Finland’s seasonally adjusted GDP saw a 3.2% drop in the second quarter of 2020, according to Statistics Finland, while back in May, the national banks and other economists had predicted the economy to take a 10% hit.
This means that following the health crisis’ ravaging impacts on European economies, Finland’s economy, which relied on a smooth transition to remote working and digital skills, appears to be the EU’s top performer, according to Eurostat figures.
While the GDP for EU member states dropped by almost 12% on average between the first and second quarter of the year, Nordic neighbours Sweden and Denmark saw their respective GDPs drop by 8.6% and 7.4% in the same period.
Though many economists believe Finland has fared rather well, the country’s economy will have to depend on European export markets and the companies’ ability and willingness to invest.
Stakes are particularly high in the tourism sector. Operators and hotels in Lapland are warning that ten weeks without customers would be enough for most of the sector to go under. (Pekka Vänttinen | EURACTIV.com)