Bank of Finland: No economic growth this year

(Jyrki Lyytikkä / Yle)
(Jyrki Lyytikkä / Yle)
Finland’s central bank has lowered its economic forecast for 2014.

The Bank of Finland now expects zero growth this year with 1.5 percent growth.

The Bank of Finland’s new economic forecast paints a grim picture of the country’s economic fortunes. The bank now expects zero growth in GDP this year—down from a forecast of 0.6 percent growth offered in November 2013.

Although there are signs of an uptick in the economy, that will not be enough to make the figures for the whole year positive.

“Finland’s GDP has been declining without a break since the second half of 2012,” said the executive summary of the bank’s economic outlook.

“Spring 2014 has, however, brought signs of a brighter phase in the economic cycle, and, together with faster international growth, GDP is expected to begin growing again during the course of 2014.”

The bank expects the economy to grow 1.5 percent in 2015 and the same again in 2016.

Related stories from around the North:

Canada:  Nunavut should turn growth into prosperity according to economic outlook, CBC News

Finland: Nordea: Finland’s economy will hardly grow at all this year, Yle News

Greenland: Analysis: Implications of Greenland’s decision to allow uranium mining, Blog by Mia Bennett

Norway:  Norway’s Prime Minister calls for advancing Northern Norway’s knowledge economy, Blog by Mia Bennett

Russia: Visa-free Russian border ‘would create thousands of jobs’ in Finland, Yle News

Sweden: Mine applications hit new low in 2013, Radio Sweden

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