Finland Suffers First Annual GDP Contraction Since 2012

Finland’s economy suffered its worst performance in five years in the second quarter of the year, falling into contraction for the first time since the depth of its woes back in 2012. A measure of adjusted year on year GDP fell 0.5 per cent in the three months to June, down from growth of 2.5 per cent at the start of the year, according to Statistics Finland. Outside the southern European member states, Finland has been one of the worst performing economies in the single currency area over the last decade. The country has struggled to adjust to the decline of its powerhouse industries such as paper and downfall of national telecoms champion Nokia. It has also lumbered under labour market costs much higher than the rest of its eurozone peers. Read more. (Subscription required.)