Tag: Gross domestic product
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The Finnish economy drifted into recession at the end of 2023
In October-December, Finland's gross domestic product shrank by 0.7 percent from the previous quarter and by 1.8 percent from a year ago.
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Interview: Olli Rehn is worried about debt growth and foreign policy
The discussion discussed various geopolitical issues, such as Finland's NATO attitude and diplomatic relations with Russia and the Middle East. Rehn has been an advocate of Finland's alliance with Western security communities. As Governor of the Central Bank of Finland and former Minister of Economy, Olli Rehn recognized Finland's economic challenges and called for cross-party…
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Purra: Finland will probably start the EU excessive deficit procedure in 2024
The excessive deficit procedure can be initiated by a member state whose budget deficit exceeds three percent or whose debt burden exceeds 60 percent of gross domestic product. Purra spoke to reporters after sitting down with his colleagues from the rest of the EU on Wednesday. According to the public broadcasting company, the finance ministers…
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Swedes experience a “double winter” before Christmas
© Provided by Xinhua The festive atmosphere in Stockholm is dampened as Swedes face an “economic winter” marked by a technological recession and ongoing inflation, which is straining households and businesses. STOCKHOLM, Dec. 7 (Xinhua) — The Swedish capital is teeming with people walking past shop windows with Christmas decorations. But their warm jackets that…
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The unemployment rate is rising in Finland’s economic powerhouses
Continued unemployment despite stable monthly levels Finland’s largest unemployment fund, YTK, announced the unemployment rate of its members at 6.0% in October, which is a slight decrease from September’s 6.1%. However, this is 0.9 percentage points higher than the previous year. This increase was influenced, among other things, by the recession in the construction industry…
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Ministry of Finance: Finland’s economy will remain in recession until next year
“We don’t expect any particular structural frictions or bottlenecks that would prolong the recession. We see this as a phase related to normal business cycles, says Mikko Spolander, Director General of the Ministry of Finance. stated at a press conference in Helsinki on Monday. Exports, investments and private consumption are predicted to grow again next…
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Finland joins NATO: A major change in foreign security policy
Ambassador Lahdevirta told ANI in an interview: “This is a significant change in our foreign and foreign security policy, which binds Finland to the principle of common defense. Our NATO membership involves several military and political dimensions. Militarily, we are now actively involved in defense planning, exercises, procurement and other NATO in systems. Politically, it…
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Graphene oxide nanoflakes lower toxicity of Alzheimer’s proteins: Study
Washington DC [US], Oct 4 (ANI): The collection of chemicals called amyloid peptides is believed to be an early driver of Alzheimer’s disease. These trigger cell death and are commonly found in the brains of Alzheimer’s patients. Researchers at Chalmers University of Technology in Sweden have now shown that after being treated with graphene oxide…
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Many healthcare services in Finland are worse than in other EU countries, says the minister
The government has promised to commit at least three billion euros to compensate for the predicted increase in costs for the current season, he reminded. However, the government simultaneously urges 21 provinces to rationalize their operations in a way that balances their budgets by the end of 2026. According to the calculations of the Ministry…
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Zelenskyy arrives in Canada
Ukrainian President Volodymyr Zelenskyy was greeted by Canadian Prime Minister Justin Trudeau in Ottawa late Thursday after a whirlwind visit to Washington. Zelenskyy will address Canada’s parliament on Friday, his first address to the assembly since Russia’s invasion of Ukraine. Zelenskyy and Canadian Prime Minister Trudeau are also scheduled to sign an agreement aimed at…
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Zelenskyy to US lawmakers: Ukraine will lose the war without US help
Ukrainian President Volodymyr Zelenskyy appealed to US lawmakers on Capitol Hill on Thursday, telling them that without a new round of funding to fight Russian aggression, Ukraine will lose the war. The White House requested $24 billion in additional funding for Ukraine earlier this year. But there is growing Republican concern about providing US aid…
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Türkiye extends tourist season with robust arrivals
© Provided by Xinhua by Burak Akinci ANKARA, Sept. 21 (Xinhua) — Türkiye is extending its tourism season into autumn as strong trends in foreign arrivals in the summer have put a smile on the face of a huge industry that is crucial to the country’s revenue. Despite a difficult start due to devastating earthquakes…
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Governments should increase spending on public health care
On Thursday, a high level meeting government officials will take place during the 78th session of the UN General Assembly to discuss global progress towards achieving Universal health coverage (UHC) by 2030. Governments are serious about meeting this goal, one of the UN’s 17 Sustainable Development Goalsshould start by putting their money where their mouth…
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Eurozone Q2 GDP rebounds, inflation slows but remains a concern
© Provided by Xinhua ECB President Christine Lagarde reiterated at a press conference last Thursday following the Governing Council meeting that the interest rate will be the bank’s primary tool to bring down inflation, which the ECB says has remained “too high for too long.” BRUSSELS, July 31 (Xinhua) — The eurozone’s gross domestic product…
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Major EU economies report mixed Q2 performances amid high inflation
© Provided by Xinhua According to data firm Statista, the inflation rate in the EU was 6.4 percent in June, with prices rising fastest in Hungary, which had an inflation rate of 19.9 percent. The inflation rates in France, Germany, Ireland, and Sweden stood at 5.3 percent, 6.8 percent, 4.8 percent and 6.3 percent, respectively.…
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NATO summit: How the alliance strengthens its eastern flank
Along with seeking a compromise for Ukraine’s entry into NATO, leaders at the Vilnius summit are on a quest to strengthen the alliance’s eastern front. World leaders gathering in the Lithuanian capital Vilnius on Tuesday for a two-day NATO summit will try to articulate a unified message on Ukraine’s possible membership of the North Atlantic…
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De-risking: I want your market, but you need to slow down tech development
© Provided by Xinhua Simply put: While fearing being held hostage by China on the demand side, Washington and its allies also fear being unable to hold China hostage on the supply side. These moves disregard the fact that interdependence is a natural result of economic globalization, and economic insecurity has nothing to do with…
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Finland’s economic prospects are challenging: Quick actions are needed to increase productivity, PTT says
According to PTT’s long-term growth forecast, Finland’s gross domestic product per capita is expected to grow by an average of 1.0 percent per year in 2023–2033 and 2.7 percent per year in 2034–2043. The forecast assumes that immigration than Statistics Finland’s population forecast. “Global tensions and setbacks in globalization will slow down growth and productivity…
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OP: Regional unemployment differences have narrowed in Finland
Regional differences in the unemployment rate are currently quite small, and most regions are within two percentage points of each other. According to the financial service provider, unemployment has clearly decreased in areas of high unemployment and increased in areas of low unemployment and strong economic growth as people move to them due to the…
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Statistics Finland lowered the estimate of economic growth in the first quarter
Gross domestic product adjusted for working days shrank by 0.3 percent year-on-year in the first three months of the year. The data show that investments decreased significantly and export and private consumption volumes remained largely unchanged from the previous quarter. The quick estimate is based on the production data of the industries, but the preliminary…
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NATO chief visits Trkiye to push for Sweden’s accession
OSLO, June 1 (Xinhua) — Jens Stoltenberg, Secretary General of the North Atlantic Treaty Organization (NATO), said Thursday that he is working hard to ensure that Sweden’s accession to the alliance is completed as soon as possible, and that he will soon travel to Turkey to facilitate the process. He spoke at a press conference…
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Negative electricity prices, growing debt and NATO’s geopolitical consequences: Finland in the world press
The decrease in the price of electricity, which caused them to reach negative values, was discussed in the article Daily Wire May 25th. The article considers how Finland achieved such a significant reduction in electricity prices after the recent commissioning of a nuclear power plant. The article highlighted the importance of this development given earlier…
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The Finnish economy seems to be recovering from the recession immediately
Economists described the latest preliminary figures as strong, but broadly warned that it is possible they will be lowered when the Statistics Office reviews them again at the end of the month. Timo HirvonenHandelsbanken’s chief economist tweeted yesterday that the quick forecast will make many economists abandon their economic forecasts. “That’s the end of the…
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Basic Finns and the People’s Party argued about development cooperation
“Naturally, we are not ready for major operations. We want to increase the development cooperation allocations so that we reach 0.7 percent of the gross domestic product, says Anna-Maja Henriksson, chairperson of RKP. stated to journalists upon arriving at Säätytalo in Helsinki on Wednesday. Finland has spent less than 0.7 percent of its gross national…
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The parties to the Finnish coalition negotiations reach an agreement on the financial framework
“The situation is even worse than I thought,” said the chairman of the coalition, Petteri Orpo, when he showed the media a graph depicting the growth of public debt in the next few years. “That’s why it’s even more important to act as recommended by the Ministry of Finance.” The ministry has estimated that six…
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The coalition negotiations begin with expert reviews
“The negotiations have taken place in a good mood, focusing on solutions, we have rolled up our sleeves and are getting to work.” As the chairman of the largest party in the Parliament, Orpo, who is responsible for the coalition process, reminded that the public finances are not on a sustainable basis and reiterated the…
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Watchdog: World Military Spending Up to an All Time High
STOCKHOLM – Global military spending grew for the eighth consecutive year in 2022 to a record $2.24 trillion, with a sharp increase in Europe, mainly due to Russian and Ukrainian spending, a Swedish think tank said on Monday. Spending globally increased by 3.7% in real terms, but military spending in Europe increased by 13% –…
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Highest military spending in Europe since the Cold War: Study
Stockholm – Europe’s military spending grew at a record pace in 2022, reaching a level not seen since the Cold War following Russia’s invasion of Ukraine, global security researchers said on Monday. The surge in Europe helped global military spending reach an eighth consecutive record high of $2.24 trillion, or 2.2% of the world’s gross…
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China is the world leader in 37 out of 44 critical technologies, Finland is off the list
China’s global lead extends to 37 of the 44 technologies tracked, and the country excels in defense and space-related technologies. In particular, China’s progress in nuclear-capable hypersonic missiles caught US intelligence by surprise in August 2021. ASPI’s Critical Technology Tracker shows that for some technologies, all 10 of the world’s leading research facilities are located…
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The EU nation is set for more financial misery
Sweden’s GDP is predicted to fall more than previously expected, the Ministry of Finance has warned The Swedish economy will shrink more in 2023 than previously expected, according to official data released on Monday. Gross domestic product (GDP) is now forecast to fall by 1%, compared with the 0.7% decline predicted by the Treasury in…
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Petteri Orpo was chosen as the negotiator for the formation of the government
What do you think are the most important social changes that the next government should achieve? Do you agree with the situation report presented by the Ministry of Finance on December 8, 2022 on Finland’s economic situation and the adjustment needs of the public finances? Are you committed to presenting the scale of public finance…
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Spending cuts of six billion euros can be harmful to Finland, an economist tells YLE
Kuoppamäki on Tuesday told According to YLE, achieving the goal with spending cuts could even be harmful to the national economy and added that there is almost no room for large tax increases. “Six billion euros is a very good, but also an ambitious goal. It is very difficult to achieve that with just spending…
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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…
