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Finland recovering from recession but debt still growing, finance ministry says

09/23/2024

Less than a minute

2024.09.23 04:45

HELSINKI (Reuters) – The Finnish economy is recovering from recession but public debt continues to grow, the Nordic country’s Finance Ministry said on Monday.

The ministry cut its 2024 gross domestic product (GDP) forecast to -0.2% from the 0% it had estimated in June, while raising its 2025 projection to 1.7% growth from 1.6%.

The Finnish central bank last week said the recovery was slow and estimated GDP to contract by 0.5% in 2024 and grow by 1.1% in 2025.

© Reuters. FILE PHOTO: Seafront of Helsinki: Allas Sea Pool oasis, The Market Square and the Presidential palace (R) pictured in Helsinki, Finland on June 28, 2018. LEHTIKUVA / Onni Ojala/via REUTERS/File Photo

The government’s fiscal budget deficit is expected to grow to 3.7% of gross domestic product in 2024 from 2.9% in 2023, the ministry projected.

It also revised its 2025 deficit forecast 3.2% of GDP from 3.1% seen in June.

09/23/2024

Less than a minute