27 Nov 2020
Economic output in Finland in the third quarter increased 3.3% from the previous three months, exceeding an earlier flash estimate for a 2.6% surge, according to Statistics Finland on Friday.
Following the new estimate, chief economist at Danske Bank, Pasi Kuoppamaki referred to the rise as “an encouraging sign of the Finnish economy’s corona resilience”.
In addition, Statistics Finland also revised its estimate of the decline in GDP for the second quarter to 3.9% quarter-on-quarter, following a previous estimate of a 4.5% fall.
As per data compiled by Eurostat in September, the earlier estimate of Q2 GDP as a result of the coronavirus crisis was already the smallest of the eurozone economies, Reuters reports.
Year-on-year, Finland’s GDP declined 2.7% in quarter three, Statistics Finland went on to add.
In addition, the consumer confidence index in Finland made a recovery this month to -4.8 points, but stayed under the long-term average level of -1.8 points, according to Statistics Finland.
Kuoppamaki went on to say in a statement: “The corona epidemic has a clear impact on consumers’ sentiments, and thus the news on the coming vaccines have likely cheered up the expectations.”
That said, there was just a one-point rise in the industry confidence indicator from October’s reading to -14 this month, far below the long-term average figure of +1.
In addition, pessimism remained among manufacturers in regard to production expectations for the next few months, according to the Confederation of Finnish Industries.
The number of coronavirus cases in Finland has increased in recent days, according to Prime Minister Sanna Marin.
“The coronavirus situation has worsened in Finland rapidly. The number of infections has increased and the amount of those in need of hospitalisation has risen,” Marin told reporters, although she added that the government did not yet have sufficient grounds to impose emergency measures.