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Why Finland’s economy shrank by 0.9% in third quarter?

Finnish and Nato flags flutter at the courtyard of the Foreign Ministry in Helsinki, Finland, ahead of accession to Nato on April 4. — AFP

Preliminary data released on Tuesday by Statistics Finland indicated that the GDP of the country decreased in the third quarter following two quarters of growth in a consecutive time.

After increasing by 0.6% in the prior quarter, the gross domestic product decreased seasonally and working day adjusted by 0.9% sequentially in the September quarter, Business Insider reported.

Moreover, since the second quarter of 2020, this reduction has been the sharpest.

This year’s first quarter saw a 0.3% growth in the GDP.

After a revised 0.2% loss in August, the national economy’s production fell by 0.3% yearly in September.

September’s primary production increased by around 4.9% over the previous year, while the tertiary sector had a 1.2% increase. 

A 4.2% decrease in secondary production countered this.

Monthly GDP increased by 0.2% in September following a mostly stable month in August.

Finland’s economy is the 11th most free in the 2023 Index with an economic freedom score of 77.1. 

Compared to the previous year, its score is 1.2 points lower. Finland’s total score is much higher than both the global and regional norms, placing it eighth out of 44 nations in the Europe area.

Openness and transparency are hallmarks of the Finnish economy. Property rights are safeguarded, and the judicial system is among the best in the world. There is little tolerance for corruption and a strong regard for the rule of law. Open-market policies that encourage dynamic trade and investment have traditionally benefitted Finland, as per Heritage.

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