Alexander Stubb, elected yesterday by his party to become Finland’s next prime minister, pledged to continue his predecessor’s program of budget restraint amid the nation’s deepest economic rut since the early 1990s.
Alexander Stubb, picked by his party today to become Finland’s next prime minister, has little time to celebrate the victory as the Nordic nation faces its deepest economic rut since the early 1990s.
Finns are about to find out who will head their government this weekend as the biggest party in the ruling coalition prepares to vote on a new leader.
Finland’s economic contraction worsened in the first quarter, underlining the depth of the structural industrial slump in the northernmost euro member.
Finland’s economy probably contracted in the first quarter, postponing the start of a recovery in the northernmost euro member, according to preliminary data.
Banks operating in Finland are exposed to mounting risks from the country’s deteriorating economic outlook due to the conflict between Russia and Ukraine, according to the Bank of Finland.
Finland needs to tighten capital standards to eliminate discrepancies within the Nordic region’s banking system, according to Pentti Hakkarainen, deputy governor at the Bank of Finland.
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.
Finland’s unemployment surged to a nine-month high last month as the government coalition meets to discuss further austerity measures in the northernmost euro member.
Following is a detailed table of the July indicator of total output report from Statistics Finland in Helsinki: