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2025: GDP size forecast - $315 billion
2024: 0.1% GDP contraction
At GDP Finland the end of 2024, it decreased by 0.1%, while in 2023 the fall was recorded at 0.9%. Such data were released on March 14, 2025 by the country's Statistics Office.
Household disposable income in Finland in 2024 increased due to higher pensions. At the same time, wages did not increase at such a high rate. Pension funds showed a surplus, while other social security funds, depending on the economic orientation, showed a surplus or deficit.
Finland's GDP has a significant impact on the lives of ordinary people and the functioning of business. The country's economy has experienced a number of significant changes related to technological shifts, the macroeconomic situation and international trade tensions in a difficult geopolitical situation.
In 2024, Finland recorded an increase in net exports of services, which is explained, in particular, by the development of telecommunications, computer and information services, as well as an increase in fees in the field of intellectual property licensing. Central government tax revenues rose 0.7% to €69.7 billion. The service sector, including education, health and tourism, significantly contributes to the economic development of the country.
2023
1% reduction in GDP
At the end of 2023, Finland's GDP fell by about 1%. For comparison, a year earlier, an increase of 1.3% was recorded, and in 2021 the increase was 2.8%. Such data in mid-March 2024 was published by the country's Statistics Office.
It is noted that GDP per capita of Finland fell below the level of the financial crisis in 2008. The deficit of the public administration sector in 2023 grew to more than €7 billion. A year earlier, the deficit was estimated at €1.4 billion. The growth of the indicator was influenced by a decrease in value added tax charges, wage growth and other factors.
Despite the weak economy, employment remained at a fairly high level - about 73%. Unemployment began to rise, however, and job vacancies fell by half from the peak seen in late 2022.
In particular, the weak indicators of the housing construction sector have a negative impact on the Finnish economy. Previously, almost half of the new buildings in the greater Helsinki area were bought for rent. But real estate investors lost interest in this area, as interest rates rose against the background of the emerging macroeconomic situation and geopolitical tensions, and the number of vacancies increased. At the same time, the rent practically did not rise. Housing construction is falling at the same rate as it did during the 1990s recession.
Net exports of services in Finland, as noted, in 2023 decreased compared to the previous year. The fall is due to the slowing development of the telecommunications sector, as well as computer and information services. Overall, high inflation and rising interest rates are weighing on economic activity and demand.[1]
Industry's share of GDP is 14%
GDP contraction of 0.9% in Q3
In the third quarter of 2023, the Finnish economy contracted the most since the beginning of the Covid-19 pandemic, as falling demand for exported goods, as well as rising borrowing costs, put pressure on the economies of the Scandinavian countries. GDP shrank 0.9% from the previous quarter.
2022
Industry's share of GDP is less than 20%
GDP size forecast - $0.29 trillion
2021
GDP size - $0.3 trillion
Agriculture's share of GDP - 2.3%
See also
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