Friday, March 27, 2020

The Level of Overall Economic Activity

Here is a table showing the GDP data of Finland. Below are graphs containing other data related to Finland's economy.



Year
GDP (USD Billion)
GDP Per Capita (USD)
GDP Growth/year
2018
276.743
50,152.34
1.671%
2017
254.435
46,191.931
3.051%
2016
240.57
43,777.44
2.628%
2015
234.585
42,811.213
0.561%
2014
274.497
50,260.3
-0.365%
2013
271.285
49,878.043
-0.902%
2012
258.305
47,710.79
-1.397%
2011
275.244
51,081.998
2.548%
2010
249.181
46,459.973
3.186%
2009
252.479
47,293.993
-8.075% 




Based off of these graphs, I believe that Finland is in a slow expansion phase. The unemployment rate shows to be slowly decreasing which can indicate a growing economy. Since more people are being employed, people have more money and are able to spend some of that money thus, boosting the economy. The inflation rate seems to have jumped up from 2015 which, in moderation, can be good for the economy. It can be a sign that people are spending more money because as spending increases, inflation is bound to increase as well. The data for Finland's current account balance is relatively volatile, however, the negative percentage can indicate that as their economy is slowly expanding and employment rises and spending rises, the country is borrowing or importing a lot of goods and services. In a growing economy, it is common for the goods and services to be imported and the percentage of this happening increased from 2017 to 2018. Data concerning Finland's GDP shows a slow growth starting in 2015 and then slowing in 2018, but still growing. All of this information leads me to believe that Finland may be in a slow recovery or expansion.

1 comment:

  1. Thanks for the detailed analysis! I agree with your thinking on all points.

    ReplyDelete