Finland sees strong growth during summer: Nordea

Economic growth was strong during the summer in Finland and GDP reached the pre-pandemic level in the second quarter of 2021, said Nordea in a press release on Wednesday.

The good export performance has initiated machinery investments and construction investments are benefitting from a strong housing market demand. Strong employment growth and gradually decreasing household savings rate is fuelling private consumption, said the Nordea Economic Outlook.

“The pandemic is far from over, but the global economic outlook remains benign. We expect global growth to land at 5.5% this year, before slowing to 5.1% and 4.1% in 2022 and 2023,” said Helge Pedersen, Nordea Group Chief Economist.

Inflation has risen sharply, and it may stabilise at a higher level than seen in many years.

In the Nordics, the spread of the virus is under control, the last remaining restrictions are being lifted and growth is high.

Pre-pandemic levels of production has been reached in all countries and we now enter a new phase where the need for further economic policy stimulus must be reviewed.