Country´s GDP continues to decline

Finland’s gross domestic product (GDP) decreased in the April -June quarter by 4.5 per cent from that in the first quarter, according to the Statistics Finland.

Compared with the second quarter of 2019, the GDP adjusted for working days contracted by 6.4 per cent.

Finland’s national economy has now contracted for three consecutive quarters.

According to revised data, GDP decreased in January to March by 1.9 per cent from that in the previous quarter (was -0.9%) and by 1.3 per cent over the previous 12 months (was -1.1%).

In the second quarter of 2020, the volume of exports contracted by 8.7 per cent from that in the previous quarter and by 12.0 per cent year on year. Imports decreased by 9.8 per cent from that in the previous quarter and by 12.7 per cent year on year.

In the second quarter, the volume of private consumption contracted by 6.9 per cent from that in the previous quarter and by 10.9 per cent over the previous 12 months. Gross fixed capital formation, or investments, fell by 0.6 per cent from that in the previous quarter and by 1.2 per cent year on year.