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Savings Banks Group: Unemployment may hit 9%

The Finnish Savings Banks Group believes that unemployment will reach nine percent in Finland this year. The Group's latest market survey forecasts that joblessness will rise until an expected revival in exports eases the situation in the autumn.

Asiakas työvoimatoimistossa
More people may be signing up for unemployment benefits in coming months. Image: Sari Törmikoski / Yle

In December, the unemployment rate, as calculated by Statistics Finland, stood at 6.9 percent.

According to the Savings Banks Group, the biggest barrier to improvements in the employment situation at present is the lack of new growth sectors. The only exception it sees are services catering to the boom in tourists from Russia.

The Group's survey foresees more layoffs in the labour force this spring.

The survey is also critical of what it sees as the ineffectiveness of the political process.

"Structural changes - extending working life, municipal reform and healthcare reform - have all become bogged down in Parliament, and the courage, to carry through changes seems to be lacking," the Group stated in a release on Monday.

The Finnish Savings Banks Group is comprised of 33 Savings Banks, each of which operates in its own region and is an independent legal entity, but share common operating practices.

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