Tag: Gross domestic product
Sweden’s GDP for the fourth quarter shrinks 0.9 percent ahead of expected recession in 2023
© Provided by Xinhua On an annual basis, Sweden’s GDP shrank for the fourth quarter by 0.9 percent and several banks predicted a recession in 2023. STOCKHOLM, Feb. 28 (Xinhua) — Sweden’s gross domestic product (GDP) decreased by 0.9 percent in the fourth quarter of 2022 compared to the third quarter, according to figures released […]
The Finnish economy is suffering from a technical recession and accelerating inflation
The financial consequences of the war in Ukraine have also affected the Finnish economy. From October to December 2022, the amount of Finnish exports decreased by 2.9 percent from the level of the previous quarter, while imports decreased by 2.4 percent. However, for the whole year, Finland’s economy grew by 2 percent compared to 2021. […]
Finland’s economy shrinks in two consecutive quarters: Expert analysis
According to the latest data from Statistics Finland, the country’s gross domestic product (GDP) shrank by 0.6% in the last quarter of 2022 compared to the previous quarter, which is significantly worse than previous estimates. Just two weeks ago, Statistics Finland predicted that GDP would shrink by 0.2 percent. Despite this, GDP for the whole […]
YLE: The majority of Finnish parties are ready to join NATO before Sweden, if necessary
The Center, the Christian Democrats, the Fundamental Finns, Movement Now and Kokoomus considered that Finland should join the alliance before its western neighbor if necessary. Conversely, the Left Alliance was the only party that expressed its categorical opposition to joining ahead of Sweden. The Greens, the Social Democrats and the Swedish People’s Party refused to […]
NATO chief calls for bigger defense budgets
BRUSSELS, Feb. 15 (Xinhua) — North Atlantic Treaty Organization (NATO) member states should commit to spending at least 2 percent of their gross domestic product (GDP) on defense by next year, the alliance’s Secretary General Jens Stoltenberg said Wednesday. He was speaking to journalists after a NATO defense ministers’ meeting here to address key issues […]
Sweden raises the key interest rate to 3 pct to curb inflation
STOCKHOLM, Feb. 9 (Xinhua) — Sweden’s central bank (Riksbank) on Thursday announced a 50 percentage point increase in the key interest rate to 3 percent, the highest in 15 years. The Riksbank said the rate hike, due to take effect on February 15, was necessary as the country’s 12-month consumer price index (CPI) reached 12.3 […]
YLE: Finland is behind other Nordic countries in the recovery of tourism
Slow recovery is explained by unfamiliarity. “Only 20 percent of the respondents belonging to the target groups of our target market stated that they knew something about Finland. In Great Britain and the United States, familiarity was only 10 percent. Kristiina HietasaariThe director of Visit Finland told YLE on Wednesday. Finland also did not make […]
The learning results of Finns have dropped exceptionally fast, the ministry says
The Ministry of Education and Culture admitted that the reasons for the decline in learning outcomes are largely unknown and emphasized the need to identify them. “Learning results continue to decline, so it is necessary to critically evaluate both the development and our previous assumptions about the reasons for good learning results.” Anita Lehikoinenpermanent secretary […]
Sweden has the highest number of bankruptcy filings since 2013
STOCKHOLM, Jan. 2 (Xinhua) — Due mainly to the ongoing Ukraine crisis, accelerating inflation and high electricity prices, the number of bankruptcies in Sweden rose to the highest level in a decade in the second half of 2022, according to statistics released on the monday. Between July and December 2022, 22 percent more bankruptcies were […]
Finland’s economy will sink into recession in 2023, says the Ministry of Finance, the Bank of Finland
However, the economy is not returning to the growth path that was expected before the Russian invasion of Ukraine. “We expect inflation to slow down clearly over the next year and consumption to recover in 2024,” Janne Huovarifinancial advisor at the Ministry of Finance, was quoted saying At Helsingin Sanomat’s press conference in Helsinki on […]
Finnish companies expect to benefit from the global diversity agreement
The World Economic Forum (WEF) has estimated that more than half of the world’s gross domestic product is dependent on nature and the services it provides – and thus exposed to the risks of biodiversity loss, the stakeholder group emphasized press release on the 19th of December. If, for example, deforestation or the decline of […]
HS: Economists expect the employment situation to worsen in the coming months
However, the Finnish economy is widely expected to turn into recession at the beginning of next year, which creates uncertainty in the labor market as well. “It is quite inevitable that the cooling of the economic situation will start to affect the labor market little by little”, Jukka Appelqvist, chief economist of the chamber of […]
The Swedish government expects the recession to last until 2025
STOCKHOLM, Dec. 22 (Xinhua) — Sweden will enter a recession next year that is expected to last until 2025, the government said here Thursday. “The Swedish economy and households will be under pressure in the coming years,” Finance Minister Elisabeth Svantesson said when she presented the economic forecast at a press conference. – The recession […]
HS: Finland participates in warming as much as it did in the early 1990s
The statistics challenge the self-image and reveal that the country still affects global warming as much as it did 30 years ago. The turnaround is due to the introduction of more accurate calculation methods at the Natural Resources Center (Luukas). The updated calculations reveal that the carbon sink of the forests has consumed so much […]
EU agrees on fresh sanctions against Russia over war in Ukraine
The EU on Thursday agreed a fresh round of sanctions on Russia over the war in Ukraine, after complaints from hawkish eastern European leaders that some countries were trying to water them down. Diplomats said a compromise deal – thought to include targeting some 200 individuals – was reached on the sidelines of a leaders […]
Sweden is facing the worst economic downturn in the EU – Bloomberg
The nation’s real estate market has collapsed amid slowing consumption A sharp slump in Sweden’s real estate sector threatens to deepen a looming economic crisis in the Nordic region’s largest economy, Bloomberg reported on Monday. The store warned that the country’s real estate market, after almost twenty years of stable growth, is undergoing “a dramatic […]
Sweden is facing the worst economic downturn in the EU Bloomberg
The nation’s real estate market has collapsed amid slowing consumption A sharp slump in Sweden’s real estate sector threatens to deepen a looming economic crisis in the Nordic region’s largest economy, Bloomberg reported on Monday. The outlet warned that after nearly twenty years of steady growth, the country’s property market is undergoing “a dramatic change”. […]
Sweden’s GDP forecast is adjusted downward for next year
STOCKHOLM, Nov. 7 (Xinhua) — Nordea, one of the largest banks in the Nordics, has sharply lowered its forecast for Sweden’s gross domestic product (GDP) for 2023 to minus 1.8 percent from minus 0.5 percent two months ago in Economic overview. Weaker domestic developments, dramatically tightened financial conditions with higher interest rates and inflation eating […]
Sweden prepares for “grim winter”: finance minister
STOCKHOLM, Oct. 31 (Xinhua) — Sweden’s economy is headed for a “grim winter,” the country’s government said here Monday. – We do not yet know how cold and grim it will be, said Finance Minister Elisabeth Svantesson at a press conference here. The government expects Sweden’s gross domestic product (GDP) to shrink by 0.4 percent […]
Sweden’s GDP will shrink in 2023: leading bank
STOCKHOLM, Oct. 25 (Xinhua) — High inflation and interest rate hikes will affect many Swedish households and slow the country’s economic growth next year, a leading bank said in a report published here on Tuesday. Sweden’s growth in gross domestic product (GDP) is expected to be minus 1.1 percent next year, said Mattias Persson, Swedbank’s […]
European finance ministers agree on funding to cut off fossil fuel connections with Russia
The finance ministers reached an agreement on the matter at their Economic and Financial Council meeting held in Luxembourg on Tuesday. However, the various factions of the Union clearly had different ideas about how the funding should be distributed among the member countries, the Finnish News Agency wrote. Leena MörttinenThe Permanent Undersecretary for International and […]
Marin: The leaders of the Finnish parliamentary parties will soon meet on the side of the border fence
The Border Guard Service stated in September that, in its opinion, 130–260 kilometers of the more than 1,300 km border should be fenced off, primarily in the vicinity of the border crossing points. The estimated price tag of the project would be “a few hundred million euros” and it will take three to four years […]
OP: Finland will sink into a mild recession in 2023
Reijo HeiskanenOP Financial Group’s chief economist saw that the recent improvements in the economic situation, employment situation and business performance will gradually level off, leading to a situation that meets the criteria of a “mild recession” in 2023. “In Finland, both companies and households are overall in a good economic situation, which not only makes […]
Number of tourists visiting Cyprus at 75 percent of 2019; industry reports
NICOSIA, Aug. 8 (Xinhua) — The number of tourists visiting Cyprus in the first six months of 2022 was 75 percent of the figure for the same period in 2019, Association of Cyprus Tourist Enterprises (ACTE) chairman Akis Vavitis said Monday. A record number of almost 4 million people visited Cyprus in 2019, which was […]
The US Senate ratified Finland’s NATO application
The US Senate voted to admit Finland and Sweden to NATO by a vote of 95 to one in Wednesday’s session, with one senator voting “present” and three abstaining from the vote. Ratification requires that at least two-thirds of the Senate, or 67 senators, had to vote for it. "Welcoming Sweden and Finland to NATO […]
Health care costs continue to rise in municipalities
Finland’s healthcare costs have been rising for years, and there is no end in sight, according to the basic healthcare cost comparison conducted by the Association of Municipalities (AFLRA) in June. The report showed that healthcare costs rose significantly last year compared to 2020, especially in big cities. Costs per inhabitant rose the most in […]
Dramatic slowdown in Sweden’s economy: report
STOCKHOLM, June 21 (Xinhua) – Due to the soaring inflation, Sweden’s economic growth is expected to slow drastically this year and next year, according to a report released by the National Institute of Economic Research (NIER) on Tuesday. According to the government agency’s latest forecast, economic growth is expected to slow to 1.9 per cent […]
In the supplementary budget, the government proposes an additional € 2 billion in defense success
In its second draft amending budget this year, the Finnish government has proposed an increase in net expenditure of around EUR 2.3 billion. The two main areas of spending are national defense, given Russia’s invasion of Ukraine, and measures to alleviate the harm caused to children and young people by the corona pandemic. "Finland’s security […]
Saimaa canal as Russian gambit
The parties agreed on a 50-year lease, and in 2013 they extended the lease until 2063. As Finland accelerates its accession to NATO, Russia is sending clear signals that such steps marked the end of good neighborly relations with NATO. Paasikivi-Kekkonen line – Foreign policy of Finnish neutrality and friendship. The preliminary representative of the […]
Human greed leads to chronic soil degradation worldwide, says sharp UN report
The second edition of the United Nations Convention to Combat Desertification (UNCCD), entitled “Global Land Outlook” (GLO), which precedes the UNCCD’s COP15 conference in Africa, sheds light on the way in which land resources – soil, water and biodiversity – are currently poorly managed and misused and how it threatens the health and continued survival […]
Sweden raises the benchmark interest rate to 0.25 pct
STOCKHOLM, 28 April (Xinhua) – On Thursday, the Riksbank, Sweden’s central bank, raised its key interest rate from zero to 0.25 per cent from 4 May to counter rising inflation. The bank’s executive board aims to gradually raise the exchange rate to “slightly below 2 percent” two or three more times this year, according to […]
Objectives of the Finnish Startup Community for the next government program: cryptographic legislation, platform economy and climate starters
The objectives are divided into seven main themes, under which the community has listed more concrete proposals and ideas for decision-makers. The new goals range from reviewing the legislation on the platform economy to adding English-language school places to Finland. In addition, the community emphasizes opportunities to provide more support for Finnish climate technology, create […]
Finland and Sweden’s steady march towards NATO
It is almost certain now that Finland and Sweden will join NATO, making it the largest political and military redesign of the map of Europe since the countries of Central and Eastern Europe joined the military alliance, as well as the European Union, in different waves in the end. of the 1990s and early 2000s. […]
Analysis: Finland and Sweden’s steady march against NATO
It is almost certain now that Finland and Sweden will join NATO, making it the largest political and military redesign of the map of Europe since the countries of Central and Eastern Europe joined the military alliance, as well as the European Union, in different waves in the end. of the 1990s and early 2000s. […]
The WTO lowered its forecast for world GDP growth in 2022 to 2.8%
The gross domestic product of the Commonwealth of Independent States (CIS) countries, excluding Ukraine, will fall by 7.9% this year, with regional imports expected to shrink by 12%. Exports from the CIS countries, on the other hand, will not be affected by the crisis in Ukraine, the WTO said. “Exports are expected to grow 4.9 […]
The Ministry of Finance predicts modest economic growth in the shadow of the war in Ukraine
According to a forecast published by the Ministry of Finance on Wednesday, Russia’s attack on Ukraine will have a significant impact on Finland’s economic growth over the next two years. The Ministry’s figures predict that Finland’s gross domestic product (GDP) will grow by 1.5 per cent this year and by 1.7 per cent in 2023. […]
Big Four banks casting a dangerous shadow
Dale Webster exposes the Big Four retreat from regional Australia, leaving cashed-up and bankless towns watching their money go round and round. CASTERTON, GRENFELL, Home Hill, Nathalia and Toukley. Five Australian towns that were, until recently, set apart by one dubious achievement shared by no others: they had all lost a full hand of the […]
‘Big four’ banks casting a dangerous shadow
Dale Webster exposes the “big four” retreat from regional Australia, leaving cashed-up and bankless towns watching their money go round and round. CASTERTON, GRENFELL, Home Hill, Nathalia and Toukley. Five Australian towns that were, until recently, set apart by one dubious achievement shared by no others: they had all lost a full hand of the […]
Sweden’s Prime Minister wants to increase military spending to 2% of GDP
Referring to Russia’s invasion of Ukraine, Sweden’s Prime Minister Magdalena Andersson said on Thursday that the country’s military spending must be significantly increased and is trying to raise it to 2 percent of the country’s gross domestic product (GDP) as soon as possible. In a speech to reporters about the plan in Stockholm, Andersson said […]
Helsinki’s real estate investment trends 2021-22
Growing investment market Investing is about buying cheap and selling at the right time, and of course this also applies when investing in the Helsinki real estate market. It should be noted that the pandemic has changed the world, including economically, and will never be the same again. Still, because everything has an equal and […]
OP’s forecast: Finland is facing the biggest economic boom since the late 1980s
According to the economic forecast published by OP-Pohjola Group (OP), Finland’s gross domestic product (GDP) will grow by 2.7 per cent this year, despite the challenges of a continuing pandemic and the emergence of the Omicron variant of the coron virus. OP economists predict that the increase in Covid infections will weaken Finland’s economic development […]
