The economic forecast for Finland is foggy, to say the least. There is uncertainty in the air.
Global trade is not growing, and this affects the manufacturing industry, in particular. The industry outlook is bleak – although it looks better in the United States than in Europe. The outlook for Germany and Sweden, our major trading partners, looks gloomy. And expectations are not high in Asia either. The outlook for the Finnish construction sector is especially grim. Construction planning is stalling, and unemployment rates and layoffs among architects are rising sharply. The same goes for engineers working in the sector.
Households’ views on their own economy have remained weak. Similarly, the expectations concerning Finland’s economic growth continue to be low.
But there are some positives. Employment was on the rise in September. The fall in unemployment rates looks like it may level off, but the growth of unemployment is still quite reasonable. Unfortunately, the hiring of new graduates seems to have slowed down.