Tag: Recession
The Bank of Finland’s mid-term forecast: the economy is at rest
Despite the difficulties, the Finnish economy has endured so far, but not all the effects of rapid inflation and rising interest rates have been seen. In addition, the risks of the international economy have increased recently,” says Meri ObstbaumHead of forecasting at the Bank of Finland. In 2022, Finland’s economy grew by 2.1% thanks to […]
Apartment prices have returned to the pre-pandemic level, says OP’s economist
Among Finland’s largest cities, prices fell the most in Oulu, Helsinki and Vantaa, and the least in Tampere and Turku. “As expected, the fall in apartment prices continued in January. The decline has now wiped out the gains made during the coronavirus pandemic, and the decline is likely to continue in the coming months. tweeted […]
EU nation sees bankruptcies rise – Bloomberg
The number of insolvencies in Sweden has increased as consumption declines, the outlet reports Bankruptcies in Sweden soared for a seventh straight month in February, amid falling household consumption and growing pressure on construction companies from an ongoing crisis in the housing market, Bloomberg reported this week. A sharp slump in Sweden’s real estate sector […]
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 EU nation sees the number of bankruptcies increasing in Bloomberg
The number of insolvencies in Sweden has increased as consumption declines, the outlet reports Bankruptcies in Sweden soared for a seventh straight month in February, amid falling household consumption and growing pressure on construction companies from an ongoing crisis in the housing market, Bloomberg reported this week. A sharp slump in Sweden’s real estate sector […]
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. […]
Danske Bank updates its investment outlook: Stocks and bonds are weighted neutral
The increase in the neutral weight of stocks is due to the fact that the darkest clouds in the market have disappeared. Kivipelto, however, advises stock investors to be cautious about geographical diversification. “We are overweight in emerging markets. In addition, we still have a neutral weight on US and Japanese stocks. Regarding Europe, we […]
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 […]
Recession gives rise to gambling addiction in Sweden, says government authority
STOCKHOLM, Feb. 20 (Xinhua) — There are signs that gambling addiction is becoming a growing problem in Sweden due to the recession, the Public Health Agency said on Monday. – There is a risk that more and more people will have a gambling problem and that the consequences (of their addiction) will become worse, says […]
Confectionery sales increase, fruit and vegetable sales decrease as the economy slows down
SOK’s parent organization S group has revealed that its operating result improved by 16 percent from the previous year to 325 million euros in 2022. The improvement was driven especially by the recovery of the hotel and restaurant business, but the trend in the Grocery business was the opposite, and the result fell by 40 […]
Johan Pehrson (L): Education must combat unemployment
Johan Pehrson is Minister of Labor Markets and Integration and party leader for the Liberals. He is interviewed by Cecilia Strömberg Wallin. Unemployment is predicted to increase as Sweden approaches a recession, at the same time as there is a shortage of labor in industry and healthcare.How many of the unemployed can take the jobs […]
OP: Finland will sink into a mild recession in 2023
“We are looking at a couple of years of interminably slow development rather than a clearly defined recession and rapid recovery,” he said. press release on Tuesday. According to OP, the recession affects the economy widely and makes it difficult for exports, private consumption and investments. The value of exports grew at an almost unprecedented […]
Hypo: Finland is going into recession
The Finnish economy will shrink by 1 percent this year, according to the Hypoteekkiyhdis’s forecast.
Tourism will return to pre-pandemic levels in some areas in 2023
Depending, among other things, on the extent of the economic recession, the continued recovery of tourism in the Asia-Pacific region, and the development of Russia’s aggression in Ukraine. All areas will be restored More than 900 million tourists traveled internationally in 2022 – double the number in 2021, though still 63% of pre-pandemic levels, according […]
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 […]
Accelerated inflation and rising interest rates caused fluctuations in the market
“In Europe, the energy crisis and the ongoing war in Ukraine cause gloomy signs about the economic outlook. However, the investment market is driven by the United States, where the economic issues are clearer and the war more distant. 49 percent of Varma’s entire investment portfolio continued to generate positive returns, says Varma’s CEO. Risto […]
Tuesday’s papers: Path to peace, PISA recession and Nord Stream monuments
The president says that it is not the West’s job to give Putin a way out of the war.
Marin: Politicians must be able to discuss economic policy coordination
“The root cause of inflation is the high price of energy, so we need to focus on two things in particular. We need to rapidly increase energy production to solve this supply problem. And another thing we need to discuss and find solutions for is energy pricing,” he said quoted saying from STT. He considered […]
The decline in Helsinki apartment prices will continue until the end of 2023, says an economist
In the rest of the capital region, apartment prices continued to rise. Espoo and Kauniainen rose by 1.9 percent to 4,176 euros per square meter and Vantaa by 2.4 percent to 3,212 euros per square meter. In Espoo and Kauniainen, however, apartment prices fell by 1.8 percent in July-August. Juhana BrotherusThe chief economist of the […]
The UN’s fiscal policy for advanced economies risks global recession
geneva – UN economists are warning that the monetary and fiscal policies of advanced economies risk plunging the world into a recession worse than the 2008 financial crisis. UNCTAD, the United Nations Conference on Trade and Development, has issued its 2022 annual trade and development report. The authors of the report warn that the world […]
The budget plan for 2023 offers a wide range of subsidies, the deficit will increase to more than 8 billion euros
Finance Minister Annika Saarikko (Cen) warned that Finland could be forced into a recession next year.
420: Wallet election without election promises
Ulf Kristersson (M), Magdalena Andersson (S), Per Bolund (MP) and Johan Pehrson (L) have all been interviewed in Ekot’s party leader hearings during the week. They were asked questions about everything from property tax to mining, free schools, government cooperation and human rights in Turkey. What were the key messages and why did the party […]
Trade lobby: The retail growth spurt is over – now uncertainty lies ahead
The turnover of the domestic retail trade will decrease by around 2.5 percent this year and even more in 2023, according to the forecast of the Finnish Trade Association. The trade advocacy group said that if Finland and the rest of Europe drift into recession, trade will shrink even more. According to the group’s preliminary […]
Higher corporate taxes lead to lower private investment: EconPol
Companies’ investment decisions vary depending on the economic situation. In normal economic times, the proportion of companies that change their investment decisions downwards due to tax increases increases by 2 percentage points. During a recession, the number triples to more than 6 percentage points. “Due to the lost investments, it would therefore be particularly expensive […]
Europe on the brink when Nord Stream’s Russian gas connection is shut down
FRANKFURT, Germany: Russian gas was shut down this week during the annual maintenance work on the Nord Stream 1 pipeline, the largest gas pipeline to Germany. Although maintenance is scheduled for July 11-21, with gas flows expected to stop for 10 days, governments, markets and companies are worried that the shutdown could be extended due […]
The euro fell to a 20-year low against the US dollar
According to the ECB, the euro has fallen by more than nine percent against the US dollar since the beginning of this year. According to S&P Global, the industrial purchasing managers’ index (PMI), which measures the direction of economic development in the euro area, fell to 52.1 in June from 54.6 in May. “While the […]
413: Amineh Kakabaveh’s last show
Amineh Kakabaveh kept her decision to the last and then stood for the decision when the government care change budget was hammered in the Riksdag. The process has been unique, messy and full of intrigue and games. Warns of recession The National Institute of Economic Research and the government flag that the sweetbread days are […]
Despite the downturn, there are no signs of a recession in Finland’s employment data
Statistics Finland on Tuesday reported The number of employed persons increased by 61,000 year-on-year to 2,641,000, while the number of unemployed decreased by 68,000 year-on-year to 227,000 in May. The trend in the employment rate was at a record high of 73.9 per cent and in the unemployment rate at 6.1 per cent. Juho KeskinenAn […]
Ministry of Finance: Economic growth is slowing down, inflation is accelerating in Finland
“Building an economy on a more favorable and ecologically sustainable growth path that strengthens public finances requires the ability to compete successfully for investment among peers,” comments Mikko SpolanderDirector of the Finance Department of the Ministry of Finance. The economic outlook is overshadowed in particular by Russia’s war of aggression in Ukraine. The prolongation of […]
French elections, midsummer food, TB in South Africa and highest inflation since 1991
From cow trade to January agreement – about the relationship between S and C This week, the Center Party announced that the party will support the government’s budget after the parties agreed on a proposal to increase pensions.The fact that the Center Party and the Social Democrats work together in times of crisis has happened […]
The Ministry of Finance warns of a recession
The Ministry of Finance released a weaker economic review on Friday, warning of more than previously expected slowing economic growth and accelerating inflation. It estimates that Finland’s GDP will grow by 1.4 per cent this year, but will slow over the next two years. The ministry forecasts growth of just 1.1 per cent next year […]
World Bank lowers global growth forecast for 2022 to 2.9 per cent, warns of risk of stagflation
According to the report, this increases the risk of stagflation, which could have detrimental consequences for both middle-income and low-income economies. According to the report, global economic growth is expected to slow from 5.7 per cent in 2021 to 2.9 per cent in 2022 and hover at around 1523-2024. Growth in advanced economies is projected […]
Demand for mortgages has fallen in Finland, according to a barometer
The Russian war in Ukraine has shaken consumer confidence in the economic situation. The barometer results also reflect widespread expectations of rising interest rates as a result of rising consumer prices. “Russia’s military action in Ukraine creates a climate of general insecurity in Europe”, Mariia SomerlaSenior expert in Finance Finland, said To Helsingin Sanomat. “Rising […]
Monday’s newspapers: Signs of recession, rising energy costs and donations to Ukrainians
Rising inflation and Russia’s invasion of Ukraine have increased fears of a future recession in Finland. However, economists said Helsingin sanomat newspaper that there is no need to worry too much, saying that Finland is now better prepared to cope with the recession than during the recession of the early 2010s. In the aftermath of […]
Experts agree that the living standards of Finns are falling due to rising prices and interest rates
– All in all, it is a matter of taking three steps forward, and now it seems that we need to take one step back, he summed up. In May, Statistics Finland reported that inflation accelerated to 5.7 per cent in April, mainly due to higher energy prices and agricultural inputs due to the Russian […]
The ministry forecasts an increase in employment, especially among young people
Employment in Finland is expected to continue to grow until the end of 2024, according to the labor market forecast published by the Ministry of Economic Affairs and Labor on Wednesday. The report estimates the employment rate to rise to 73.7 percent in 2022, 74.1 percent in 2023, and 74.3 percent in 2024. In its […]
OP: Growth in the Finnish economy will slow significantly in 2023
The financial group forecasts that consumer prices will rise by 5.4 per cent in 2022 and 2.8 per cent in 2023. The war has so far had a much-anticipated effect on the Finnish economy: Finnish exports to Russia have fallen sharply and prices for some raw materials and capital goods have risen. Reijo HeiskanenOP Financial […]
Economist: The employment rate rose to its highest level since the recession of the 1990s
The employment rate is currently at its highest level since the pre-recession period of the 1990s. Juho Keskinen, Economist of the Finnish Mortgage Association (Hypo). The interest rate, he said, is due not only to the large number of fixed-term and part-time workers, but also to the strong growth and recovery in economic activity as […]
The Finnish construction industry is facing unprecedented problems
Much of the steel imports used by the construction industry have come to a halt since the Russian invasion of Ukraine began. And now the entire Finnish construction industry is in big trouble due to material shortages. According to the construction industry, an estimated quarter of the steel used in Finland has previously come from […]
Finnish startup community: Four percent of GDP for research and development
In the economic environment overshadowed by the COVID19 pandemic and the war in Ukraine, the Finnish government’s decision to invest in research and development (R&D) also brings confidence in the future among startup entrepreneurs. “This was also the case during the recession of the 1990s, when we were able to gather the results of the […]
Nordea: Rising housing costs are hitting homeowners the hardest
Rising interest rates, accelerating inflation and the resulting rise in housing costs are straining the wallets of homeowners in particular, Nordea Bank says in its recent housing market review. According to the consumer price index, housing costs rose by 7.3 per cent year-on-year in February. "The price of electricity has risen by an average of […]
Marin: Finland is ready to tighten sanctions against Russia
He said additional measures weighed include sanctions against other individuals and an extension of the blockade of Russian financial transactions promoted by Swift. Several heads of state are calling for tougher measures on a busy diplomatic day that included a meeting of NATO, the G7 and the European Council. The Prime Minister of Poland Mateusz […]
Forecast: The Finnish economy will grow by only 0.5% due to the war in Ukraine
“The economy recovered rapidly from the coronavirus pandemic, but Russia’s brutal attack has changed not only security but also the economic landscape. War has a significant economic impact in both the short and long term. Markus LahtinenCEO of PTT, stated on tuesday. The Finnish economy is suffering from the war due to declining exports, rising […]
European consumer prices are rising at the highest rate ever
Inflation rose to 5.9% in February from just 0.9% last year Consumer price inflation in Europe in February accelerated by 5.9% compared to last year’s 0.9% per year, marking the fastest annual jump ever, Eurostat’s statistical office said on Thursday. The indicator rose sharply from 5.1% in January. Prices rose most in Lithuania (14.0%), Estonia […]
The Russian Helsinki shipyard can cost taxpayers millions
Financial difficulties at the Russian-owned Arctech shipyard in Helsinki could lead to losses of millions of euros, raising the tab for a Finnish taxpayer. The Finnish state finance company Finnvera has guaranteed loans of more than EUR 200 million to finance the construction of two cruise ships at the shipyard. The plant has been wholly […]
Ylen Gallup: NCP stretches lead over SDP, Greens’ support drops further
The Coalition Party (NKP) once again rose to number one in Yle’s latest monthly poll and strengthens the NCP’s position as Finland’s most popular party. The Petteri Orpoparty has now stretched its lead over the second-placed SDP led by the prime minister Sanna Marinto four percentage points. NCP support rose 1.4 percentage points from the […]
Finnair’s share price collapses when Russia closes airspace
The national airline Finnair, which recently announced that it was recovering from the pandemic recession, suffered a setback again on Monday. As expected, Russia banned planes from entering the airspace from Finland or other EU countries. This means that Finnair’s profitable Asian routes have to make long and expensive detours. The day after the EU […]
The Finnish economy continues to recover despite the omicron, OP’s economists believe
The form will move to the next two years and increase the growth rate to 1.7 percent in 2023 and 1.4 percent in 2024. “The waves of coronavirus infections have time and time again made the economy smaller. It is likely that this time too, the omicron wave will guide the rhythm of economic development […]
Thursday papers: emergency forces, false positive results, expensive gas anger
Various newspapers, including tabloid Evening paper and Swedish Hufvudstadsbladet to discuss the government’s preparations for the re-enactment of the Emergency Authorization Act as the number of Covid cases increases. The authorities have started preparations for the adoption of sections 86 and 88 of the law, which were last in force in spring 2021. Activation of, […]
