Finland: Phoenix from the ashes - economy now burning on a lower flame

After the hard landing in 2001 the Finnish economy expanded in 2002 at first quite lively, but from mid-year on economic growth lost momentum. The real gross domestic product increased by around 1.6%; the unemployment rate remained as high as before at 9.1%. This year GDP might increase by around 2%. On the labour market the situation will deteriorate first of all, and the unemployment rate will climb to almost 9½% for the year. Inflation will remain moderate at 1¾%. In 2004 GDP will expand by around 3%, the unemployment rate will fall to 9¼% , and price increases will still be moderate at 1¾%.