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Financial News: Finland Economic Growth Slows Sharply In Q4

Finland Economic Growth Slows Sharply In Q4

02/16/2021 - 03:54:00 (RTTNews)

(RTTNews) - Finland's economic expansion slowed drastically in the fourth quarter of 2020, preliminary estimates from Statistics Finland showed Tuesday, amid a resurgence in the coronavirus infections across Europe.

Gross domestic product grew 0.2 percent from the third quarter, when the economy expanded 3.3 percent.

The economy grew for a second consecutive quarter after a massive 3.9 percent output decline in the second quarter and a 1.5 percent fall in the first three months of the year.

On a year-on-year basis, GDP fell a working day adjusted 2.0 percent in the final three months of the year following a 2.7 percent slump in the third quarter. The annual decline was 6.2 percent in the second quarter and 1.5 percent in the three months to March.

The number of employed decreased by around 1.5 percent from a year ago.

GDP decreased a seasonally adjusted 0.8 percent month-on-month in December following a 0.9 percent increase in the previous month.

Compared to the same month a year ago, output fell a working day adjusted 1.8 percent after a revised 0.8 percent drop in November. The output has been falling since February.

Primary production that includes agriculture grew around 6 percent annually in December. Secondary output, including industry and construction, decreased about 1.0 percent and services output shrank around 2.0 percent. The statistical office is set to publish detailed data for the fourth quarter and full year 2020 on February 26.

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