Finland cuts 2023 GDP growth forecast, eyes recession risk
Reuters
Published Sep 19, 2022 04:11AM ET
Updated Sep 19, 2022 04:23AM ET
HELSINKI (Reuters) -Finland's finance ministry on Monday cut its economic growth forecast for 2023 and said the country was at risk of a recession.
The ministry now predicts gross domestic product (GDP) to grow by 1.7% in 2022 and by 0.5% next year when in June it had expected the growth to be 1.4% in this year and 1.1% in 2023.
"We face a period of stagnant growth and the risk of the economy ending up in a recession cannot be ruled out," the ministry said in a statement.
"Uncertainty, energy shortages, fast inflation, decaying purchase power and rising rates will cut into the growth of consumption and investments everywhere," it said.
It estimated consumer price inflation of 6.5% this year, up from 5.8% seen in June, and 3.2% in 2023, up from 2.7% predicted previously.
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Written By: Reuters
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