The Finnish economy has recovered from the coronavirus crisis faster than expected, OP-Pohjola Financial Group (OP) said.
OP economists forecast that Finland’s GDP will grow by 3.6 per cent this year, instead of the previously forecast 3.3 per cent.
"The faster-than-expected recovery of the Finnish economy is mainly due to the recovery in consumption," OP’s Chief Economist Reijo Heiskanen said in a press release.
The financial situation of households has improved despite the pandemic situation, and consumption is expected to fully return to pre-pandemic levels by next winter, the finance group says.
Exports and investment, on the other hand, have suffered from production bottlenecks.
According to OP, this is a return to a moderate growth trend that was interrupted by a global pandemic.
"The good news is that the recovery is rapid given the expected recession and the financial crisis appears to be in recession with no major or lasting consequences," Heiskanen added in a press release.
Source: The Nordic Page