The output gap has closed; Finland's economy at cyclical peak

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Title: The output gap has closed; Finland's economy at cyclical peak
Author: Sariola, Mikko
Organization: Bank of Finland
Series: Bank of Finland. Bulletin
Series volume: 92
Series number: 3/2018
Year of publication: 2018
Publication date: 6.7.2018
Pages: 11
Subject (yso): tuotanto; bruttokansantuote; talouskasvu; ennusteet
Keywords: Suomi; tuotantokuilu; keskipitkä aikaväli; potentiaalinen tuotanto
Other keywords: forecast; gross domestic product; medium term; output gap; potential output
Abstract: Potential output is defined as the volume of GDP where all of the economy’s factors of production are fully and efficiently utilised. Estimates show that Finland's output gap remained negative for nine consecutive years leading up to 2017, indicating that the country’s volume of real GDP underperformed its potential during this period. The output gap has finally closed on the back of Finland's economic boom which is expected to last throughout 2018–2020. Over the medium term, however, potential growth is likely to remain considerably slower than before the financial crisis.
Note: Issue: Economic outlook

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