Finnish Recession Deepens as Construction Slump Weighs on Economy

Finnish economy in recession, expected to contract 0.2% in 2022 and only grow 0.2% in 2024 according to Bank of Finland
Weaker export demand and construction slowdown driving downturn
Hundreds of construction companies bankrupt already this year, new apartment sales down over 60% in August
Construction 15% of GDP, employs 7% of workforce, so slowdown harmful
Swedish banks exposed to real estate, so monitoring Sweden closely for contagion effects

reuters.com

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Posted 9/15/2023, 8:38:00 AM