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.
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.
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.
Banks operating in Finland are facing an erosion of profitability of their core businesses amid low interest rates, the country’s financial regulator said.
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 avoided a recession after revised data showed the economy grew in the third quarter of last year before sinking into decline three months later.
Finland’s economy stalled in the fourth quarter as Europe’s deepening debt crisis hurt exports.
Following is a detailed table of the July indicator of total output report from Statistics Finland in Helsinki:
Following is a summary of the July indicator of total output report from Statistics Finland in Helsinki:
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.