Finland's economy slips into recession, output falls

Finland's economy slips into recession, output falls

PanARMENIAN.Net - 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, The Associated Press reported.

Statistics Finland said Wednesday, Dec 5, 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.

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