The Finnish economy has slipped back into recession as the first three months of this year recorded a decline in activity for the second consecutive quarter, according to the latest statistical data released on Wednesday.
In the first quarter, Finland’s gross domestic product (GDP) decreased by 0.4 percent compared to the previous quarter, reported the Finnish statistical office. On an annual basis, GDP fell by 0.8 percent, the statement further noted. In the fourth quarter of 2009, GDP decreased by 0.2 percent compared to the previous quarter, according to revised data from the office. According to its preliminary estimates, the economy stagnated in the last quarter.
Revised data on the annual decline in activity has also been released, with the decline rate now at 5.2 percent, compared to the initially forecasted decline of 5.1 percent. “According to revised data, seasonally adjusted GDP reached its peak in the second quarter of 2008, after which there was a very rapid decline, particularly in the last quarter of 2008 and in the first three months of 2009,” the statistical office further reported.
“Since then, GDP has remained at levels from the first quarter of 2009,” the statement continued. In the third quarter of 2009, the Finnish economy grew by 0.5 percent. Finland was strongly affected by the global economic crisis, which dampened demand for the country’s key export products, such as paper and mobile phones, but a slight recovery is expected this year. (H)
