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Financial News: Bank Of Finland Boosts Growth Forecasts

Bank Of Finland Boosts Growth Forecasts

06/13/2017 - 09:35:00 (RTTNews)

(RTTNews) - Finland's economic growth is set to improve sharply this year as exports are expected to firm up on the back of the recovery in the global economy, the Bank of Finland said Tuesday as it raised its economic growth forecasts.

The growth forecast for this year was increased to 2.1 percent from 1.6 percent seen in March. Th economy expanded 1.6 percent in 2016.

The pace is expected to slow next year to 1.7 percent, which was revised up from 1.5 percent. The outlook for 2019 was raised to 1.4 percent from 1.3 percent.

"Despite the firming up of exports, economic growth in the forecast period will mainly depend on private consumption and investment," the bank said in its economic outlook report.

Slower growth towards the end of the forecast horizon 2017-2019 reflects the structural weaknesses in the Finnish economy that weigh on potential growth, the bank said.

Inflation was projected to accelerate to 0.8 percent this year from 0.4 percent last year. The figure was projected to climb further to 1 percent next year and to 1.3 percent in the year after. Price growth is seen below the euro area average throughout the forecast horizon.

Although the outlook for the Finnish economy has brightened, the situation remains vulnerable, Bank of Finland Governor Erkki Liikanen said.

"Additional measures will be needed to strengthen the public finances," he said. "Further structural reforms are vital in improving the conditions for economic growth."

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