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Finland’s economy may have contracted in the first quarter, pushing the northernmost euro member into a recession as the economy struggles to withstand the region’s debt crisis, preliminary data show.
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Finland’s unemployment rate increased more than estimated to a 10-month high in March as companies in the northernmost euro member respond to waning demand by cutting jobs.
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Stockmann Oyj said full-year profit will miss forecasts as a recession in the northernmost country using the euro hurt the Finnish department-store owner’s first- quarter sales. The shares fell to a four-year low.
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Banks operating in Finland are facing an erosion of profitability of their core businesses amid low interest rates, the country’s financial regulator said.
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Finland’s economy grew faster last quarter than the average for the 17-nation single currency bloc, which may face a recession as the sovereign-debt crisis deepens.
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Finland avoided a recession after revised data showed the economy grew in the third quarter of last year before sinking into decline three months later.
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Finland’s economy stalled in the fourth quarter as Europe’s deepening debt crisis hurt exports.
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Following is a detailed table of the July indicator of total output report from Statistics Finland in Helsinki:
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Following is a summary of the July indicator of total output report from Statistics Finland in Helsinki:
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Finland’s economy probably contracted for a third consecutive quarter at the end of last year as the euro area’s deepening recession stifled demand in its northernmost member.
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