Financial News: Finland GDP Expands 0.2% In Q1, Less Than

Finland GDP Expands 0.2% In Q1, Less Than Estimated

05/31/2024 - 04:53:00 (RTTNews)

(RTTNews) - Finland's economy recovered less than initially estimated in the first quarter, the latest data from Statistics Finland showed on Friday.

Gross domestic product advanced a seasonally and working-day-adjusted 0.2 percent sequentially in the March quarter, reversing a revised 0.8 percent decline in the previous quarter.

In the initial estimate, which was released on May 15, the rate of increase was 0.5 percent.

The latest expansion was followed by two consecutive declines in the previous quarters.

On the expenditure side, private consumption grew 1.0 percent annually in May, and government consumption advanced by 2.2 percent.

Meanwhile, gross fixed capital formation, or investment, contracted 4.8 percent as both private and public sector investments decreased. Both exports and imports declined by 4.6 percent and 0.5 percent, respectively.

On a yearly basis, GDP contracted 1.2 percent in the first quarter versus a 1.5 percent fall in the previous quarter.

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