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Wed, 24 Aug, 2016 12:04:59 AM
FTimes - STT Report, Aug 24

Finland will have to settle for just one per cent growth of the GDP in the current year as well as in 2017, according to the latest forecast by OP Pohjola Financial Group economists.

For this year the economic growth has been estimated at 1.1 per cent and 1.2 per cent for the next year.

OP forecast for 2016 remains unchanged, while that for 2017 has been downgraded by 0.2 per cent.

Weakened export has been attributed for the downgrade of the 2017 economic outlook.

According to the economists, a clear recovery of exports not will be in place until 2018.

This is despite the fact that improvement in competitiveness and growth of export capacity will stimulate exports in the second half of next year.

The forecast takes into account the assessment that the global economic growth this year will be slower compared to last year because of a weak start to the year.

According to the forecast, the domestic market has pulled growth in the country in the first half of the year.  The growth of consumption and investment is expected to slow down next year.

“Unfortunately, the Finnish economy has just picked up enough so that we have joined many of the world’s economies slowly grinding away. The slightly clearly picking up [of the economy] has once again disappeared in the horizon,” said OP Chief Economist Reijo Heiskanen in a statement.

 
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