Fitch maintains Finland's credit rating, predicts economic growth

The Finnish economy will grow by 3.5 percent this year and by 2.9 percent in 2022, the credit ratings agency said.

The outlook for the Finnish economy is stable, credit ratings agency Fitch said in its latest analysis. Image: Henrietta Hassinen / Yle

The credit ratings agency Fitch has maintained Finland's creditworthiness at AA+, the second-best rating possible, and said the outlook for the Finnish economy was stable.

In its latest analysis, the agency added that it expects Finland's economy to grow by 3.5 percent this year, which is lower than the average of 4.5 percent for AA+ countries.

However, Fitch also noted that the Finnish economy contracted less last year compared to other countries. The decline in Finland was 2.9 percent, according to Fitch's figures, while the average in the EU was 6.4 percent and 6.1 among other AA+ countries.

The Finnish economy is forecast to expand by 2.9 percent next year, the report added, noting that Finland's GDP exceeded the pre-pandemic level in the second quarter of this year.

Furthermore, employment has returned to pre-pandemic levels.

However, uncertainty caused by the ongoing pandemic and concerns over Finland's declining working-age population continue to cast a shadow over the outlook.