Finland slips back into recession

| June 9, 2010 | 0 Comments

Finland’s economy contracted for a second quarter in a row after seeing a 0.4% decline in the January to March and a 0.2% fall in the October to December period last year.

The figures mean the economy has slipped back into recession during the first three months of 2010.

Statistics Finland said the economy had fallen 0.8% on an annual basis.

Finland’s economy had previously contracted for three straight quarters, covering the period from October 2008 to June 2009. The economy then expanded in the third quarter of 2009.

The economy has been hit hard by the global economic downturn, which weakened demand for key exports like paper and mobile phones.

However, official figures have revealed that exports have since recovered after rising 7% in April from a year earlier to €4.4 billion (£3.6 billion) - the biggest growth since November 2008.

Finland joined the euro zone on January 1 2002. It was announced yesterday that Estonia, Finland’s Baltic neighbour, will become the euro zone’s seventeenth member in 2011.

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