While GDP declined slightly between July and September, there were other signs that the economy may be gradually perking up.
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Exports perked up slightly in the 3rd quarter (file photo of Helsinki’s Vuosaari port). Image: Vesa Marttinen / Yle
Finland’s gross domestic product (GDP) shrank slightly in the third quarter of this year, down by 0.3 percent from the previous quarter.
Adjusted for working days, GDP between July and September was down by 0.6 percent compared to a year earlier, Statistics Finland said on Friday.
Finland is heading in the opposite direction from the rest of the European Union, where GDP grew by the same margin – 0.3 percent – in the late summer and early autumn compared to the previous three-month period.
Private consumption and investments up
Finland’s private consumption edged up by 0.2 percent in July-September from the spring and early summer. Public expenditures went down by the same factor amid continuing austerity measures, according to the state statistical bureau.
Similarly, private investments were up slightly while public investments fell by four percent.
In the July-to-September period, exports and imports both increased by around two percent, suggesting that the economy may be gradually perking up.
Earlier this week, though, Statistics Finland reported that Finland’s unemployment rate has hit its highest level since 2009, rising to 10.3 percent.