Finland Economy Exits Recession In Q2

Finland's economy grew in the second quarter after contracting in the previous two quarters, preliminary estimates from Statistics Finland showed Thursday.

Gross domestic product grew a seasonally adjusted 0.1 percent from the first quarter, when the economy shrunk 0.4 percent. In the fourth quarter of 2013, the economy contracted 0.3 percent.

Two consecutive quarters of GDP decline leads to a technical recession. With the modest growth in the second quarter, the Finnish economy exited a recession.

In July, the statistical office revised the GDP series to comply with the new ESA 2010 EU guidelines for national accounts calculation.

Year-on-year, the GDP declined a working-day adjusted 0.1 percent from a year ago during the second quarter.

In the second quarter, employment dropped 0.7 percent annually and hours worked fell 2.8 percent.

The statistical office also released the monthly national output data which showed that the economic output decreased a seasonally adjusted 0.6 percent monthly in June.

On a working-day adjusted basis, national output edged up 0.1 percent annually, after a downwardly revised 0.6 percent decline in May.

Primary production increased 0.3 percent, while output in the secondary sector dropped 0.6 percent. Services output increased 0.3 percent.

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