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Financial News: Finland Growth Slowed Less Than Estimated In Q4

Finland Growth Slowed Less Than Estimated In Q4

02/26/2021 - 07:59:00 (RTTNews)

(RTTNews) - Finland's economic expansion slowed less than estimated but sharply, in the fourth quarter of 2020, amid a resurgence in the coronavirus infections across Europe.

Gross domestic product grew 0.4 percent quarter-on-quarter, preliminary data from Statistics Finland showed Tuesday. The agency had estimated fourth quarter growth at 0.2 percent on February 16.

The third quarter growth was revised to 3.2 percent from 3.3 percent.

The economy grew for a second consecutive quarter after a massive 4.3 percent, revised from 3.9 percent, output decline in the second quarter and a revised 0.9 percent fall in the first three months of the year.

Compared to the previous quarter, exports rose 8.8 percent, while imports fell 1.4 percent. Investments decreased 1.9 percent and private consumption shrunk 1.5 percent. Public expenditure grew 2.8 percent.

The year-on-year working-day adjusted GDP decline was 1.4 percent, which was less than the initially estimated 2.0 percent fall. The annual fall for the third quarter was revised to 2.6 percent from 2.7 percent.

For the whole year 2020, during which activity was hurt severely by the coronavirus pandemic and the consequent restrictions, GDP decreased 2.9 percent. In 2019, the economy grew 1.3 percent.

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