Weather Forecast


Finland sinking into recession?

Tuesday, 13 December 2011
Finland is headed toward a recession, according to a Finnish leading bank, Sampo Bank. Finland’s economy is expected to contract in the final quarter of this year and shrink by one percent next year, the bank said, sharply undercutting the finance ministry's forecast for growth of 1.8 percent.


"Exports and investments are likely to decrease somewhat (in 2012), but consumption is predicted to increase moderately," the bank's senior advisor Lauri Uotila said in a statement.
Sampo is the first of the country's major financial institutions to call a recession. The bank said the eurozone's industrial sector seemed to be in recession already and that the outlook was poor.

For 2013, the bank forecasts that demand for export-dependent Finland's paper, machines and electronics will revive, leading GDP to inch up by 1.5 percent.
News source: Yle Finland

Report Error | Write to the editor | Complaint about this article | Print Friendly and PDF

 What do you think about this article? Could you leave a comment?
  • Should be Empty: