Investment revival

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With output close to its potential, Finland is in a more favourable cyclical position than the rest of the euro area on average. The pick-up in world trade and a revival in business investment are expected to become increasingly important as drivers of growth, which should average about 3% a year to 2006.
A moderate wage settlement would allow cuts in labour taxation without compromising aggregate fiscal objectives. However, efficiency gains in the public sector and greater private service provision are required to create room for further tax cuts. Additional reforms, particularly a tightening of conditions applying to early retirement schemes, are needed to achieve the government’s employment target.
Population (000s), 20035 213
Area (000 sq km)338
GDP (Billion USD), 2003160.8
Life expectancy at birth (Women, Men), 2002 81.5, 74.9
Total labour force (000s), 20032 620
Government typeRepublic
Indicators% change unless otherwise indicated
GDP growth3.12.83.1
Consumer price index0.21.71.9
Short-term interest rate (%)
Unemployment rate (%)
General government financial balance (% GDP)
Current account balance (% GDP)
Source: OECD© OECD Observer No 245, November 2004

Economic data

GDP growth: -9.8% Q2/Q1 2020 2020
Consumer price inflation: 1.3% Sep 2020 annual
Trade (G20): -17.7% exp, -16.7% imp, Q2/Q1 2020
Unemployment: 7.3% Sep 2020
Last update: 10 Nov 2020

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