Financial News: Finland Economy Contracts 0.9% In Q3

Finland Economy Contracts 0.9% In Q3

11/14/2023 - 07:59:00 (RTTNews)

(RTTNews) - Finland's economy shrank in the third quarter after expanding in the previous two quarters, preliminary figures from Statistics Finland showed on Tuesday.

Gross domestic product fell seasonally and working-day-adjusted 0.9 percent sequentially in the September quarter, reversing a 0.6 percent increase in the previous quarter.

Further, this was the steepest contraction since the second quarter of 2020.

During the first quarter of this year, the expansion in GDP was 0.3 percent.

During September, the output of the national economy dropped 0.3 percent annually, following a revised 0.2 percent decline in August.

Primary production grew by around 4.9 percent in September compared to last year, and the tertiary sector advanced by 1.2 percent. This was offset by a 4.2 percent decline in secondary production.

On a monthly basis, GDP recovered 0.2 percent in September after remaining broadly unchanged in the preceding month.

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