Finnish employment points to recovery in Eurozone

Finland’s unemployment rate declined to lowest level in almost two years; this is yet another sign that the recovery in the Eurozone is continuing. During mid-last year unemployment rate hit 11.8 percent but declined since. It has now reached 7.8 percent, which is the lowest level since August 2014. This is very encouraging, especially because Finland’s recovery has been much slower compared to many of its European partners such as Spain and Ireland. The country has been badly affected by the economic sanctions the European Union has imposed on Russia. Russia has been Finland’s one of the major trading partners.

The unemployment number would be another strong sign of recovery after blockbuster GDP in the first quarter. Finland’s GDP had expanded at the fastest pace in five years in the first quarter when it grew by 0.6 percent. The second quarter is likely to be strong too, especially the consumer spending has gathered pace. In April, consumer sales grew by 2.9 percent.