GDP slides by 0.9% in Q1

The volume of Finland’s gross domestic product (GDP) in the January to March period decreased by 0.9 per cent year on year, said the Statistics Finland.

Compared with the first quarter of 2019, the volume of GDP adjusted for working days decreased by 1.1 per cent.

Finland’s national economy is in recession, as the GDP has been on the decline in the last two consecutive quarters.

According to the revised data, the volume of GDP in the last quarter of 2019 contracted by 0.6 per cent from that in the previous quarter, with the GDP growth standing at -0.8 per cent but grew by 0.5 per cent from 12 months back, with the GDP growth standing at 0.4 per cent.

In the first quarter of 2020, the volume of exports contracted by 7.4 per cent from that in the previous quarter and by 8.5 per cent year on year.

Imports decreased by 3.5 per cent from that in the previous quarter and by 4.1 per cent year on year.

In the first quarter, the volume of private consumption contracted by 0.6 per cent from that in the previous quarter but grew by 0.1 per cent from 12 months back.

Gross fixed capital formation, or investments, fell by 0.5 per cent from that in the previous quarter and by 1.4 per cent year on year.