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Finland enters eurozone recession

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Official data published yesterday shows Finland has entered into the deepest recession in the eurozone with its economy shrinking by a record 9.4 percent in the second quarter on a 12-month comparison. The drop is the country's largest annual decline since comparable figures were first compiled in 1990. The results were worse than expected. Economists quoted by the Kauppalehti, a daily business publication, had predicted negative growth of 7.3 percent on a 12-month basis in the second quarter. Finland’s economy is heavily dependent on exports, which have been in decline with the slump in global demand. Pentti Forsman, an economist at the Bank of Finland said exports now account for around 35 percent of the Finnish economy and would continue to fall into 2010. Reijo Mankinen, an economist with the ETLA research institute said: "The fall in exports has lowered the investment activity and lowered consumers incomes."

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