OP-Pohjola Cuts Finnish Growth Forecast as Domestic Demand Wanes
Stock Chart for Pohjola Bank PLC (POH1S)
Finland’s economy will expand at a slower rate than previously forecast, according to OP-Pohjola Group, a Finnish banking and insurance co-operative.
Gross domestic product will grow 0.8 percent this year and 1.7 percent in 2014 after an average 0.2 percent expansion in 2012, the Helsinki-based group said in a report today. It had forecast growth of 1.4 percent for 2013 on Aug. 27.
Exports are recovering “slightly” and domestic spending is crimped by weak expectations, tax increases and stagnating real income, OP-Pohjola said. Finland’s economy is in recession after shrinking on two consecutive quarters.
To contact the reporter on this story: Kasper Viita in Helsinki at email@example.com
To contact the editor responsible for this story: Christian Wienberg at firstname.lastname@example.org
Bloomberg reserves the right to edit or remove comments but is under no obligation to do so, or to explain individual moderation decisions.