Finland's economic output declined by a moderate 0.4 percent in March from a year ago, as the decline in secondary production was partially offset by the improvement in services and primary production, Statistics Finland reported Wednesday.
Output remained in negative territory for the fifth month in a row. However, the latest rate of contraction was lower than the February's revised 2.8 percent drop and January's 1.1 percent fall.
Data showed that secondary production that includes manufacturing and construction, decreased by 1 percent from a year ago. Meanwhile, services increased 1 percent and primary production by 2 percent.
Seasonally adjusted output grew 1 percent month-on-month in March.
The statistical office estimates that the economy contracted 0.1 percent from the previous quarter. GDP was 2 percent down on the corresponding quarter of the year before.
According to Statistics Finland, retail sales went down by 0.4 percent year-on-year in March and wholesale trade sales dropped by 4 percent.
In a separate communique, the statistical office said that manufacturing turnover declined 6.7 percent during December to February from the corresponding period of last year. Likewise, construction turnover was down 3.8 percent. By contrast, services turnover was up 1.5 percent.
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