Operating environment

Interim Report 19/2021, 3 November 2021

The following outlook information is based on materials published by the Confederation of Finnish Industries EK and Statistics Finland. The world economy is still expected to recover from the coronavirus pandemic at a rate of approximately six percent in 2021, but economic development continues to involve uncertainties. Uncertainties are created by virus variants, differences in vaccine coverage between countries as well as growing pressure on prices and increasing inflation expectations, among other things.

The economic outlook for Finland has remained good during the fall. At the same time, expectations for the future have flattened. The confidence indicator for the retail trade increased slightly in October. Sales have grown during the fall and sales expectations for the coming months are cautiously positive. The October figures for consumer confidence decreased but continued to be on a strong level. Estimates of the current state of personal finances and expectations for both personal and Finland’s economy continued to be on a good level.

(Confederation of Finnish Industries EK: Business Tendency Survey, October 2021; Confidence Indicators, October 2021. Statistics Finland: Consumer Confidence 2021, October).

The working-day-adjusted turnover of Finnish retail trade in September grew by 2.9 percent on the previous year, and the volume of sales was up by 0.6 percent. The cumulative working-dayadjusted turnover of retail trade in the January-September period rose by 5.6 percent and the volume of sales increased by 4.4 percent. (Statistics Finland: Turnover of Trade, retail trade flash estimate, September 2021)