Finnish economic growth overtakes Sweden’s in first quarter of 2017

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According to Statistics Finland the volume of exports in the first quarter rose by five percent. (Jyrki Lyytikkä/Yle)
Growth in the Finnish economy outstripped activity neighbouring Sweden during the first quarter of the year. Heidi Schauman, chief economist with Aktia Bank said that the economic resurgence was evident across many sectors of the Finnish economy.

During the first quarter of the year the Finnish economy expanded by 2.7 percent compared to the same time in 2016, according to advance data from state number crunchers Statistics Finland. Growth in the Swedish economy during the same period this year was 2.2 percent.

“During the first quarter of this year Finland accelerated past Sweden for the first time in a long time. We haven’t been able to enjoy the Finnish economy growing faster than the Swedish economy in a long time,” said Aktia bank head economist Heidi Schauman.

Schauman noted that growth in Finland had been evident across many sectors. Additionally, according to new data available, private consumption, exports and investments were also up at the beginning of the year. The important question however, is how long this will last, she added.

According to Statistics Finland the volume of exports in the first quarter rose five percent on the previous quarter at the end of 2016 and nearly nine percent on the first quarter last year.

The volume of private consumption also increased by 1.5 percent during the first quarter compared to the period from October to December 2016. That translated into growth of more than three percent on the first quarter of 2016.

The statistics agency noted that investments expanded by four percent on the previous quarter and nine percent on the first quarter of last year.

Related stories from around the North:

Canada: Inuit art featured on new Canadian banknote, Eye on the Arctic

Finland: Finnish economy steadily growing : Ministry of Finance, Yle News

Norway: Norway doubles Arctic oil estimates, The Independent Barents Observer

Russia: Russia’s Ministry of Economic Development wants 210 billion rubles for Arctic regions, The Independent Barents Observer

Sweden: Northern Sweden cities on shortlist for battery gigafactory, The Independent Barents Observer

United States: Inuit organization plans economic development across national boundaries, Alaska Dispatch News

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