Finnish Exports Jump 27% in January

Finnish exports jumped 27% in January from a year ago, helped by a cruise ship delivery, while new manufacturing orders also increased, suggesting the Nordic country’s export sector was picking up pace after a decade-long stagnation.

The Finnish economy has slowly recovered in the past two years on the back of domestic consumption while exports have continued to fall, Reuters reported.

“At last, exports are helping the economy to grow... Economists’ forecasts (for 2017 GDP) may be lifted towards 2% in the light of the latest data,” said Juhana Brotherus, economist at Hypo Bank.

Preliminary data from national customs office showed the value of Finnish exports in January at €4.6 billion ($4.9 billion) and the value of imports at about €5 billion. The export figures were boosted by a €233 million cruise ship delivery from Meyer Turku shipyard to Tallink.

Separate statement from the Statistics Finland showed that new manufacturing orders rose for the third consecutive month in January, now 16% year-on-year. Industry output, however, stood flat from a year ago.

The Finnish economy has struggled due to a string of problems, including a decline of Nokia’s former phone business, high labor costs and a recession in neighboring Russia.

In 2016, the GDP grew 1.6%, but many banks and the government have forecast a slower growth of about 1% for 2017 and 2018.