Research Briefing | Jan 15, 2022

Omicron wave is expected to have a mild impact on the Finnish economy

Ipad Frame - Finland-GDP-growth-forecast-for-this-year-remains-as-impact-of-Omicron-is-expected-to-be-mild

Our forecast for Finland’s GDP growth is 2.3% this year and 1.5% in 2023, both unchanged from last month. Despite a recent surge in Covid cases related to the spread of the Omicron variant, formal restrictions remain light and pressure on hospitals is limited.

What you will learn:

  • After a relatively weak Q4 2021 and Q1 2022, we expect the economy to accelerate, but the evolution of the pandemic remains the key risk in the coming months.
  • Consumer confidence fell further in December but remains above the level of a year ago.
  • The employment rate has already recovered to its pre-pandemic level and the unemployment rate was down to 6.8% in November, while companies in construction and industry report large labour shortages.

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