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Finnish economy shrinks but inflationary rise is worrisome

Tuesday, 14 August 2012
Finland's GDP shrank by 1 percent in the second quarter compared with the previous quarter, according to seasonally adjusted figures from the country's statistics bureau.

Compared to the second quarter of 2011, Finland's economy shrank by 0.3 percent.
Earlier in August the Finnish Finance Minister, Jutta Urpilainen, warned that the country, which got out of a recession two years ago, may have zero growth by 2013.
Her forecast for 2013 was growth reduction from 0 to -1 percent in growth, from an earlier forecast of 1.2 percent.
Meanwhile Finnish inflation in July came in at 2.9 percent compared to July 2011. In June the year inflation stood at 2.8 percent.

Statistics Finland said rising prices for food, housing, transport alcohol and tobacco were behind the growth in inflation.
Food prices were affected by higher bills for meat, vegetables, confectionery and ice cream, and non-alcoholic beverages.

Housing prices rose as a result of the higher cost of rents and maintenance charges, while transport prices were pushed up by higher prices at the pump and an increase in the vehicle tax.
by Scancomark.se Team


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