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Financial News: Finland GDP Expands Marginally In Q1

Finland GDP Expands Marginally In Q1

05/15/2020 - 08:54:00 (RTTNews)

(RTTNews) - Finland's economy expanded marginally in the first quarter despite containment measures taken amid coronavirus pandemic, data from Statistics Finland revealed Friday.

Gross domestic product grew by seasonally adjusted 0.1 percent sequentially in the first quarter, In the fourth quarter, the economy had contracted 0.7 percent.

On a yearly basis, GDP gained 0.2 percent in the first quarter but slower than the 0.4 percent growth registered a quarter ago.

Earlier, the finance ministry forecast the economy to shrink 5.5 percent this year due to the coronavirus pandemic and the unemployment rate to rise to 8 percent in 2020.

In March, GDP contracted by working-day adjusted 2.7 percent annually, reversing a 1.2 percent rise in February. This was the biggest contraction since February 2013, when GDP was down 3 percent.

On a yearly basis, national output, on a seasonally adjusted basis, fell 1.7 percent versus a 0.11 percent drop in February.

Primary production decreased by around 6 percent from a year ago. Secondary production decreased by about 2 percent and services by around 3 percent from last year.

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