Finland’s second-quarter GDP falls by 9.4 per cent from last year

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The downward trend of the Finnish economy accelerated in the April to June period of 2009.
      According to preliminary data from Statistics Finland, the volume of Finland’s Gross Domestic Product fell by 9.4 per cent compared with the second quarter of 2008.
      Compared with the January to March period of 2009, GDP contracted by 2.6 per cent in the second quarter.
     
The decline was caused particularly by the stagnation of Finnish exports. In fact, the volume of exports contracted by more than 30 per cent from the year before.
      The figures are particularly striking, as in the second quarter of 2008 Finland was still enjoying the peak of the long upward trend.
      However, the economic growth ground to a halt, turning into a decline in the autumn of 2008 as a result of the global financial crisis.
      According to economists, Finland’s GDP for 2009 is likely to contract by 5 to 6 per cent from the year before.


Previously in HS International Edition:
  Finnish export industry will suffer if all countries start favouring their own (17.2.2009)
  GDP growth nearly stopped in late summer (9.12.2008)
  Planning for large shopping complexes continues despite recession (26.8.2009)
  Finnish exports weakened most of all EU members in January to May (18.8.2009)

Links:
  Statistics Finland press release 8.9.2009: Gross domestic product fell by 9.4 per cent year-on-year and by 2.6 per cent from the first quarter of the year

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