## Finland: 2015 Article IV Consultation — Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Finland

_IMF Staff Country Reports, November 17, 2015_

## Source details

**Canonical URL:** [Finland: 2015 Article IV Consultation — Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Finland](https://www.imf.org/en/publications/cr/issues/2016/12/31/finland-2015-article-iv-consultation-press-release-staff-report-informational-annex-and-43396)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/finland-2015-article-iv-consultation-press-release-staff-report-informational-annex-and-43396/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/finland-2015-article-iv-consultation-press-release-staff-report-informational-annex-and-43396/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/finland-2015-article-iv-consultation-press-release-staff-report-informational-annex-and-43396/bundle-manifest.json)

## Bibliographic details
- Published: November 17, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513500676.002

---

### Key findings: economic performance and drivers
- Exports have suffered owing to the declines of Nokia and the paper industry.
- Weak external demand, especially from the euro area and Russia, has compounded export weakness.
- The current account and fiscal balances have deteriorated.
- The 2014 fiscal deficit breached the Stability and Growth Pact’s 3 percent of GDP criterion.

### Projections and near-term outlook
- A modest recovery is projected to begin in 2015.
- Growth is projected to gradually strengthen in 2016.
- In the absence of further reforms, growth is likely to remain much lower than pre-crisis.

### Risks and scenario considerations
- Weaker-than-expected growth in key trade partners would be a drag on exports.
- Spillovers from an external financial shock would create tighter financial conditions, with negative effects on output.

### Policy implications (as indicated in the report)
- Further reforms are needed to restore growth toward pre-crisis levels (implicit recommendation drawn from the projection that, “in absence of further reforms, growth is likely to remain much lower than pre-crisis”).
- Managing fiscal consolidation and addressing the deterioration in the current account and fiscal balances are priorities given the 2014 breach of the 3 percent of GDP Stability and Growth Pact criterion.

*Finland: 2015 Article IV Consultation — Press Release; Staff Report; Informational Annex; and Statement by the Executive Director for Finland (IMF Staff Country Reports 2015, No. 311).*

---

## Content in this bundle

- **1. External Sector Assessment**
  - [1. External Sector Assessment (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr15311.pdf.md){rel="alternate" type="text/markdown"}
  - [1. External Sector Assessment (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2015/_cr15311.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/finland-2015-article-iv-consultation-press-release-staff-report-informational-annex-and-43396_