Prospects for industry, construction and business services in autumn 2011
The European debt crisis and the impasse in US economic policy have marked the economic development of advanced countries since the summer. The increased uncertainty about how indebted states will manage their debts has weakened economic prospects, particularly in Europe. For Finland, it is becoming clear that economic growth will be slow or non-existent in the final quarter of this year and at the beginning of next year. This is reflected in a slowdown in the growth of export-dependent industry and business services. Uncertainty is also slowing construction. The maintenance of a reasonable economic situation in advanced countries and a brightening of US economic prospects have, however, limited the spread of the European debt crisis and its eruption into an open financial crisis. On this basis, it can be expected that the eurozone will not fall into recession in 2012. This makes it possible for Finland’s total output to grow by approximately 2 percent next year and by just over 3 percent in 2013. (AI translation)
