Fresh statistics predict economic turn

Statistics Finland’s figures show that GDP decreased slightly in April–June compared to the previous quarter. A reduction in both public and private spending were part of the reason for reduced GDP. Public spending declined in the second quarter by one per cent compared to the first quarter. Private consumption dropped by 1.3%.

“The Finnish economy has not yet grown in 2025 statistics, but a good number of positive signals have appeared during the summer. If there are no new shocks, growth will begin during the coming year,” says Roope Ohlsbom, an economist at Suomen Yrittäjät, the Finnish SME association.

Export volumes remained almost at the previous quarter’s level, declining by 0.2%. Imports provided encouraging news, growing by 2.5%. The growth in investments also continued: private investment grew by 2.9% and public investments grew by 5.1%.

“Spring export figures reflect the uncertainty caused by the tariff vacillations which began in April. The August tariff deal means the situation is likely to plateau and exports are likely to continue growing,” Ohlsbom says.

Industrial output grew in April–June from the previous quarter. The growth was driven by strong demand for chemical industry during the quarter. Other industrial sectors declined compared to the previous quarter. Compared to a year before, all main industrial sectors grew, however. The commerce sectors also grew slightly, driven by retail.

“Finland is getting on the growth path”

Private consumption declined in April–June by 1.3% on the Q1 level. Ohlsbom says that the next statistics are expected to show a growth in consumption.

“Consumer’s growing purchasing power and slowly rising confidence in personal finance is also beginning to be seen in consumer behaviour. Growth begins with Finnish consumption. Rising purchasing power alone is not enough. Instead, households have to consider their finances stable and their jobs secure. That’s why a stable job market is a requirement for growth. The fear of unemployment chills consumption plans,” Ohlsbom says.

Finland’s employment rate is still at a reasonable level, in spite of a decline. Poor confidence in the Finnish economy and fear of unemployment are hindering increased consumption.

Ohlsbom says that the worst dip in the national economy’s output is in the past, and that growth is starting, particularly in industry.

“Finland is getting on the growth path. Many metrics are in the right position for economic growth. Industry’s order books are increasing, lower interest rates and continued low inflation are supporting consumers’ purchasing power, and the housing market is reviving.”

The latest Yrittäjägallup survey shows that SMEs’ financial situation is at its weakest since the spring of 2022.

“In spite of the difficult situation, business owners’ expectations of the future have also improved,” Ohlsbom says.

Are you a Suomen Yrittäjät member yet? Read about member benefits and advantages