Operating environment

Interim Report 1–3/2022, 13 May 2022

The following outlook information is based on materials published by the Confederation of Finnish Industries EK and Statistics Finland.

The growth rate of the world economy is expected to slow down. In 2022, the world economy is estimated to grow at a rate of approximately four percent, but the spread of the omicron virus variant, coronavirus restrictions, increased inflation, and bottlenecks in production, among other things, are creating uncertainties for the development of the economy.

The economic outlook for Finland continued to be positive during the turn of the year, but expectations for the future have weakened. In January, the confidence indicator for the retail trade remained on the same level as before. Sales have grown, but sales expectations for the coming months are cautious. The January figures for consumer confidence increased slightly but were lower than the year before. Estimates of the current state of personal finances and expectations for personal economy were positive while expectations for Finland’s economy were weak.

(Confederation of Finnish Industries EK: Business Tendency Survey, January 2022; Confidence Indicators, January 2022. Statistics Finland: Consumer Confidence 2022, January).

The working-day-adjusted turnover of Finnish retail trade in December grew by 1.0 percent on the previous year. The volume of sales was down by 2.9 percent. The cumulative working-day-adjusted turnover of retail trade in 2021 rose by 4.9 percent and the volume of sales increased by 3.2 percent. (Statistics Finland: Turnover of Trade, retail trade flash estimate, January 2022).