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Country´s GDP falls by 3.2% in Q2

Published : 14 Aug 2020, 20:25

  DF News Desk

Photo Lapland Material Bank by Terhi Tuovinen.

Finland's GDP was estimated to have fallen by around 3.2 percent in the second quarter of 2020 compared with the previous quarter, reported Xinhua quoting Statistics Finland on Friday.

According to the series adjusted for working days, Finland's GDP was 4.9 percent lower in the second quarter than the same period of 2019.

However, the seasonally adjusted output of national economy in June grew by 0.9 percent from the month before, according to the agency.

In June this year, primary production increased by about 4.0 percent, but secondary production fell by about 6.0 percent and services reduced by around 5.0 percent from June 2019.

The statistical agency also reported that the number of the employed in the second quarter has decreased by 3.2 percent year-on-year.

Timo Hirvonen, chief economist at Handelsbanken Capital Markets, attributed Q2's economy decline of Finland to a decrease in exports and weak development in the services sector. However, he told Finnish national broadcaster Yle on Friday that the data showed signs of an economic recovery in June.

Hirvonen noted that the economic downturn in Finland seems to be clearly smaller than in many European countries or in the darkest forecasts made in the spring.

Exports will play a major role in shaping Finland's economy towards the end of the year, said Hirvonen, adding that global demand could stagnate if a second wave of the COVID-19 epidemic hits.