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Budget Review 2022 : Review on central government budget, January 2022






Asiasanat ja teemat

economic policy, budget, budgetering, central government finances, central government budget, Budget Review




The publication examines the 2022 Budget, which was adopted by Parliament in December. The aim is to provide a concise description of the central themes of the 2022 Budget. The budget is based on an independent economic forecast produced by the Economics Department at the Ministry of Finance, which is presented in the Economic Survey.

In 2021, the gross domestic product (GDP) is expected to grow by 3.4 per cent. Due to the acceleration of the coronavirus pandemic and related restrictive measures, this growth will remain slower than previously estimated at the turn of the year, but GDP will continue to grow by 3.0% in 2022. Economic recovery will continue and growth will accelerate in 2022, especially in those sectors where production has not yet returned to its pre-pandemic level, such as accommodation and catering services.

The general government deficit, which was increased substantially as a result of the coronavirus situation, will rapidly decline in the next few years. The rapid economic growth and the end of the support measures prompted by the coronavirus pandemic will strengthen general government finances. However, general government finances will still remain in deficit after a short period of economic upturn. There is a structural imbalance between expenditure and revenue in general government finances.

The appropriations in the budget for 2022 amount to EUR 64.9 billion. The central government on-budget deficit is predicted to amount to EUR 7 billion. Compared to the actual 2021 budget, the expenditure will decrease by EUR 0.3 billion, particularly as a result of a decline in expenditure related to the coronavirus outbreak. Meanwhile, the expenditure will be increased by statutory and contractual index increases, the transition costs resulting from the reform of healthcare and social welfare and rescue services, payments to the European Union and a change in the timing of the funding for the wellbeing services counties.


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