Finland's economy contracts in Q3-Xinhua

Finland's economy contracts in Q3

Source: Xinhua

Editor: huaxia

2023-12-01 00:08:15

HELSINKI, Nov. 30 (Xinhua) -- In the third quarter (Q3) of this year, Finland's gross domestic product (GDP) contracted both from the previous quarter and from one year earlier, according to a press release published by Statistics Finland on Thursday.

The country's GDP decreased by 0.9 percent from the previous quarter, and GDP adjusted for working days was 1.2 percent lower than one year ago, the agency said.

Between July and September 2023, Finland's exports dropped by 1.8 percent from the April-June level, and investments contracted by 1.5 percent from the previous quarter. Private consumption fell by 0.6 percent from April to June, and public consumption expenditure decreased by 2.7 percent.

According to statistics, Finland's GDP increased by 0.2 percent from the previous quarter in January to March 2023 and by 0.6 percent in April to June 2023.

Among the branches of industry, especially the forest industry developed poorly: value-added shrank by more than 7 percent. The difficult situation in construction continued in Q3. The value added of several service industries also decreased from the previous quarter.

As expected, Finland's economic growth has turned into a marked decline, commented Jukka Appelqvist, chief economist of the Finland Chamber of Commerce, in a press release issued on Thursday.