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Financial News: Finland Q1 GDP Growth Slows More Than Estimated

Finland Q1 GDP Growth Slows More Than Estimated

05/31/2022 - 09:14:00 (RTTNews)

(RTTNews) - Finland's economic growth eased more than initially estimated in the first quarter, latest figures from Statistics Finland showed on Tuesday.

Gross domestic product rose 0.2 percent sequentially in the March quarter, following a 0.7 percent expansion in the previous quarter. According to the flash estimate, the rate of growth was 0.4 percent for the first quarter.

The economy has been expanding since the second quarter of 2021, though the rate of growth is showing an easing trend.

Among expenditure components, gross fixed capital formation increased 3.6 percent over the quarter, especially as public investments grew sharply. Government consumption rose 0.4 percent, while private consumption fell 0.2 percent.

Both volumes of exports and imports contracted by 9.8 percent and 2.0 percent, respectively in the first quarter compared with the fourth quarter.

The rise in prices increased the current value of international trade clearly compared with one year ago, the report said.

On a working-day-adjusted basis, the annual growth in GDP improved from 3.4 percent in the December quarter to 3.6 percent in the first quarter. As per the initial estimate, the rate of increase was 4.3 percent.

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