Labour Institute forecasts high growth for Finland this year

Industry, construction and business services are the fastest growing sectors of the Finnish economy this year.

The fastest growing sectors of the Finnish economy this year are industry, construction and business services, according to a forecast by the Labour Institute for Economic Research in Finland. These sectors are expected to grow by 5.8% this year, 3.4% next year and 6.3% in 2013. In 2012-2013 fastest growing sectors are expected to be ship building, electronics and data processing services.

According to the Labour Institute forecast, Finland’s economy will grow by 3.5% this year and 2.0% next year. Labour productivity is estimated to increase by 4.0% this year, 3.0% next year and 3.6% in 2013, with the electronics and telecommunications industries leading the way.

Working hours are expected to increase by 1.7% this year, just under 0.5% next year and 2.6% in 2013. Over the next two years working hours are forecast to increase the most rapidly in data processing services and technical services. In the construction sector working hours are expected to remain at the current level next year and to increase by 3% in 2013. The employment level in Finland largely follows the development of working hours, according to the Labour Institute report.

The level of earnings is expected to increase by 2.3% this year, 3.2% next year and 3.0% in 2013.

Source: Labour Institute for Economic Research in Finland