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Finland's Finance Ministry upgrades 2018 growth forecast to 2.9 percent

The Ministry of Finance said on Monday that according to its estimates Finland's economy would grow 2.9 percent this year, and 1.8 percent next year.

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Finland’s finance ministry has raised its growth forecast and now estimates that the Finnish economy will expand by 2.9 percent this year. This represents a three percentage-point increase from April, when the ministry predicted a growth rate of 2.6 percent in 2018.

However, the ministry said that economic growth will slow to 1.8 percent next year and to 1.7 percent in 2020.

According to the ministry, export growth will level out in line with global trade and the effect of net exports on Finland’s economy will decrease.

Moreover, consumption by households will be curbed by slower growth in real incomes, the ministry said.

The forecast for Finland looks favourable, Mikko Spolander from the ministry said in a press release.

However, "disturbances in global trade are a threat which, if realised, would hit Finland’s economy hard," he added.

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