Finland’s economy probably contracted in the first quarter, postponing the start of a recovery in the northernmost euro member, according to preliminary data.
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.
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 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.
Following is a detailed table of the July indicator of total output report from Statistics Finland in Helsinki:
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.
Finland’s economy stalled in the fourth quarter as Europe’s deepening debt crisis hurt exports.