15:12 17 January 2022
Post by: WBJ

Ambassadors’ Corner (December2021 4)

Juha Ottman, Finnish Ambassador, tells WBJ about the 2022 growth forecast, popularity of e-vehicles, and electricity generation in his country

Ambassadors’ Corner (December2021 4)

What’s the growth forecast for your country for 2022 and which industries are expected to do well in the coming year?

According to the latest forecasts of the Bank of Finland and the European Commission, Finland’s GDP in 2022 is expected to be at the level of around 2.8% (3.4% in 2021 and -2.9% in 2020). Private consumption, as well as employment and wages, are expected to grow. Finland hopes for further growth of its largest industries like electronics, machinery, forestry, transportation and chemicals. Obviously, all forecasts are affected by a certain level of uncertainty related to the progress of the pandemic in Finland and globally.

How popular are e-vehicles/e-cars in your country and which vehicle/car brands are the most sought after?

Combustion engine cars are still dominating the Finnish market, but the interest in e-cars is growing. For instance, in November 2021, a total of 37% of all new cars registered in Finland were e-cars. This development is supported by the Finnish government. For example, financial incentives were proposed to those, who buy a new electric car or sign a long-term lease agreement for an electric car between 2018 and 2021. Also in October 2021, the Finnish government proposed abolition of the car tax on full EVs, which might be another boost of interest in electric cars. Among the most popular brands, there are Tesla, Volkswagen, Nissan and Hyundai.

How’s electricity produced in your country and what are the major sources (including renewable and non-renewable)?

Finland’s main energy sources are nuclear, hydro, biomass and wind. We have a very ambitious plan to become carbon neutral by 2035. In Finland, renewable energy sources represent about 40% of final energy consumption. The most important forms of renewable energy are bioenergy, fuels from forest industry side streams and other wood-based fuels, in particular, hydropower, wind power and ground heat. In 2020, wind energy represented 10% of Finland’s electricity generation with a total capacity of 2.6 GW with plans to double this capacity in coming years. Also, nuclear energy is expected to represent 40% of Finland’s electricity generation when the new Olkiluoto 3 unit will be fully operational in 2022 making Finland self-sufficient in electricity production.

juha ottman
2022 growth forecast

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