August 14, 2019 / 1:26 PM / 4 months ago

Finland's finance ministry proposes 2020 budget deficit of 2.3 bln euros

HELSINKI, Aug 14 (Reuters) - Finland’s finance ministry proposed on Wednesday a 2020 budget of 57 billion euros ($63.7 billion) and a deficit of 2.3 billion euros, up from a deficit target of 1.7 billion for 2019.

Euro zone member Finland’s economy has been growing in the past years after nearly a decade of stagnation between 2007 and 2015, caused, among other things, by a decline in Nokia’s once market-leading phone business and a recession in neighbouring Russia. The ministry in June forecast Finland’s gross domestic product to grow 1.6 percent this year and 1.2 percent in 2020. ($1 = 0.8952 euros) (Reporting by Anne Kauranen Editing by Peter Graff)

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