Bank of Finland raises growth forecast for 2017

The significance of exports as a driver of economic growth is expected to grow in the near future, according to the Bank of Finland.

The Bank of Finland has upgraded its growth forecast for the national economy for the period between 2017 and 2019, Helsinki Times reports. 

The contry’s gross domestic product is set to grow by 1.6 per cent year-on-year in 2017, by 1.5 per cent in 2018 and by 1.3 per cent in 2019, according to updated forecast published last week.

In December, the Bank of Finland forecast that the gross domestic product would grow by 1.3 per cent in 2017 and by 1.2 per cent in 2018.

Also read: Finland: Exports to Russia increased

Juha Kilponen, a head of forecasting at the Bank of Finland, says the forecast was upgraded on grounds of three key developments:

"The global economic situation has improved, the euro has gone down in value and confidence in the Finnish economy has strengthened," he lists in an interview with Helsingin Sanomat.