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Finland Q3 GDP Contracts More Than Estimated

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Finland’s economy contracted more than initially estimated in the three months ended September, figures from Statistics Finland showed on Wednesday.

Gross domestic product fell a seasonally and working-day-adjusted 0.3 percent sequentially in the third quarter, reversing a 0.7 percent rise in the June quarter.

The latest figure was revised from a 0.1 percent fall reported initially on November 15.

Further, the Finnish economy contracted for the first time since the second quarter of 2021.

On the expenditure side, private consumption dropped 0.3 percent, while government consumption expenditure rose slightly by 0.1 percent.

Gross fixed capital formation grew 2.0 percent over the quarter, as both private and public investments increased. The volume of exports rose 1.9 percent, while imports decreased 0.8 percent.

On an annual basis, GDP growth eased to 1.0 percent in the third quarter from 2.6 percent in the preceding three-month period.

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