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Finland's economy sees downturn: GDP contracts by 0.9% in Q3 2023

Finland's economy sees downturn: GDP contracts by 0.9% in Q3 2023

Posted on December 11, 2023 |

Finland's economy encountered a downturn in Q3 2023, witnessing a 0.9% shrink in GDP compared to the previous quarter.

This contrasts with the stable economic performance noted in the European Union during the same timeframe.

On a year-on-year basis, Finland's workday-adjusted GDP was 1.2% lower than in the corresponding period of the prior year.

The decline in Q3 marks a shift from the growth experienced in the initial two quarters of 2023, signaling a reversal in Finland's economic path.

Various sectors, including industry, construction, trade, and services, faced a downturn.

The forestry industry notably saw a substantial 7% reduction in value-added.

Private consumption declined by 0.6%, public spending dropped by 2.7%, and investments contracted by 1.5%, affecting both private and public sectors.

Additionally, Finland's export volume decreased by 1.8%, with a less pronounced 3.2% decrease in import volume.