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OP Bank: Finland's economic growth above pre-pandemic levels

The financial situation of households has improved despite the crisis, according to the bank.

Ihmisiä kauppakeskuksessa.
People in Finland are consuming more despite the pandemic situation, OP has found. Image: Henrietta Hassinen / Yle
Yle News

The Finnish economy has recovered from the coronavirus crisis faster than expected, the OP-Pohjola Financial group (OP) said.

OP economists forecast that Finland's gross domestic product (GDP) will grow by 3.6 percent this year, rather than 3.3 percent as predicted earlier.

"The faster-than-expected recovery of the Finnish economy can be primarily attributed to the recovery in consumption," OP's chief economist Reijo Heiskanen said in a press release.

Household financial situations have improved despite the pandemic, with consumption expected to fully recover to pre-pandemic levels by next winter, the financial group said.

Exports and investments have on the other hand suffered from bottlenecks in production.

According to OP, this is a return to the moderate growth trend that was interrupted by the global pandemic.

"The good news is that the recovery is rapid considering the expected recession and the financial crisis seems to be receding without any bigger or more permanent consequences," Heiskanen added.

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