Tag: Interest rate
Finland's economy is expected to recover from the end of 2024 in the midst of a prolonged recession
This revision reflects a slightly more negative outlook than the bank's previous forecast of 0.3 percent growth for the current year, especially since the last quarter of 2023 was weaker than expected. Initially, GDP was estimated to contract by 1.0% in 2023. The first quarter of 2024, marked by strikes, is expected to be less…
The number of unemployed foreigners in Finland is still at a record level
The number of foreigners who registered as unemployed job seekers has increased significantly in the 2020s, Helsingin Sanomat stated. In January 2020, the number was 25,400, but it increased with the start of the coronavirus pandemic – from 30,600 in March 2020 to around 40,000 in April 2020 – and seems to have settled at…
Inflation returned to a moderate level in January at 3.3 percent
“Annual inflation for 2023 averaged 6.2%, which means a significant drop from peak figures,” stated. Kristiina NieminenSenior statistician at Statistics Finland. In January, prices rose the most in consumer and mortgage interest rates, prices of international ready-made trips, district heating and property maintenance service fees. The increase in mortgage and consumer loan interest rates affected…
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Säpo has prevented several attacks against Sweden planned by Iran. Melting glaciers and rising temperatures are felt in the French Alps where ski lifts are taken down. Signals about interest rate cuts stress homebuyers.
Another large construction company collapses in Finland
The subsidiaries simply cannot afford to continue operating, the group admitted. The subsidiaries' share of the group's turnover in 2022 was EUR 345 million, but the debt was more than EUR 66 million. According to Helsingin Sanomat. Trading in Lehto Group shares was suspended on Tuesday at the Helsinki Stock Exchange. Helsingin Sanomat on Tuesday…
Now the Riksbank's new interest rate announcement is coming – this is how you will be affected
The Riksbank's interest rate announcement will come on Thursday. A message that comes during economically grim times while Swedes are becoming increasingly indebted Hear savings economist and strategist Shoka Åhrman at occupational pension company SPP about what private individuals should listen to in the Riksbank's announcement.
This is how the Riksbank's announcement affects your wallet
The Riksbank's interest rate announcement will come on Thursday. A message that comes during economically grim times while Swedes are becoming increasingly indebted Hear savings economist and strategist Shoka Åhrman at occupational pension company SPP about what private individuals should listen to in the Riksbank's announcement.
OP: The pieces of the Finnish economy are falling into place
“Finland's economy is hardly on a stable footing yet, but the conditions for improvement are emerging,” he analyzed. The Finnish financial services company has appropriately raised its growth forecast for next year from 1.2 percent to 1.4 percent. OP Financial Group also estimates that the slowdown in inflation and the drop in interest rates will…
The year's first interest rate announcement – hear the big banks' forecast for 2024
On Monday, the Riksbank's executive board will meet to make a decision on the key interest rate, the first decision for this year. Not many people believe that there will be a reduction. But the reductions will come, most agree. Hear Nordea's chief economist Annika Winsth and Swedbank's ditto Christina Nyhman about the interest rate…
The confidence of Finnish consumers has improved slightly, but the purchase of viewing properties has decreased
In January, 31% of consumers trusted that their own financial situation would improve, while only a fifth believed that the Finnish economy would improve over the next year. 40 percent, on the other hand, predicted a worsening of the nation's economic situation. The consumer confidence indicator was -9.1 in January, an improvement from -13.3 in…
Three reasons why you should buy real estate in Finland now
This distribution of price development between cities and rural areas highlights the varying market dynamics in different parts of Finland. Just a couple of years ago, every new apartment was already booked before completion and the prices were so high that you would have had to win at a Finnish casino to be able to…
Finland's economic outlook: A slow start and a promising turnaround, says Nordea
Navigating through today's financial challenges As Finland prepares for a difficult start to 2024, high interest rates dampen economic growth, which is why Nordea changes its growth forecast for the year to -1 percent. However, the bank is optimistic about a positive change in the second half of the year, forecasting 2 percent GDP growth…
Apartment construction in Espoo is still at a high level, in 2023 more than 5,000 apartments were completed
There were 626 subsidized ARA rental apartments, or 11%, and 2,517, or 46%, self-financed owner-occupied apartments. Interestingly, none of the right-of-occupancy apartments were completed. The construction was mainly focused on apartment buildings, where there are 787 apartments in detached houses. However, there was a significant decrease in new apartment starts compared to previous years. In…
2023: A tough year for Finnish real estate, a positive turn at the end of the year
A key factor in this downturn was the dramatic drop in home purchase intentions in the summer of 2022, which was mainly due to changes in the European Central Bank's interest rate policy. In April 2022, the 12-month Euribor rate, which is generally tied to Finnish mortgages, turned positive for the first time after a…
The Finnish housing market sees an explosion in buyer interest, predicts steady growth for 2024
In the capital region, especially in Helsinki, Espoo, Vantaa and Tampere, demand is growing strongly, especially for small apartments and detached houses in good condition. This demand has raised a new normal level and is expected to bring balance to the market. Despite the challenging year 2023, when new production shrank, sales of old apartments…
Inflation in Finland accelerated to 3.6 percent in December
Inflation began to pick up after sustained low inflation in 2021 and eventually peaked at 9.1 percent in November and December 2022. According to Statistics Finland, consumer prices rose from the previous year, especially due to the higher average interest rate on mortgages, interest on consumer loans and the price of ready-made trips outside the…
The confidence of Finnish consumers is still falling
The long-term average of the indicator is -2.4. Statistics Finland emphasized that consumers are currently more pessimistic about their own financial situation than at any time since 2000, and more than a third of consumers estimate that their own finances are weaker than a year ago. Their expectations of the general employment situation have remained…
In Finland, bankruptcies reached 25 years, the construction industry is the biggest victim of the year
“Although the number of companies that went bankrupt in the last year is the highest in 25 years, it is still clearly below the bankruptcy figures of the 1990s recession,” he reminded. For example, in 1992, the courts declared a total of 7,391 companies bankrupt. Compared to the financial crisis, the number of bankruptcies has…
This is how you should think about mortgages and savings in 2024
Savings economists Frida Bratt, at Nordnet, and Christina Sahlberg, at Compricer, talk about why the autumn's strong stock market gains are continuing. And gives tips on how to reduce mortgage costs as much as possible if interest rates start to fall. Ekonomiakuten is the podcast that gives you the best tips for saving money and…
Bank of Finland: Finland will not see economic growth in 2023 or 2024
Finland's economy is expected to shrink by 0.5 percent in 2023 and 0.2 percent in 2024. The figures mean a decrease of 0.3 and 0.4 percentage points from the forecast published in September. Meri ObstbaumThe Bank of Finland's head of economic forecasting said that the forecast reflects a slowdown in economic growth in the euro…
Finland's recession is deeper and longer than expected, says the highest official
Both growth figures represent a decrease of 0.5 percentage points from the forecast published in October. Mikko SpolanderThe Director General of the Ministry of Finance emphasized at a press conference on Tuesday that although the economic situation is expected to improve next year, the economy will continue to grow perfectly fine. “Finland is now in…
Global bankruptcies exceed 2008 level FT
Rising interest rates and the end of the Covid subsidies have had a big impact on the companies, the outlet reports The world's corporate sector has been hit by a wave of bankruptcies occurring at a double-digit rate not seen in decades, the Financial Times reported on Monday, citing data from national statistics offices. Corporate…
Inflation slowed significantly in Finland in November
According to it, inflation was especially slowed down by the fall in the prices of diesel, electricity, and condominiums. In November, the price of electricity alone had a 1.2 percentage point slowing effect on inflation. “Behind the slower rate of inflation are the decline in electricity, housing and gasoline prices, the weak economic outlook and…
The correspondents' New Year's relay through Europe
In 2023, Europe struggled to deal with the consequences of Russia's war of aggression and to maintain support for Ukraine. Interest rates have skyrocketed, governments have gone into crisis in Spain, Great Britain and Germany, among others. In Poland there was a change of power. Hear about the prostheses and riots that the French will…
Update yourself with the latest in Lunchekot
Today's Lunchekot reports that inflation is falling in Sweden and that Norway is raising its key interest rate by 0.25 percentage points to 4.5 percent. In addition, it is about the verdict that was handed down today against a woman employed by the court because she leaked information to a gang criminal. And so our…
Defense Intelligence: The threat from Russia will continue for a long time
Russia's conflict with the West constitutes the biggest security threat to Denmark for “many, many years”, say security analysts. In the financial area, Denmark's C25 index is up after the American central bank signaled interest rate cuts. In addition, Prime Minister Mette Frederiksen says that she “doesn't expect love”, and a Danish diamond heir goes…
The Finnish housing market will rise in November 2023: Prices and transactions on the rise
Save events: A total of 4,524 sales of old apartments were reported, which is 11.5% more than the previous year. Sales of new apartments, on the other hand, fell by 55.4%, and only 174 transactions were made. Regional differences: The most significant increase in transaction volumes was in large cities. The rise was led by…
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…
The 12-month Euribor falls the most in a year
The commonly used interest rate measure fell to just under 3.8 percent on Monday.