Finland's Economy Slips Into Recession

Wednesday, 05 Dec 2012 07:00 AM

 

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Finland's economy has slipped into recession with a 0.1 percent drop in gross domestic product in the third quarter from the previous three months, as the export-dependent country continues to suffer from a drop in demand among European trading partners.

Statistics Finland said Wednesday economic output fell 1.1 percent in the second quarter. That puts Finland in recession, commonly defined as two consecutive quarters of quarterly economic contraction.

Consumer demand was up 0.8 percent in the third quarter but investments dropped by 1.1 percent.

Compared with a year earlier, GDP was down 1.2 percent, with exports falling 1.8 percent.

The conservative-led coalition government of Finland, a rich country with healthy finances, has warned it will need to help the economy and contain growing inflation as the European crisis hurts exports.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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