The Finnish economy showed no signs of rebounding in the first-quarter 2009, according to statistics published Tuesday, dpa reported. Preliminary data compiled by Statistics Finland suggested that the gross domestic product (GDP) fell by 2.7 per cent in the first quarter of 2009 compared to the fourth quarter of 2008. The slide was on par with the decline registered during the downturn that hit the Nordic country in the early 1990s. During the first quarter of 1991, GDP fell 2.7 per cent compared to the last quarter of 1990, the agency said. The current contraction was "slightly faster" compared to the rest of the European Union where estimates by the joint Eurostat agency suggested GDP in the bloc fell 2.4 per cent from the previous quarter. Year-on-year, Finnish GDP declined by 7.6 per cent, Statistics Finland said, noting that exports fell 25.5 per cent while imports dropped 19.4 per cent year-on-year. Household consumption and investments were also down. The Finnish statistics agency in February concluded that the economy was in recession as output had declined during two quarters in a row.
