divided into projections of potential labour input, capital and total factor productivity. Potential output and output gap are latent variables, the assessment of which involves uncertainties, especially during a strong economic cycle and under conditions of rapid changes in the production structure."