Economic Survey Autumn 2021
Lataukset:
valtiovarainministeriö
27.09.2021
Julkaisusarja:
Publications of the Ministry of Finance 2021:53Julkaisun pysyvä osoite on
http://urn.fi/URN:ISBN:978-952-367-689-3Julkaisun muut kieliversiot:
SuomeksiSvenska
Tiivistelmä
Finland's gross domestic product is expected to grow by 3.3% in 2021. The recovery from the COVID-19 pandemic has progressed rapidly since spring this year. The economic recovery will continue in the autumn, especially in the sectors that are still subject to restrictions. As a result, economic growth will remain strong during the second half of the year and will continue in 2022. Finland's GDP is expected to grow by 2.9% in 2022 and by 1.4% in 2023.
In the forecast, the deterioration of the pandemic is not expected to slow down the economic recovery, even if the opening of society was slower than assumed in the summer forecast. Uncertainties arising from the manner in which the disease develops, virus mutations and vaccination coverage add to the uncertainty of the forecast.
Growth in employment has significantly accelerated in the first half of the year. The demand for labour is sustained by economic growth and in the short term, it can be met by the large number of unemployed persons and the government measures to increase the supply of labour. Economic recovery will boost the number of employed persons in 2022 and 2023, especially in the service sectors.
General government deficit will shrink substantially this year and in 2022 as the economic recovery and rapid rise in employment boost the tax revenue and reduce unemployment expenditure. The elimination of the need for spending and support arising from the COVID-19 epidemic will also strengthen general government finances. A temporary economic recovery will not, however, eliminate the structural imbalance affecting Finland's public finances.
In the forecast, the deterioration of the pandemic is not expected to slow down the economic recovery, even if the opening of society was slower than assumed in the summer forecast. Uncertainties arising from the manner in which the disease develops, virus mutations and vaccination coverage add to the uncertainty of the forecast.
Growth in employment has significantly accelerated in the first half of the year. The demand for labour is sustained by economic growth and in the short term, it can be met by the large number of unemployed persons and the government measures to increase the supply of labour. Economic recovery will boost the number of employed persons in 2022 and 2023, especially in the service sectors.
General government deficit will shrink substantially this year and in 2022 as the economic recovery and rapid rise in employment boost the tax revenue and reduce unemployment expenditure. The elimination of the need for spending and support arising from the COVID-19 epidemic will also strengthen general government finances. A temporary economic recovery will not, however, eliminate the structural imbalance affecting Finland's public finances.