Finland’s [economy][1] contracted in the second quarter at the fastest pace since the global financial crisis of 2008-09 and sank deeper into a severe recession, as the coronavirus, or Covid-19, pandemic disrupted economic activity, preliminary data from Statistics Finland showed Friday.
Gross domestic product decreased a seasonally adjusted 4.5 percent from the first quarter, when the economy contracted 1.9 percent. The economy shrunk for a third quarter in a row.
The latest contraction was the worst since a 6.5 percent decline in the first quarter of 2009.
The second quarter shrinkage was earlier estimated at 3.2 percent. The first quarter contraction was revised from a 0.9 percent fall.
The economy had entered a technical recession, which is two consecutive quarters of GDP decline, in the first three months of 2020.
Exports decreased 8.7 percent and imports fell 9.8 percent. Private consumption declined 6.9 percent and gross fixed capital formation shrunk 0.6 percent.
On a year-on-year basis, GDP declined a working-day adjusted 6.4 percent in the second quarter, which was much severe than the 4.9 percent decrease estimated earlier.
The annual fall in the first quarter was 1.3 percent, revised from 1.1 percent.
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