Finland's economic recovery in the first quarter was less robust than initially estimated, according to the latest data from Statistics Finland released on Friday.
The Gross Domestic Product (GDP) increased by a seasonally and working-day-adjusted 0.2 percent sequentially from January to March, recovering from a revised 0.8 percent decline in the previous quarter. This falls short of the initial estimate released on May 15, which projected a 0.5 percent increase.
The latest increase follows two consecutive quarters of economic contraction.
Examining expenditure components, private consumption rose by 1.0 percent annually in May, while government consumption saw a 2.2 percent increase. In contrast, gross fixed capital formation, or investment, decreased by 4.8 percent due to reductions in both private and public sector investments. Exports and imports also declined by 4.6 percent and 0.5 percent, respectively.
On an annual basis, GDP shrank by 1.2 percent in the first quarter, compared to a 1.5 percent decline in the previous quarter.
