Summary:

Finland has applied for EUR 5.3 million from the European Globalisation Adjustment Fund to soften the blow of lay-offs by Microsoft. MEP Petri Sarvamaa (EPP), who is the European Parliament chief negotiator in the matter, says it is very important that Finland receive funding. Mr Sarvamaa notes that unemployment continues to be high in Finland, and especially those with a higher education find it difficult to get re-employed. The Parliament’s Budget committee approved Mr Sarvamaa’s report and votes on granting the aid today.

Media:  Verkkouutiset / Nykypäivä

Date: 4.10.2016

Journalist: Siina Ekberg

Main source: MEP Petri Sarvamaa (EPP)

Summary:

The IMF has released an estimation of the Finnish economy, stating that Finland is rising from a long recession but that the recovery is slow. Pasi Sorjonen, chief analyst at Nordea, says the report is consistent with all existing forecasts. The IMF also notes that Finnish export is still suffering difficulties and that investments in construction and private consumptions are the engines of growth. Finland is urged to carry out structural reforms and criticised for cutting R&D funding.

Media:  Talouselämä

Date: 4.10.2016

Journalist: Anna-Kaisa Urpelainen

Main source: Pasi Sorjonen, chief analyst at Nordea

Summary:

Nordea’s Chief Economist Aki Kangasharju and head of the Labour Institute for Economic Research Seija Ilmakunnas tell Taloussanomat, what the government should decide about budget for the country’s economy to rise again. Most of the suggestions by Ministry of Economic Affairs and Employment should be put to use in order to make the economy grow, Mr Kangasharju comments. However, this is not likely to happen, he adds. Tax reduction prevents the further decrease of purchasing power, but it will not really increase due to inflation, Mr Kangasharju explains. Both Mr Kangasharju and Ms Ilmakunnas would support employment by giving opportunities for studying to the unemployed. Mr Kangasharju speaks for making studying easier and possible with earnings related unemployment security. The unemployed should also be compelled to accept work in new fields of life and further from home and the period of earnings related unemployments security should be shortened and tiered.

Summary:

Talouselämä writes that the integration of workers from outside the EU in relation to domestic workers is very poor in Finland, ranking the second-lowest in the EU. Eurostat reported on Monday 6 June that 80.3% of Finns were eligible to participate in the labour market, while the equivalent figure for non-EU nationals was 61.5%. The difference between Finns and non-EU nationals was as much as 18.8%. Only in the Netherlands is the disparity higher.

Media:  Talouselämä

Date: 6.6.2016

Journalist: 

Main source: 

Statistics Finland reported on Thursday about Finland’s public debt to Eurostat. While the deficit, at 2.7 % of the GDP, was a modestly positive surprise, the debt increased to 63.1 % of the GDP. It remains to be seen how the Commission will react to Finland’s debt problem. Managing to put the deficit under the EU limit of 3 % may give Finland some breathing room, but the poor economy gives little hope for reducing the debt. The Commission has abandoned the agreements about how member states are reproached, and makes up new rules on the fly. It may warn Finland, or it may not. Finland is not the biggest worry the EU has right now.

Verkkouutiset writes that, according to the Confederation of Finnish Industries EK, Finnish industry’s trust in the economy strengthened slightly in March. In February, it was the second weakest in the EU after Luxembourg. The construction branch’s trust was slightly above the EU-average and rose above its own long-term average. The service sector’s trust diminished and was below the EU-average. The retail trade’s trust grew stronger but remained the weakest in the EU.

Media:  Verkkouutiset

Date: 29.3.2016

Journalist: Heikki Jantunen

Main source: EK

Eurostat announced on Tuesday that of EU member states, Finland uses the greatest amount of public funds on social security in relation to gross domestic product (GDP). Finland uses 25.4% of GDP on social security. The next highest proportions are in France, Denmark, Austria and Italy. On average, EU countries use 19.4% of GDP on social security. After Denmark, Finland uses the second greatest share of money in relation to GDP on healthcare. What comes to education costs, Finland’s expenses are the third biggest, Talouselämä writes.

Media:  Talouselämä

Date: 22.3.2016

Journalist: –

Main source: –

In 2015, Finland’s public debt exceeded the 60% limit determined in the European Union’s stability and growth pact. Public debt grew by nine billion euros to EUR 130.7 billion, Verkkouutiset writes. According to Statistics Finland, it was 63.1% of Finland’s gross domestic product last year. The debt in state administration grew by EUR 5.8 billion, in local administration by 0.8 billion and in social security funds by 0.9 billion.

Media:  Verkkouutiset

Date: 16.3.2016

Journalist: Heikki Jantunen

Main source: –