Statistics Finland on Friday reported In April to June, Finnish exports contracted by 8.7 per cent from the previous quarter and by 12.0 per cent from the previous year. Imports, on the other hand, contracted by 9.8 per cent from the first quarter of the year and by 12.7 per cent from the second quarter of last year.
The national economy has thus contracted for three consecutive quarters.
– Investments were the economic demand component that performed best in the second quarter. Investment decreased by about half a percent from the previous quarter and one percent from the previous year. Public investment increased by seven per cent, but private investment fell by three per cent from the second quarter of 2019, “says Timo Hirvonen, Chief Economist at Handelsbanken. said Helsingin Sanomat.
The Finnish economy has been relatively unharmed by the coronavirus compared to many others in Europe. For example, the GDP of both France and Germany has fallen by more than 10%. Spanish production has fallen by as much as 18.5 percent.
However, the suffering of last spring is hard, Danske Bank economist Jukka Appelqvist watched.
“While we lasted surprisingly well in the spring, the contraction in our GDP is severe compared to last year because the quarters that led to the coronavirus epidemic were also relatively lottery here,” he said. “Finland registered its third consecutive quarter of GDP contraction. Despite everything, we descended quite deep into the recession. “
Aleksi Teivainen – HT
Source: The Nordic Page