We have kept our growth forecasts for Finland largely intact and expect GDP to grow by 1.5% in 2017 and 2018, mainly on the back of exports and corporate investment, while consumption is running out of steam. Incoming data has been encouraging. Surprisingly, the debt-to-GDP ratio was roughly flat in 2016. The achievement was helped by the use of cash funds and we expect the debt ratio to keep rising as tax cuts reduce government revenue in 2017.
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