Finland sinks into eurozone's deepest recession in Q2 | The Daily Star
11:00 PM, September 08, 2009 / LAST MODIFIED: 11:00 PM, September 08, 2009

International Business News

Finland sinks into eurozone's deepest recession in Q2

Finland has sunk into the deepest recession in the eurozone after official data published Tuesday showed that its economy shrank 9.4 percent on a 12-month basis in the second quarter of this year.
The drop is the biggest annual decline since the fourth quarter of 1991 when the Nordic country's economy shrank by 8.0 percent.
The latest figures were far worse than analyst expectations.
Economists quoted by the Kauppalehti business daily predicted negative growth of 7.3 percent year-on-year.
Statistics Finland, the official data agency, said the economy shrank by 2.6 in the second quarter, compared to a revised figure of minus 3.0 in the first.
Elsewhere in the European Union, only the economies of Estonia, Latvia and Lithuania reported larger negative growth figures in the second quarter. Ireland, however, is yet to release its GDP data for the period from April to June.

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